The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-05

SuIpiQS anu uHQlNlOSQ pFOutS 1858 Ine as
sessed value of real estate locally 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 Cen
eral Assembly may prescribe, which de-
ouction 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 unincorporated 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-
pioyed 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.
.. Foreign banks and individual bank
ers. banking firms and unincorporated
banking associations, domiciled ont of the
State but doing business in this State,
snail 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.
6. Insurance, bonding and surety COM
panfes. ana persons, firms and associa-
lions engaged in the insurance, bonding
ana surety business, excluding however,
maternal insurance companies and assoc
cations, shall be taxed on 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
ana 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 ONCE 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
alues, 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 sccuri-
ties. or other obligations or prohibitions
imposed upon such insurance. bonding
DR. surety companies of such other State
Or country, so long as such laws continue
IN force the same obligations and prohi-
billions or whatsoever kind may be i'm
posed by the General Assembly of this
STATE upon insurance. bonding or surety
of such other State or country
doing business in this State
Z. irrigation canals shall be taxed on
percentage not to exceed two per cent
" their gross receiots, only such real es- /
a No B.rf1
thereon, rights of way, machinery. tools |
and implements as are necessary to the |
operation of any canal shall be included
N and covered by this tax on gross re- |
,eirts All other real estate and personal
of the owner of any canal shall !
De locally assessed and taxed
.. All sugar refineries. rice mills. cot |
IN seed oil mills, cotton seed oil re-
IS products shall be assessed on the fair |
market valuation.
9. Until otherwise provided by the
General Assembly by>a vote Of two-thirds /
'rerating mines of sulphur, salt or other
minerals, all oil or gas wells. all stone
Iuarries. sand, gravel and shell pits shall
'e taxed upon percentage of the gross
he mine, well. quarry or pit. This per-
'entage shall not exceed five per cent for
sulphur: three per cent for salt: two and |
're-half per cent for oil and gas. and
wv PST tCstt IoT TOCk ana DINER m1ne~Qlq-
inclusive of gravel. sand and shells This
av shall not apply to the product of any
mines, ruarrfes or rifs or oil or gas wells
mere the owner. other than public SER
ice corpora tons. uses the same for his
'ersonal purposes and does not sell the
anne or Its products or manufacture the 1
anne into another product for sale
Where gravel. sand or shells are taken
rom the beds .of public winters or from
hores not subject to private ownership.
he General Assembly may levy special
axes rer cubic yard Of material taken |,
ut and may levy a different spccial tax
nr each OF said objects 1T taxation. The
government nj the United States for any
and contractors engaged I'm the !,
obstruction cf arv public work for the
tate or for the United States solely for !,
he purpose of s.ich public work nre ar-
ravei shell or sand from the beds of
ublic waters and the public shores AZ
he State. Every citi7en Of the State
hall have similar right to take such
materials for his own personal use free /,
rom taxation. unless they are taken for
ale. All real and personal property Of |,
he owners Of such mines wells. qua rries
nd pits. excert machinery. tools and i'm
lements absolutely essential to the on
ration OF any mine. oil or ras well. stone
uarry. sand. gravel Ut shell pit. and ey-
ept the products themselves while in
ne hands ~ the producer, shall be To-
lly assessed and taxed.
10. All real and personal propertv re-
erved for local taxation shall he assessed
t such percentage not to exceed 100 per
emf OF Its fair market value as each To-
al governing authority may establish.
nd lower percentage NAV be estab-
shed for personal than for real property
r for the values of improvements than I,
or land values
~, In all assessments Of real property ,
neither for local or for State purposes.
ne value Of the land shall he assessed
enarately from the value Of the improve
tents; but railroad. pine line and canal
lghts of way, whether held in fee or un-
err easement. may he assessed separateIy
rom. or together with, the improvements
hereon as the Tax Commission NAV
eem most practicable.
IL. Assessments shall be arranged geo.
raph,cally as far as possible either upon
ne ro'l or uron separate records and the
,eneral Assembly shall nass laws pro-
iding for the printing and publica ton in
arrphiet form nj the records showing
uch geographicallv arranged assessments
M Tor the sale of such pamphlets at a
~. Ever tavpayer shall have the