The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-10-25

| surplus and undivided profits less the as
ssssed value OF real estate Locally as
sessed and taxed, and less such further
deductions Of not less than Ave per cent
on their loans and discounts to cover bad
debts and unearned interest as the CEN
| eral Assembly may prescribe. which de-
duction shall be made only from thslr
surplus and undivided profits; all taxes
to be paid by the banks and charged 70
tho stockholders.
4. Individual bankers. banking firms
and unincorporated banking associations;
domicilsd in this State, shall be assessed
on the amount OF capital. surplus ana
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
cent on their loans and discounts to
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.
shall 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
| their business in this State, and less
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 UNI
| divided profits.
! 8. Insurance, bonding and surety COM
panies and persons. Arms 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
state or country any taxes, fines, pen
alties, licenses, fees. deposits Of money
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, IL
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 obligations and prohi-
billions OF whatsoever kind may be i'm
oosed 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 be taxed on
a percentage not 10 exceed two per cent
Of their gross receints, only such real es-
tate and the buildings and structures
thereon, rights Of way, machinery, tools
and implements as are necessary to the
operation Of any canal shall be included
In and covered by this tax on gross re-
ceipts. All other real estate and personal
property OF the owner Of any canal shall
be locally assessed and taxed.
8. All sugar refneries, rice mills, cot
ton seed oil mills, cotton seed oil re-
fineries and reftneries of petroleum and
its products shall be assessed on the fair
market valuation.
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
minerals. all OIL or gas wells all stone
quarries. sand, gravel and shell pits shall
be taxed upon a percentage Of the gross
value Of the product at the mouth Of
the mine, well, quarry or pit. This per-
centage shall not exceed Ave per cent for
sulphur: three per cent for salt: two and
Iene-half per cent for oil and gas, and
two per cent for rock and other minerals,
inclusive Of gravel, sand and shells. This
tax shall not apply to the product Of any
mines. ouarries or pits 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
same 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 special
taxes per cubic yard Of material taken
out and may levy different special tax
for each Of said objects Of taxation. The
Government Of the United States for any
PURPOSES, and contractors engaged in the
construction Of any public work for the
State or for the United States solely for
the nurpose Of such public work are All
thorized 10 take free from taxation
gravel, she'll or sand from the beds Of
rublic waters and the public shores OF
the State Every citizen Of the State
shall have a similar right to take such
materials for his or-~ nersonal use free
from taxation, unless they are taken for
sale. All real and -"~sonal property Of
the owners of such r''~as wells. qua rries
and pits, except mach ary, tools and i'm
elements absolutely essential TO the op-
GRAFTON OF any mine, OF or gas we'll, stone
quarry sand, gravel or she'll pit, and ey-
cent the products themselves while IN
the hands NJ the producer, shall be To-
| allv assessed and taxed
10. All real and personal property re-
served for local taxation shall he assessed
at such percentage not to exceed 100 per
cent of its fair market value as each To-
cal governing authority may establish
ard lower percentage may be estah-
lished for personal than for real property
for land values
whether for local or for State PURPOSES
the value Of the land shall he assessed
separately from the value Of the innrova-
r1ents; hut railroad pipe line and canal
rights Of way, whether held In fee or nm
der easement. may he assessed soma "a teIy
from, or together With, tire improvements
| thereon as the Tax Commission msy
deem most practicable
| IL. Assessments shall be arranged eeo.
graphically as far as possible either unon
the ror or upon separate records enH Tho
| General Assembly shall PASS laws nro.
Vlding for the printing and publica tion in
pamphlet form Of the records sbou,p :,
such Se0graDhicallv Arranged a ssa,,r,o,. :,