St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-10-05

or except 40 may hereafter be direct
ed by q vote of two thirds OF all the
members elected to each House of
the General Assembly, shall be
sources of local taxation.
ARTICLE Ill.
The General Assembly shall have
power to levy for State purposes the
following special taxes:
1. A tax on the transfer OF stocks
in corporations not to exceed cents
q share.
2. A tax on the organization OF
domestic corporations, organized lot
profit. excepting banks, fraternal In
surance companies, and building ana
loan or homestead association, not
to exceed ten dollars fat, plus not
to exceed one-twentieth of one per
cent Of the authorized capital stock
and surplus which tax shall be LEVIED
upon increases of capital stock as
we'll as upon original issues.
3. A tax on private corporations
organized for profit, for the privilege
Of exercising corporate functions
not to exceed ope-twentieth OF one
per cent per annum on the outstanu-
ing capital stock and surplus, ex-
Guiding banks, fraternal and lie III,
surance companies and building anu
loan or homestead associations; NJ
such tax to be less than five dollars
On foreign corporations this taH
shall he levied on such proportions
~k1
is used In this State in mtra-s'a.e
business. In lieu OF the franchlse taA
ON capital and surplus, lie lnsur-
ance companies, foreign ana comes.
tic, not including fraternal insurance
associations, shall pay annually MAJ
fee Of $4,000 plus $3.50 on eacn
$lO.0O0.O 90 of premiums collected III
Louisiana during the preceding
year.
/. An annual ad valorem tax on
all autom obiles and taxicabs, ana al
no on all other auto-driveh venlcles
used for transportation OF p,-sons
or freight for hire, with permission
to the local government OF the resi-,
dence of the owner to levy an amman
license tax not to exceed $500. one
half Of the proceeds of this state
tax collected from each owner snai'
70 to the State good roads tunos'
the remaining moiety OF such TAX
shall be paid over by the state &c
the governing authority of the locan-
" from which the machine Is regis
tered. to be devoted exclusively by
such governing authority to the I'M
provement Of the public highways
-akLs- sAr 3,,rloA{Nf3nn
s. A tax on cotton future contracts
In lien of all licenses to future brok-
ers. OF not more than fifteen nor less
than ten cents on each purchase ano
sale Of each 100 bales. to oe palo
ON each transaction, one-hal1 oy Inc
buyer and one-half by the seller.
s. A tax on grain, co1ee. rice
and sugar future contracts, IN lieu o.
all licenses to future brokers, OF NO,
more than one and one-half per CEN
nor less than one per cent on the
commissions paid on each TRANSACTION
Each unit contract as established py
the rules of the respective exchanges
shall be the basis Of the tax, to Of
paid. one-haf by the buyer ana one
half by the seller.
Z. A true, progressive inheri
lance tax for the benefit of the Gen
eral Fund. and If such tax is levlee
all beneficiaries shall be divided IN
to the following classes with the FOL
lowing maximum exemptions 1ol
each class:
Tirst-ascendants, descendants
and spouses, with an exemption O
$4,000 each, except as to the widow
when the exemption shall be $4,000
and except as to children under tn
age of sixteen, when the exemption
shall be $4,000 each. The widow
marital fourth shall be exempt.
Second-Collatera relations o
the second degree, including nephew
and nteces and their descendent
when the estate is divided by roots
with an exemption of $1,000 to eacl
= root, and daughters-in-law with al
exemption Of $1,000 each.
Third-Collateral relations OF tn
third degree, excluding nephews AM
nieces and their representatives
with an exemption of $500 each.
Fourth-All other collateral re
lations within the sixth degree in
= elusive, with an exemption OF $2.5'
each. .st
Fifth-Strangers and all collater
al, relations beyond the sixth degree
with an exemption of 800 each.
The maximum rate of the progress
sive tax shall not exceed eight pc
cent for the first class, twelve pc
cent for the second class, sixteen pc
cent for the third class, twenty-five
per cent for the fourth class, an
thtny;lner bsAt. for the th1thH class
maximum rates to be attained whel
any inheritance, legacy, or donation
exceeds q half million dollars.
And the minimum rates of suc]
tax shall be one per cent for the frs
class, two and one-half per cent TO
the<second class, three and three
fourths per cent for the third class
seven per cent for the fourth class
and thirteen per cent for the fiftl
class. Whenever the rate of assess
ment levied against any inheritance
legacy or other donation, when de
Quoted from said Inheritance, leg
acy, or other donation woul
leave the beneficiary smalle
F.; net amount than he would have re
ceived had the inheritance, legacy
or other donation fallen into tn
next lower class in the classification
according to amount of actual cas-
value, then the rate of taxation shal
be first calculated upon the maxi
mum amount in said next lower class
and the remaining amount Of the in
heritance, legacy, or other donation
shall be taxed at the rate fixed TO
the higher class into which the in
heritance, legacy, or other dolsatio