The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-10-25

surplus and undivided prontS less the as
sessed value of real estate locallN as
sessed and taxed, and less such further
deductions Of not less than five per cent
on their loans and discounts to cover bad
debts and unearned interest as the Gem
eral Assembly may prescribe, which de-
duction shall be made only from their
surplus and undivided profits; all taxes
to be paid by the banks end charged tc
the stockholders.
1. Individual bankers. banking firms
and unincorporated banking associations,
domiced 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-
rloyed in their business. and less such
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
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 un-
divided profits.
g. Insurance, bonding and surety COM
panies, and persons, firms and associa-
tons engaged in the insurance, bonding
and surety business, excluding however,
fraternal insurance companies and asso-
of their gross premiums received UPON
their business done in this State. less
return premiums and reinsurance in COM
panies or associations authorized to dc
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 othe.
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 OF
country, or upon their agents therein In
excess OF such taxes. penalties, fees, H.
censes, deposits Of money, or of s2curi-
ties. or other obligations or prohibition.
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.
posed by the General Assembly Of thl.
State upon insurance, bonding or surety
companies Of such other State or country
doing business in this State
I. Irrigation canals shall be taxed or
percentage not to exceed two per cent
OF their gross receipts. only such real es-
tate and the buildings and structure,
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-
ce1pts. All other real estate and personal
property Of the owner OF any canal shall
be locally assessed and taxed.
8. All sugar reflneries, rice mills, cot
ton seed oil mills. cotton seed oil re-
fineries and refineries Of petroleum and
it's products shall be assessed on the fail
market valuation.
9. Until otherwise provided by the
General Assembly by vote Of two-thirds
Of the members elected to each house. al]
GENERATING mines Of sulphur, salt or othe,
minerals, all oil or gas wells. all stone
quarrles. sand, gravel and shell pits shall
be taxed upon ,p pereentage of the gros:
the mine, we'll, quarry or pit This per.
centage shall not exceed i've per cent fol
sulphur: three per cent for salt; two and
one-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 of or gas wells
vice corporations. uses the same for NEl
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 lew special
taxes per cubic yard If materia, taken
out and may levy different srecial tax
for each Of said objects Of taxation. The
Government Of the United States for any
rurroses. and contractors engaged IN Thu
construction Of anv public work for the
State or for the United States solely fol
the rnrpose Of such rnh'ic work ave ~.
thorized to take free from taxation
rublic waters and the public shores ol
the State. Everv citizen Of the State
shall have similar right to take such
materials for his own personal use free
from taxation. unless they are taken FOL
sale. All real and personal property al
the owners Of such mines. wells. auarrie.
and nits excent machinery. tools and i'm.
n'ements absolutely essential to the 90.
Grafton Of any mine. oil or cas- well. stone
quarry. sand. gravel or shelf pit, and ex.
cent the products themselves while II
the hands Of the producer, shall be 10.
ally assessed and taxed.
| 10. All real and personal property re.
served for local taxation shall he assessed
at such percentage not to exceed 100 mel
cent Of it's fair market value as each IL.
cal governing authority may establish
and a lower percentage may be estah.
lfshed for personal than for real rroperf,
or for the values Of improvements thai
for land values
! IL. In all assessments Of real prepert,
whether for local or for State PURPOSES
the value Of the land shall he assessed
senaratelv from the value If the irprove
ments: but railroad nine line and cana
rights Of wav, whether held IN fee or nm
der easement. may he assessed senaratal,
from. or together with the Improvement,
thereon as the Tax Commission ma,
deem most practicable.
a. AssessmentS snail be arranged geo
graphfcalIy as far as possihIe either mo,
the roll or unon SEPARATE records and th'
| General Assembly shall mass laws nrn
. viding for the printing and pub,ica t,on !,
pannh'et form IT the records. shown,
| such geographically arranged assessment
and for the sale Of such pamphlets at .
! small price. o.
u. Everv taxpayer shall have ~
7 r1eht " testing the correctness Of his AZ
sessment In the courts within such tiro
, NJ the General Assn~,h1v NAV nrascrih.
/ and no prorertv shall be assessed for
sum In evcess Of the percentages ~ q
| fair market valve. as prescribed bv ~
governing authority. W vi
' IA. State licenses and snec,al sta,
. taxes shall be due and PAYABLE N s,r
a TINE as the General Assembly may pre-