The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-14

seSSed ana taxed, ana less such furthe
deductions of not less than five per cen
on their loans and discounts to cover bat
debts and unearned interest as the Gen
eral Assembly may prescribe, which de
duction shall be made only from thei
surplus and undivided profits: all take!
to be paid by the banks and charged t.
the stockholders.
4. Individual bankers. banking firm,
and unineofporated banking associations
donsiciled in this State shall be assessed
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 pei
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 ont 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 I'm this State, and less
such further deductions, not less than
five per cent on their loans and dis
todHtS. " cover Ddu QtpLS ana une3Tn-
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
ana surety business, excluding however,
fraternaf insurance companies and asso-
cations, 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
panfes 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 stIpport
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
s,.;se OF country any taxes, fines. pen
or OF securities, or other obligations or
prohlbitions are imposed on Insurance.
bonding or surety companies of this State
aoing 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 securi-
Ties, or other obligations or prohibitions
mposed upon such insurance, bonding
Or country. so long as such laws continue
m force the same obligations and prohi-
oitlons OF whatsoever kind may be i'm
,osed by the General Assembly Of this |
state upon Insurance. bonding or surety
companies Of such other State or country
1oing business in this State
2. Irrigation canals shall be taxed on |
percentage not to exceed two per cent /
ate and the buildings and Structures
hereon, rights of way. machinery. tools |
lnd implements as are necessary TO the /
peration of any canal shall be included
y ana covered by this tax on gross re- |
eipts. All other real estate and personal
PROPERTY OF the owner of any canal shall
e locally assessed and taxed
g. All sugar refineries, rice mills cof
on SEED OIL mills. cotton seed oil re-
ineries and refineries of petroleum and
Is products shall be assessed on the fair
market valuation.
3. Until otherwise provided bv the
,eneraI Assembly by vote OF two-thirds
the members elected to each house ali
nerating mines Of sulphur salt or other
Minerals, all oil or gas wells. all stone
uarrles: sand. gravel and shell pits shall !,
e taxed upon percentage of the gross
afue OF the product at the mouth of
he mine well. quarry or pit This ner-
entage shall not exceed FIVE per cent for1
uipnur: three per cent for salt. two and
per cent for oil and gas, and
NO per cent for rock and other n,inerais
Abusive of gravel. sand and sheIls This
* shall not apply to the product of eny
ines. nuarries or pits or oil or gas wells
mere the owner. other than public SER
zee corporations, uses the same for his
ime or its products or manufacture the :
lme into another product for sale .
here gravel. sand or shells are taken /,
om the beds OF public waters or from ,
iores not subject to private ownership. !
re General Assembly may lew speciai
Ixes per cubic yard of material taken f,
II and may levy different special tax /;
y each OF said objects Of taxation. The :
overnment Of the United States for anv
'rposes. and contractors engaged in the !,
Of any public work for the )
late or Tor the United States solely for :
We purpose of such public work are au- ,
-avei. shell or sand from the beds ~ /,
iblic waters and the public shores ~ =
e state. Every citizen OF the State ! +
an have similar right to take such =
ON taxation. unless they are taken for '
le All real and personal properly ~ !,
e owners of such mines. wells. ouarries :
"a pits. excent machinery. tools and. I'M +
c me-; absolutely essential to the OPP v
alton OF any mine. oil or ras well. stone :,
larry: sand. gravel or shell Dit. and ex- y
pr the products themselves white In :,
e hands OF the producer, shall be To- <
" assessed and taxed. !,
10. All real and personal propertv re- 1 =
rived Tor local taxation shall be assessed :,
such percentage not to exceed 100 per :,
nj OF its fair market value as each To- !,
l governing authority may ESTABLISH.
~ a lower Percentage may be estab- q.
he'd for personal than for real property q
Tor the values of improvements than 8,
r land values. 'N
", In all assessments OF real property N
neither Tor local or for State purposes. :.
e value OF the land shall be assessed =
narately from, the value of the Improve !,
ents; hut railroad. pine line and canal =
snts OF way. whether held in fee or m \;
easement. may he assessed separately =,
,n, or together with. the announcements =
ereon as the Tax Commission NAV e
en- most practicable =
~ Assessments shall be arranged geo. -
aphicaiiy as far as possible either lIpnn =,
roii or upon separate records and the -
neral Assembly shall pass laws nro- - :.
ing for the printing and pubiicatior In -
tnpniet form IF the records Showing az
en- seographically arranged asse.sments
laii price. d a u
~ EVERY taxpayer shall have tire e
mt OF testing the correctness Of hts az = =
ssment In the courts within such fine ~
the General Assembly may prescribe. =.
q no property shall be assessed FOR :,
m In excess of the percentage Of its =,
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