The herald., 1912-09-26
Article VI.

l. After January 1st, 1914, all as
cept as hereinafter provided, shall be
completed on or before April LIST IN
each year. and the taxes shall become
due and payable on the hrst MONDAY
in June of each year, and shall be-
come delinquent on the first MONDAY
in September in each year. Each par
ish and municipality snail nave the
right to fix the date for the compile
ton of its local assessments, and the
payment of its local taxes ana licenses
general and special, until otherWise
prescribed by the General Assembly
Until otherwise provided, existing laws
on these subjects shall be operative
Levee district taxes and FORCED con-
tributions, exclusive of produce taxes
shall be assessed and become uelih-
Quent coincidentally with parish taxes;
2 Public service corporations snail
be assessed on their physical property
and on their franchises separately, put
the General Assembly shall nave pow
er to direct the Tax Commission 10
assess the property of such corpora
lions at a valuation including both
physical property and franchises, 10 De
determined by gross receipts, or py
dividends on stocks and interest PAID
on bonded debt, or by any other avail
able method.
3. Incorporated banks shall be as
sessed by assessing the stockholders on
the book value of the stock, l. e., capt.
n,
its less the assessed value OF real es-
tate locally assessed and taxed, ana
less such further deductions or not less
than five per cent on their ioanS anu anu
earned interest as the General AS
sembly may prescribe, which deduc-
ton shall be made only from thelI
surplus and undivided profits; all taxes
to be paid by the banks ana charged
to the stockholders.
4. Individual bankers, banking firms
and unincorporated banking associa-
lions. domiciled in this State. shall be
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-
ness. and less such further deductions
not less than five per cent on their
loans and discounts to cover bad debts
and unearned interest as the Genera
ton shall be made only from their sur
plus and undivided profits.
5. Foreign banks, and individual
bankers. banking firms and unincor-
porated banking associations, domiciled
out of the State but doing business in
of their capital, surplus and
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 bad
debts and unearned interest as the
General Assembly may prescribe, which
shall be made only from
their surplus and undivided profits.
6. Insurance. bonding and surety
and persons, firms and as
engaged in the insurance,
bonding and surety business, exclud-
ing, however, fraternal insurance COM
Danies and associations, shall be taxed
)n a percentage of their gross premi-
inns received upon their business done
IN this State, less return premiums
and reinsurance in companies or asso-
ciations authorized to do business in
his State. The percentage aforesaid
shall not exceed three per cent for all
branches of insurance, bonding and
surety business, except life and indus
rial insurance and shall not exceed
.wo per cent for life and Industrial in
;urance, The special taxes to support
he Office of fire marshal and fire pre-
yention bureaus shall not be deducted
rom the premiums hereby authorized
20 be taxed. When by the laws Of any
,ther state or country any taxes, fines,
penalties, licenses, fees, deposits of
money or of securities, or other obliga-
ions or prohibitions are imposed on
insurance bonding or surety companies
If this State doing business in such
)ther state or country, or upon their
agents therein in excess Of such taxes,
penalties, fees, licenses, deposits of
money. or of securities, or other obliga-