The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-10-18
surp,us and undivided profits less the as

surplus and undivided profits less me a.
sessed value Of real estate locaLy aS
sessed and taxed, and less such lui eiIn,
deductions of not less than five per cent
on their loans and discounts TO cover "a"
debts and unearned interest as the zen
eral Assembly may prescribe, when nc
duCtiOn shall be made only from liletl
surplus and undivided profits; all taAeS
TO be paid by the banks and chafBeo ~
the stockholders. o,
1. Individual bankers. banking firms
and unincorporated banking associations;
domicied In this State, shall be asSesseuI
on tho amount Of capital, surplus anu
undivided profits actually employed III
their business, less the assessed value VI
real estate locally assessed ana taAeu
actually and exclusively used ana en-
ployed IN their business, ana tsa ,er ey. ner
further deductions not less than nNe pc.
cent on their loans and discounts "
cover bad debts and unearned interest as
the General Assembly may pfeScilpe,
which deduction shall he made only from
their surplus and undivided profts' -.
5. Foreign banks and individual oat tnd
ers banking firms and unincorporateo
banding associations, domiCiled out or the
State but doing business In this Sta'e,
shall be assessed on such proportion OF
their capital surplus and uhaiNlut,u
profits as Is actually employed In TINS
State. less the assessed value or real eS-
tate locally assessed and taxed actualN
and exclusively used and empIoEe1 -,
their business IN this State, ana ieSS
such further deductions, not less tHah
five per cent on their loans ana dls-
counts, to cover bad debts and uneafn-
ed interest as the General AsSefnpln,
may prescribe. which deductions snaI'
be made only from their surplus ana uli-
divided profits.
G. Insurance. bonding and surety com
panies, and persons, firms and aSsoCla-
tons engaged in the insurance, bonding
and surety business, excluding however,
fraterna insurance companies ana asso-
Citations. shall be taxed on a percentage
Of their gross premiums received upon
their business done In this state. less
return premiums and reinsurance in com
panies or associations authorized TO do
business in this State. The percentage
aforesaid shall not exceed three per cent
for all branches Of insurance, bonding
and surety business, except life ana
| industrial insurance and shall not eX-
coed two per cent for life and industrial
| insurance. 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, fines, pen
alties. licenses, fees, deposits Of money
or OF securities, Nor other obligations or
prohibitions are imposed on insurance,
bonding or surety companies Of this State
doing business in such other State or
country. or upon their agents therein In
| excess of such taxes, penalties, fees, H.
| Censes, deposits of money or OF seCuri-
ties. or other obligations or prohibitions
| imposed upon such insurance, bonding
or surety companies of such other state
or country, so long as such laws continue
in force the same oblga lions and prohi-
billions OF whatsoever kind may he i'm.
posed by the General Assembly Of this
State upon insurance, bonding or surety
companies Of such other State or country
doing business in this State.
7. Irrigation canals shall he taxed or
a percentage not to exceed two per cen
Of their gross receiDts. only such real es
tate and the buildings and structure
thereon. rights Of way, machinery, tool
and implements as are necessary to m,
operation Of any canal shall be Included
in and covered by this tax on gross re
: ceipts. All other real estate and persona
propertv Of the owner of any canal shall
be locally assessed and taxed
: &. All sugar ref1neries. rice mills, cot
: ton seed oil mills. cotton seed oil re
, fineries and refineries of petroleum an
It's products shall be assessed on the fai
market valuation.
g. Until otherwise provided by tn
OF the members elected to each house. a
operating mines Of sulphur, salt or othc
, minerals all oil or gas wells all ston
\ quarries, sand, gravel and shell pits sha
\ be taxed upon a percentage Of the gros
= value OF the product at the mouth @
: the mine, well, quarry or pit. This per
centage shall not exceed five per cent 70
{ sulphur, three per cent for salt: two an
: one-half per cent for oil and gas, an
: two per cent for rock and other minerals
n inclusive Of gravel sand and shells. Th'
v tax shall not apply to the product OF an
: mines. ouarries or pits or oil or gas well
n where the owner, other than public sci
vice corporations, uses the same for h
= personal purposes and does not sell tt
2 same or its products or manufacture II
# same into another product for sal
a Where gravel sand or shells are take
: from the beds Of public waters. or fro
shores not subject to private OWNERSHIP
II the General Assembly may levy speci
i taxes ner cubic yard If material take
: out and may levy different special IA
h for each Of said objects Of taxation. Ti
II Government Of the United States for ar
- purroses, and contractors engaged In "
construction Of any public work for II
y state or for the United States solely Il
.e the nurpose Of such public work are ~
thorized to take free from taxatic
o gravel she'll or sand from the beds
public waters and the public shores
II the state EVERY citizen Of the sta
m shall have a similar right to take ST.,
I'd materials for his owr PERSONAL use fr
At from taxation. unless way are taken Z
ID sale All real and r" 'nnal property
ID the owners of such rn'""s. wells, QUART
and nlts, excent mach'' nv, tools and ir
ar Elements absolutely essential to the o
"a Grafton of any mine. OF or gas well, sto
RI quarry. sand. gravel or shell pit, and e
l. cent the products themselves while
g the hands of the producer, shall be
" allv assessed and taxed.
IT ~ All real and personal property r
a. served for local taxation shall he assess
r. at such percentage not to exceed 100 r
cent of its fair market value as each
or cal governing authority may establis
ee and a lower percentage may be esta
he lished for personal than for real proper
l. or for the values Of improvements tn
c. for land values.
he H. In all assessments Of real proper
a whether for local or for State purpos
he the value of the land shall he assess
i'd separatelv from the value Of the impro,
~ mants: hut railroad. pine line and ca,
he rights Of way, whether held IN fee or u
NJ der easement. may he assessed senarat,
,le from. or together with, the innrnveme,
he thereon az the Tax Commission m
al. deem most practicable.
D. ~. Assessments shall be arranged ~
". graphically az far as possible either UT
OF General Assembly shall PASS laws n
or vidinq for the printing and publca ton
pamphlet form Of the records, show
aid such Geographically arranged assessme
ri and for the sale Of such pamphlets al
for small price.
~ Every taxpayer shall have
ley RIGHT NJ testing the correctness Of his