The herald. [volume] (New Orleans, La.) 1905-1953, 1912-10-24
Article VI.

iSh and municipality sinai nc H.
right to fix the date. for the compieo
ton of its local assessments, anu tue
payment of it's local taxes ana ilcenses
general and special, until otherWise
prescribed by the Genera xistine laws
on these subjects shall De operallse'
Levee district taxes ana 1orceo Con
tributions, exclusive of produce IaH S'
shall be assessed and become uelin
ouent coincidentally with parish taxes;
2. Public service corporations snaii
be assessed on their physical properly
and on their franchises separately, pu'
the General Assembly shall nave pow
err to direct the Tax Commission 10
assess the property of SUCH corpora
lions at valuation lncIualhs ha
physical property and franchises 10 pv
determined by gross receipts, OF "
dividends on stocks and interest," paiu
on bonded debt, or by any olher a'ah
able method.
2. Incorporated banks shall be as
sessed by assessing the stocknoluers On
the book value of the stock, !: e. captf-
tai stock. surplus and undivided prof.
IT'S less the assessed value OF real es
tate locally assessed ana taNeu, anu
less such further deductions OF not less
than five per cent on their loans anu
discounts to cover bad debts and un-
earned interest as the General AS
sembly may prescribe, when oeIuS;
ton shall be made only from . .nels
surplus and undivided profits; all taxes
to be paid by the banks and charged
to the stockholders.
4. Individual bankers, banking firms
and unincorporated banking ass0cla-
TONS domiciled in this state, snail De
assessed on the amount OF capital, sur
plus and undivided profits actually en-
nloyed in their business, less the as
sessed value Of real estate locally as
sessed and taxed. actually and eXclu-
siyely used and employed in their busi-
ness, and less such further deductions
not less than five per cent on thelr
loans and discounts to cover pad uepts
and unearned interest as the Genera
Assembly may prescribe, which deduc-
ton shall be made only from their sur
plus and undivided profits.
5. Foreign banks, and individual
bankers, banking firms and unlncor-
porated banking associations. domlclled
out of the State but doing business IN
this State, shall be assessed on such
proportion of their capital, surplus ana
undivided profits as Is actually EN- ,
ployed in this State. less the assessed
value of real estate locally assessed
and taxed actually and exclusively used
and employed in their business in this
State. and less such further deduc-
tions, not less than five per cent on
their loans and discounts, TO cover pad
debts and unearned interest as the
General Assembly may prescribe, winch
deductions shall be made only from
their surplus and undivided profits.
g. Insurance. bonding and surety
companies, and persons, firms and as
sociations engaged in the insurance,
bonding and surety business, exclud-
ing, however, fraternal insurance COM
panies and associations, shall be taxed
on a percentage Of their gross premi-
ums received upon their business done
in this State, less return premiums
and reinsurance in companies or asso-
Citations authorized to do business IN
this State. The percentage aforesaid
shall not exceed three per cent for al
branches of insurance, bonding and
surety business, except life and INDUS,
trial insurance and shall not exceed
two per cent for life and Industrial In.
surance. The special taxes to support
the Office of fire marshal and fire pre-
vention bureaus shall not be deducted
from the premiums hereby authorized
to be taxed. When by the laws OF any
other state or country any taxes, hnes
penalties, licenses, fees, deposits OF
money or of securities. or other obliga'
tions or prohibitions are imposed OF
insurance bonding or surety companie.
of this State doing business In sucf
other state or country, or upon theil
agents therein in excess OF such taxes
| penalties, fees, licenses, deposits o.
money. or of securities, or other ooiiga