The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-21

, surplus and undivided profits less the 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-
duction 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 Unipcofporated 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-
ployed 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.
5. Foreign banks and individual bank
ers, banking firms and contemporaries
banking associations. domiciled ort of the
State but doing business in this State
shall be assessed on such proportion of
their capital, surplus and undivided
State. less the assessed value of real es-
tate locally assessed and taxed ectually
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 UNI
divided profits.
g. Insurance. bonding and surety COM
panies, ana persons. firms and associa-
tions engaged in the insurance bonding
a m htrci fn0
fraternal insurance companies and asso-
Citations. 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
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
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 other
state or country any taxes, fines, PEN
alties. 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
county. or upon their agents therein in
censes. deposits of money, or of securi-
ties, or other obligations or prohibitions
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
nosed by the General Assembly of this
state upon insurance. bonding or surety
companies of such other State or country
doing business in this State
=. irrigation canals shall be taxed on
percentage not to exceed two per cent
OF their gross receipts. only such real 'es-
tate and the buildings and structures
thereon. rights of way. machinery, tools
aud implements as are necessary to the
ofreration of any canal shall be included
IN ana covered by this tax on gross re-
ceipts. All other real estate and personal
propertv of the owner of any canal shall
be locally assessed and taxed.
8. All sugar refineries. rice mills cot
ton seed oil mills, cotton seed oil re-
fineries and refineries of petroleum end
its products shall be assessed on the fair
market valuation.
3. Until otherwise provided by the
General Assembly by a vote OF two-thirds
OF the members elected 10 each house. all
onerating mines OF sulphur. salt or other
minerals. all oil or gas wells. all stone
duarries. sand. gravel and shell pits shall
be taxed upon a percentage of the gross
value of the product at the mouth of
the mine. well. quarry OF pit. This per-
centage shall not exceed FIVE rer cent for
sulphur; three per cent for salt; two and
one haif 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 tn the nroduct of any
mines, nuarries or pits or oil or gas wells
wnere the owner other than public ser
vice corpora tons. uses the same for his
personal purposes and does not sell the
same or its products or manufacture the
some into another product for sale
Where gravel. sand or SHELLS are taken
Of mil, afz,--
shores not subject to private ownership
the General Assembly may levy special
tayes ner cubic ward nf material taten
out and may icvy different srecial tax
for each of said objects of TAXATION. The
Government of the United States for any
PURPOSES. and contractors engaged in the
construction Of anv nublic work for the
state or for the United States solely for
ire -rirDose of surh public work are o,,-
thorized n Make free from taxstion
gravel. shell or sand from the beds Of
rublic waters and the public shores of
the State Every citizen Of the state
shall have similar right to take such
materials for his own personal use free
from taxation. unless they are taken for
sale. All real and personal property of
the owners OF such mines. wells. uuarries
and pits. eycert machinery. tools and i'm
Elements absolutely essential to the op-
Grafton Of any mine. oil or GAS we'll stone
duarry: sand. gravel or shell pit, and ex-
cent the products themselves while in
allv assessed and taxed.
TO- All real and personal property re-
served for local taxation shall he assessed
at such percentage not to exceed 100 per
cent of its. fair market value as each 10
cal governing authority may establish.
and lower percentage NAV be estah-
lished for personal than for real property
or for the values OF improvements than
for land values
u. In all assessments Of real propertv
whether for local or for State PURPOSES
the value. Of the land shall he assessed
senarateiy from the value of the Improve
merts; hut railrnsd. pine line and canal
rights of wav, whether held in fee or nm
der easement. may he assessed separately
from. or together with, the announcements
thereon as the Tax Commission NAV
deem most practicable
u Assessments shall be arran~ geo.
graphically as far possible either iInon
the FOIL or unon separate records and the
General Assembly shall rass laws pro-
vidinF for the printing and publica ton in
pamphlet form If the records. showing
such seorraphicallv ARA nged assessments
and FOR the sale of such pamphlets at a
small price.
~ Ever tavuayer shall have the
RIGHT IF testin; the correctness Of his as
in ha rr~fc