The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-10-11


ferry, barge, and tug. or other wafer
craft, where operated Tor hire, canal for!
transportation or irrigation and pipe mn
for oil or gas. When the electro ltsht
and power business conducte" IN con
junction with any street railroad can d"
practically severed from the street rad
road business for purposes of assessment
then such severance shall he made by
the Tax Commission and such electric:
light and power business shall not he a
source of State revenue.
3rd. All banks. State and National
including savings banks. trust banks and
trust companies and all private bankers.
| whether individuals or partnerships save
that the real estate Of all banks and
bankers shall be locally assessed and
taxed The assessments OF the real
estate of banks and bankers shall be
equaiZed annually by the Tax Commits
sion to the basis established and in vognl,
in each locality where such real estate
is located
18th. All insurance companies includ-
ing bonding and surety companies. for
| eign or domestic and all persons and
partnerships engaged in insnring persons
| or property. save that all the real estate
| and corporeal property of such companies.
| persons or partnerships shall be locally
| assessed and taxed.
5th All sugar rcfineries rice mills.
| cotton seed oil mills. cotton seed oil re-
tinerics and refineries Of petroleum amt
| its products. a sugar refinery is hereby
| defined TO be concern that buys and re-
| fines raw sugar exclusively, or Il concern
! that buys and renes more raw sugar
| than the aggregate of the sugar produced
by 1t from cane grown and purchased by
it,
| 9TH. All mines Of sulphur, salt or other
! minerals. all oil or gas wells, all stone
quarries. sand. gravel and shell pits.
! 3. Only the operative property of state
I r. k,N
| the state. The General Assembly shall
define. in a manner not inconsistent wtk
any provisions of this amendment. whit.
| the operative property of each S,lch
source is. Real estate and the improve
! mentS thereon forming part of any rail-
road terminal. depot or yard or ware
house or shop. acquired after July I.
1912. even though it may form part of
| the operative pr0Dertv of any railroad
| Shall not be considered source of state
revenue except by constitutional amend
ment unless such property hsd been.
prior to said date. part of a railroad ter
minal depot. yard. warehouse or shop.
4. All other property subject to taxa
ton. except as herein specified, or eyCent
as may hereafter be directed by vote
of two-thirds Of all the members elected
to eac! house Of the General Assembly.
Shall be sources of local taxation.
Article III.
The General Assembly shall have power
to levy for State purposes the following
special taxes:
l. a tax on the transfer of stocks in
corporations not to exceed cents a
share.
.. A tax on the organization of do
mestic corporations, organized for profit.
excepting banks fraternal insurance
companies. and building and loan or
homestead association. not to exceed
TIA nnf n No.
twentieth 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.
r 3. tax on private corporations. or
: ganzed for profit. for the privilege of ex-
/. ercsing corporate functions not to eX-
l coed onetwentieth Of one per cent per
. annum on the outstanding capital stock
and surplus. excluding banks, fraternal
: and life insurance companies and build
o 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 theil
4 capital stock and surplus as is used II
i this State in intra- State business IL
/ lieu of the franchise tax on capital ant
n surplus life insurance companies, foreign
II and domestic, not including fraternal in
J. surance associations. shall pay annual!
- fiat fee Of $4,000 plus $50 on eacl
:: 80 100000 Of premiums collected in Louis
10 lana during the preceding year.
IA 4. The annual ad valorem tax on a
a. automobiles and taXicabs. and also 0
r. all other auto-driven vehicles used fo
>. transportation of persons or freight fo
A. hire. with permission to the local govern
~ ment of the residence Of the owner
~ | levy an annual license tax not to eXcee
- $500. One-haif of the proceeds Of TIL
go to the State good roads funds: tn
remaining moiety of such tax shall
paid over by the State to the governin
authority of the locality from which tn
machine is registered. to be devoted ex
clusively by such governing authority
the improvement OF the. public highway
within it's jurisdiction.
5. A tax on cotton future contracts
in lieu of all licenses to future brokers
of not more than fifteen nor less tina
ten cents on each purchase and sale O
each 100 bales. to be paid on each trans
action. onc-half by the buyer and one
s. half by the seller.
J. G. tax on grain. coffee. rice an
he sugar future contracts. in lieu of al
~ licenses to future brokers. Of not NOR
X than one and one-half per cent nor les
than one per cent on the commission
y paid on each transaction. Each unit con
a. tract as established by the rules of tn
"a respective exchanges shall be the bash
l. Of the tax, to be paid. one-ha by TIN
Of buyer and one-haf by the seller.
IL T. "A true, progressive IiIHeIItdHtt ID!
= for the benefit of the General Fund. ant
al if such tax is levied all beneficiaries sinai
" he divided into the following classes will
Of the following maximum exemptions To-
each class:
First, ascendants. descendants. ant
r spouses, with an exemption Of $4,000 each
s. except as to the widow. when the ex
emption shall be $4,000 and excent as Il
,e children under the ages Of sixteen. wher
l. the exemption shall he $4,000 each. Tit
r Widows marital fourth shall he exempt
ii Second, collateral relations Of the sec
j. ond degree. including nephews ant
n nieces and their descendants when TIN
l. estate is divided by roots. with an ex
al emption of 81. 600 to each root and daugil
l. ters-in-law with an exemption OF 1,O0'
to each.
Il Third, collateral relations Of the thirt
,e degree. excluding nerhews and niece!
s. and their representatives, with an ex
I'd emption of $500 each.
l. Fourth. all other collateral relation:
I'd within the sixth degree inclusive, witt
$. an exemption Of $3.50 each.
le Fifth strangers and all collateral re
g. Iations beyond the. sixth degree. with al
J. exemption Of 500 each.
b The maximum rate of the progressive
n tax shall not exceed eight per cent for thu
y first class. twelve per cent for the secont
,r class sixteen per cent for the third class
twenty five per cent for the fourth class
e ard thirty per cent for the fifth class
L. maximum rates to be attained when an,
ID inheritance legacy Or donation exceed
IS half million dollars.
N And the minimum rates of such ia,
1t shall he one rer cent for the first class
y two and one half per cent for the accon'