The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-09-14


foreign or domestic, and all persons
and partnerships engaged in insur-
ing persons or property, save that
all the real estate and COrpOreal
property of such companies, persons
or partnerships shall be locally as
sessed and taxed
5th. All sugar refinerieS, rice mills,
cotton seed oil mills, cotton seed oil
TefinerieS and refinerieS Of petroleum
and its products. A sugar refinery
is hereby defined to be a concern
that buys and refineS raw sugar eX-
clusiVely, or a concern that buys and
refines more raw sugar than the ag-
gregate Of the sugar produced by it
from cane grown and purchased by
it.
9Th. All mines of sulphur, salt or
other minerals, all Oil or gas wells,
all stone quarrleS, sand, gravel and
shell pits.
8. Only the operative property Of
state sources of revenue shall be
segregated to the State. The Gener-
al Assembly shall define, in a man
ner not inconsistent with any pro-
visions of this amendment what the
operative property of each such
source is. Real estate and the i'm
provements thereon forming part Of
any railroad terminal, depot or yard
or warehouse or shop, acquired after
July l, 1912, even though it may form
part of the operative property Of any
railroad, shall not be considered
source Of state revenue except by
constitutional amendment unless
such property had been, prior to said
date, part of railroad terminal, de-
pot, yard, warehouse or shop.
4. All other property subject to
taxation, except as herein specified,
or except as may hereafter be direct
ed by a vote Of tWO-thirds Of all the
members elected to each house Of The
General Assembly, shall be sources
Of local taxation.
Article III.
The General Assembly shall have
power to levy for State purposes the
following special taxes:
/. A tax on the transfer OF stocks
, in corporations not to exceed 2 cents
share.
2. A tax on the organization Of
domestic corporations, organized for
profit, excepting banks, fraternal in
surance companies, and building and
loan or homestead associations, not
o to exceed ten dollars flat, plus not
to exceed one-twentieth of one per
: cent of the authorized capital stock
e and surplus, which tax shall be lev
S led upon increases Of capital stock
h as well as upon original issues.
, 5. A tax On private corporations,
= = organized for profit, for the privilege
L OF exercising corporate functions, not
; to exceed OnetWentieth of one per
l cent per annum on the outstanding
5 capital stock and surplus, excluding
l banks, fraternal and life insurance
d companies and building and loan or
u homestead associations; no such tax
: to be less than five dollars. On for
eign corporations this tax shall be
s levied on such proportions of their
/ capital stock and surplus as is used
/ in this State in intra-state business.
e In lieu of the franchise tax on CAPT
i tai and surplus, life insurance COM
:, panies, foreign and domestic, not in
II Guiding fraternal insurance associa-
! tions, shall pay annually flat fee Of
u $4,000 plus $3.50 on each 100000
= OF premiums collected in Louisiana
= during the preceding year.
4. An annual ad valorem tax on
ali automobiles and taxicabs, and al.
e so on all other auto-driven vehicles
( used for transportation of persons or
s freight for hire, with permission to
1t the local government of the resi-
Il dence of the owner to levy an annual
e license tax not to exceed $500. One
Il half of the proceeds of this State
e tax collected from each owner shall
re 60 to the State good roads funds;
e the remaining moiety Of such tax
v shall be paid over by the State to
the governing authority of the local..
a. ty from which the machine is regis.
4 tered, to be devoted exclusively by
r such governing authority to the I'm.
x provement of the public highways
e within its jurisdiction.
d S. A tax on cotton future con.
t. tracts, in lieu of all licenses to fll.
II ture brokers', of not more than fiji
e teen nor less than ten cents on
each purchase. and sale Of each 100
bales, to be paid on each transac-
Il ton, one-half by the buyer and one
< half by the seller.
Is 6. A tax on grain, coffee, rice
a and sugar future contracts, in lieu Of
IS all licenses to future brokers, Of not
r more than one and one-half per cent
y nor less than one per cent on the
IS commissions paid on each transac-
n ton. Each unit contract as estab'
lished by the rules of the respective
exchanges shall be the basis Of the
L tax, to be paid, one-half by the buy
e er and one-half by the seller.
g Z. A true, progressive Inheritance
q tax for the benefit of the General
Fund, and if such a tax is levied all
r. beneficiaries shall be divided into
the following maximum exemptions
r. for each class:
IS First, ascendants, descendants, and
L spouses, with an exemption of $4,000
d each, except as to the widow, when
j. the exemption shall be $4,000, and eX-
ID cept as to children under the age of
!; sixteen, when the exemption shall be
0t $500 each. The widows marital
j. fourth shall be exempt.