The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-10-04

practically severed from the street rail
road business for purposes of assessments
then such severance shall be made by
the Tax Commission and such electric
light and power business shall not Be .
source OF State revenue.
Srd. All banks. State and National.
Including savings banks, trust banks and
trust companies, and all private bankers.
whether individuals or partnerships. gave
that the real estate OF All banks and
taxed. The assessments OF the real
| estate OF banks and bankers shall ba
elualized annually by the Tax Commits
sion to the basis established ana in vogue
IN each locality where such real estate
Is located.
Attn. All insurance companies inc}ud-
Ing bonding and surety companies. for
elgn or domestic and all persons and
partnerships engaged In insnring persons
or property, save that all the real estate
and corporcal property Of such companies,
persons or partnerships shall be locally
assessed and taxed.
3th. All sugar rcfneries, rice mills.
cotton seed oil mills. cotton seed oil re-
rncrica AMI retineries Of petroleum and
It's products. a sugar refinery Is hereby
defined to be concern that buys and re-
nhes raw sugar exclusively, or concern
mat buys and rcfincs more raw sugar
than the aggregate of the sugar produced
hy 1t from cane grown and purchased by
1t.
9Th. All mines of sulphur salt or other
minerals, al! oil or gas wells. all stone
qnarrles: sand. gravel and shell pits.
). Only the operative property Of State
sources Of revenue shall be segregated to
the state. The General Assembly shall
dellhe. IN manner not Inconsistent with
any provisions Of this amendment. what
the operative property of each such
source IS. Real estate and the improve
lyt NJ INV r-pS1.
road terminal, depot or yard or ware
house or shop. acquired after July I.
l"l2, even though it may form part of
the operative pronertv OF any railroad.
Shall not be considered n source Of state
revenue except by constitutional amend
ment, unless such property had been.
prior to said date. part Of railroad ter
mna'. depot. yard. warehonsc or shop.
A. All other DroDerty subject to taxa
| ZION, cXccnt as herein sneciiied, or except
as may hereafter be directed by vote
or two-thirds Of all the members elected
TO each house OF the General Assembly.
stlat he sources Of local taxation.
Article ~.
The General Assembly Shall have power
to levy for State purposes the following
| special taxes:
| l. \ tax on the transfer OF stocks in
| corporations not to exceed 2 cents
| share.
| ?. 4 tax on the organization OF do
nestle corporations organized for profit,
| excepting banks. fraternal insurance
COMPANIES I and building and loan or
| homestead association, not to exceed
ten dollars fiat, plus not to exceed one
| tWentleth OF one per cent of the author
lied capital stock and surplus, which tax
shall be levied upon Increases OF capital
stock as well as upon original issues.
| D.. A tax on private corporations, or
| n 70 NS,@Sr% g., 4 t.~
| ercising corporate functions, not to ex-
coed cne-tWeDtieth of one per cent per
annum on the outstanding capital stock
and surplus, excluding banks, fratcrnal
and life insurance companies and build
Ing and loan or homestead associations;
no such tax to be less than five dollars.
| On foreign corporations this tax shall
be levied on such proportions Of their
capital stock and surplus as is used IN
| this State IN intra-State business. In
lieu Of the franchise tax on capital and
surplus. life insurance companies, foreign
and domestic, not including fraterna, in
. fiat fee OF $4,000 plus $3.50 on each
| 100000 OF premiums collected in Louis
lana during the preceding year.
4. The annual ad valorcm tax On ak
automobiles and taXicabs. and also OH
all other auto-driven vehicles used for
transportation Of persons or freight for
hire. with permission to the local govern
ment Of the residence Of the owner to
ictyyan annual license tax mot to exceed
$500. One-ha1f OF the proceeds OF this
Etate tax collected from each owner shall
remaining moiety Of such tax shall bo
paid over by the State to the governing
authority Of the locality from which the
machine IS registered, to be devoted ex-
clusivey by such governing authority to
the Improvement Of the public highways
within its jurisdiction.
g.; tax. >op cotton future contracts.
IN lieu Of all licenses to future brokers.
J Of not more than fifteen nor less than
ten cents on each purchase and sale Of
each 100 bales, to be paid on each trans
| action one-half by the buyer and one
| half by the seller
6. A tax on grain, coffee, vice and
sugar future contracts, in lieu Of ali
licenses to future brokers, Of not more
than one and one-half per cent nor less
than one per cent on the commissions
paid on each transaction Each unit con-
tract as established by the rules Of the
respective exchanges shall be the basis
Of the tax. to be paid, one-llalf by the
buyer and one-haif by the seller.
I. A true. progressive Inheritance tax
tor the benefit Of the General Fund, and
II such tax is levied all beneficiaries shalt
be divided into the following classes witt,
the following maximum exemptions for I
each class
First, ascendants. descendants. and
spouses, with an exemption Of &, 600 each.
except as to the widow. when the ex-
emption shall be $4,000. and ev"ent as 10
children under the ages Of sixteen. when
the exemption shall be $4,000 each. Tho
Second, collateral relations Of the sec
ond degree, including nephews and
nieces and their descendants when tho
estate Is divided by roots, with an ex-
emption Of $1,000 to each root. and dangh-
terss-in-law with an exemption OF $1,000
each.
Third, collateral relations OF the third
degree, excluding uephews and nieces
and their representatives, with an exc
emntion Of $500 each.
Fourth. all other collateral relations
within the sixth degree inclusive. with
an exemption Of $3.50 each.
Fifth. strangers and all collateral re-
|ations beyond the sixth degree, with an
exemption of 500 each.
The maximum rate Of the progressive
FAX shall not exceed eight per cent for the
arst class, twelve per cent for the second
twenty five per cent for the fourth class,
and thirty per cent for the fifth class.
maximum rates to be attained when any
Inheritance. legacy, or donation exceeds
half million dollars.
And the minimum rates OF such tau
two and one-ha'f per cent for the second
class, three and three fourths per cent
Tor the third class, seven per cent for the
fourth Glass; and thirteen per cent for
The fifth class. Whenever the rate Of
assessment levied against any Inherit
ance. legacy. or other donation, when de-
Quoted from said inheritance legacy
or other donation. would leave the
beneficiary smaller net amount than
he would have received had the in
heritance, legacy or other donation fallen
into the next lower class in tho classi.
flcat1nn according to amonnf az al.