The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-26

surplus and undivided profits less the as
sessed value of real estate locally as
sessed and taxed, and less such further
on their loans and discounts to cover bad
debts and unearned interest as the Gen.
eral Assembly may prescribe. which de-
ductfOn shall be made only from their
surplus and undivided profits; all taxes
to be paid by the banks and charged to
the stockholders.
4. individual bankers, banking firms
and unipcorporated banking associations,
domiciled in this State. shall be assessed
on the amount of capital, surplus and
undivided profits actually employed in
their business, less the assessed value of
real estate locally assessed and taxed.
actually and exclusively used and en-
ployed in their business, and less such
further deductions not less than five per
cover bad debts and unearned interest as
| the General Assembly may prescribe,
which deduction shall be made only from
their surplus and undivided profits
! 5. Foreign banks and individual bank
ers. banking firms and unincorporated
| banking associations, domiciled out of the
State but doing business in this State
SHAH be assessed on such proportion of
their capital surplus and undivided
profits as is actually employed in this
State. less the assessed value of real es-
/ tate locally assessed and taxed. actually
and exclusively used and employed in
| such further deductions, not less than
| five per cent on their loans and dis
| counts. to cover bad debts and unearn-
! ed interest as the General Assembly
may prescribe. which deductions shall
be made only from their surplus and I'M
divided profits,
G. Insurance, bonding and surety COM
panies. ana persons, firms and associa-
lions engaged in the insurance, bonding
and surety business, excluding however,
fraternal insurance companies and 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 and
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
alties, licenses. fees, deposits of money
or OF securities, or 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 securf-
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 obligations and prohi-
bitions OF whatsoever kind may be i'm
posed by the General Assembly of this
state upon insurance. bonding or surety
companies of such other State or country
doing business I'm this State
q lrrigation canals shall be taxed on
percentage not to exceed two per cent
OF their gross receiDts. only such real es-
tate and the buildings and structures
thereon. rights Of way. machinery. tools
operation of any canal shall be included
IN ana covered by this tax on gross re-
ceipts- All other real estate and personal !
pronertv OF the owner of any canal shall
be locally assessed and taxed
3. All sugar refineries rice mills COT !
ton seed oil mills. cotton seed oil re-
fineries and refineries of petroleum ani |
IT'S products shall be assessed on the fair |
9. Until otherwise provided by the
General Assembly by vote OF two-thirds |
OF the members elected to each house all ]
operating mines OF sulphur. salt or other
quarrfes: sand, gravel and shell pits shall |
be taxed upon percentage Of the gross
value of the product at the mouth of /
the mine well. quarry or pit. This per-
centage shall not exceed five rer cent for
sulphur: three per cent for salt; two and
oDe-half per cent for oil and gas and |
/, wo per cent for rock and other minerals, /
inclusive OF gravel. sand and shells. This
tsy snail not apply to the product of any
mines. cuarries OF Fits or oil or gas wells.
where the owner, other than public SER
vice corporations uses the same for his
PERSONAL purposes and does not sell the
same or its products or manufacture the |.
go me Into another product for sale
Where gravel. sand or shells are taken
from the beds of public waters or from
shores not subject to private ownership.
the General Assembly may levy speciai
taxes ner cubic yard of material taken !
nut and may levy p different sfecial tav
Tor each Of said objects Of taxation. The
government IF the United States for any
nurrnses. and contractors engaged in the
construction 81 anv public work for the
state or for the United States solely for
Tie -urpose of s.trh public work are .n-
thorized to take free from taxation
Zravei shell or sand from the beds Of
rub!ic waters and the public shores Of
The State. Every citizen of the state
shall nave a similar right to take such
materials for his own personal use free |,
rom taxation. unless they are taken for
sale- All real and personal properly Of
the owners of such mines. wells qua rries L
md pftS. excert machinery. fools and i'm \,
plementsS absolutely essential TO the on
grafton OF any mine. oil or Gus well STONE
quarry. sand. gravel or she'll pft and ex-
,ept the products themselves while in
a1lv assessed and taxed
TO- All real and personal property re |,
served for local taxation shall he assessed 4
AZ such percentage not to exceed 100 per
rent or its fair market value as each 10 (,
,al governing authority may establish.
and lower percentage may be estab-
ished Tor personal than for real property
,r Tor the values of improvements than
Tor land values
H.. In all assessments Of real property !,
:. neither for local or for State purposes. |,
Inc value of the land shall he assessed
serarately from the value Of the improve L
nen.s' nut railroad. pine line and canal
rights of wav. whether held in fee or nm
yer easement may he assessed separately
rom, or together with. the innnr,vements
,nereon as the Tax Commission may4
ieem most practical BILE.
H. Assessments shall he arranged geo.
graphically as far as possible either upor
me roll or unon separate records and the
senerai Assembly shah pass laws pro-