St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-09-14

% sxcept . may hereafter be direct
"a By ! 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.
E.. A tax on the organization Of
domestic corporations, organized for
profit, excepting banks, fraternal in
surance companies, and building ana
loan or homestead association, not
t. 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 ~
we'll a. upon original issues.
3. A tax on private corporations
organized for profit. for the privilege
Of exercising corporate 1unctlohs'
not to exceed one-twentieth OF one
per cent per annum on the outslano-
ing capital stock and surplus, ex-
Guiding banks. fraternal and LIE IN,
surance companies and building anu
loan or homestead associations; no
such tax to be less than hve dollars.
On foreign corporations this TAX
shall be levied on such proportions
of their capital stock and surplus as
IN used in this State in lntra-state
business. In lieu of the franchise tax
ON capital and surplus, life 1nsur-
ance companies, foreign and domes-
tic. not including fraternal insurance
associations, shall pay annually a nat
fee of $4,000 plus $3.50 on eacn
100000 of premiums collected IN
Louisiana during the preceding
year.
l.. An annual ad valorem tax on
all automobiles and taxicabs, and al
80 on all other auto-driven vehicles
used for transportation OF ps4sons
or freight for hire, VITA permission
to the local government OF the resi-
dence Of the owner to levy an annual
license tar not to exceed $500. One
half Of the proceeds of this state
tax collected from each owner shall
70 to the State good roads funds;
the remaining moiety of SUCH tax
shall be paid over by the State to
the governing authority of the locall-
ty from which the machine is regis
tered. to be devoted exclusively by
such governing authority to the I'm
provement of the public highways
within its Jurisdiction.
S. A tax on cotton future contracts
in lieu of all licenses to future brok-
ers, of not more than fifteen nor less
than ten cents on each purchase and
sale of each 100 bales, to be paid
on each transaction, one-half by the
buyer and one-half by the seller.
s. A tax on grain, coffee, rice
and sugar future contracts, in lieu OF
all licenses to future brokers, of not
! more than one and one-hah per cent
nor less than one per cent on the
commissions paid on each transaction
Each unit contract as established by
the rules of the respective exchanges
shall be the basis of the tax. to be
paid, one-half by the buyer and one
half by the seller.
Z. A true, progressive fnheri-
lance tax for the benefit of the Cen
eral Fund, and il such tax is levied
all beneficiaries shall be divided in
to the following classes with the fol-
lowing maximum exemptions for
each class:
Tirst-ascendants, descendants,
and spouses, with an exemption OF
$4,000 each, except as to the widow,
when the exemption shall be $4,000,
and except as to children under the
age of sixteen, when the exemption
shall be $500 each The widows
marital fourth shall be exempt.
Second-Collateral relations of
the second degree, including nephews
and nieces and their descendants
when the estate is divided by roots,
with m exemption of $1,000 to each
root, and daughters-in-law with an
exemption of $1,000 each.
Third-Collateral relations of the
third degree, excluding nephews and
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 $3.50
each.
Fifth-Strangers and all collater-
al relations beyond the sixth degree,
with an exemption of 500 each.
The maximum rate of the progress
sive tax shall not exceed eight per
cent for the first class, twelve per
cent for the second class, sixteen per
cent for the third class, twenty-five
per cent for the fourth class, and
thirty per cent for the fifth class,
maximum rates to be attained when
any inheritance, legacy. or donation
exceeds q half million dollars.
Il And tho minimum rates nf cuch
tax shall be one per cent for the first
class, two and one-half per cent for
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 fifth
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 would
leave the beneficiary smaller
net amount than he would have re-
ceived had the Inheritance, legacy, !
or other donation fallen INFO the
next lower class in the classification
according to amount of actual cash
value, then the rate of taxation shall
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
she'll be taxed at the rate fixed for |
the higher class into which the in [
heritance, legacy, or other doise.tion II
falls. J,
Duplication of inheritance taxes
as between this State and other |
States, foreign and domestic. shall Il