The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-10-25

and power business c0hGucteu IN Con'
Junction with any street railroad can 90
practically severed from the street rail-
road business for purposes Of assessment
then such severance shall be made Dy
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 ana
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
e6haiized annually by tie Tax Commls-
sion to the basis established and in vogue
in each locality where such real estate
Is located.
4th. All insurance companies includ-
ing bonding and surety companies. Tor
eiSn or domestic. and all persons and
partnerships engaged in insuring persons
or property, save that all ths real estate
and corporal property OF such companies.
persons or partnerships shall be locally
assessed and taxed.
5th. All sugar refineries, rice mills,
cotton seed oil mills. cotton seed oil re.
fperies and refineries OF petroleum ana
its products. A sugar refinery is hereby
defined to be concern that buys and re-
fiues raw sugar exclusively, or concern
that buys and reflneS more raw sugar
than the aggregate Of the sugar produced
by It from cane grown and purchased by
9Th. All mines Of sulphur. salt or other
minerals, all oil or gas wells, al stone
quarriss, sand. gravel and shell pits.
3 Only the operative property OF state
sources Of revenue shall be segregated to
the state. The General Assembly shall
define. in q manner not inconsistent with
any provisions of this amendment, what
tte operative property OF each such
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 l.:
1912, even though it may form part or
The operative property Of any railroad.
shall not be considered source of state
revenue except by constitutional amend
nent. unless such property had been.
prior to said date, part OF Il railroad ter
minal. depot, yard warehouse or shop.
d. All other property subject TO taxa
ton, except as herein specified, or except
as may hereafter he directed by vote
OF two thirds Of all the members elected
to each house of the General Assembly,
shall be sources of local taxation.
Article ~.
The General Assembly shall have power
to levy for State purposes the following
special taxes:
1. i tax on the transfer Of stocks In
corporations not to exceed 2 cents
shara
2. A tax on the organization Of do
nestle corporations, organized for profit,
excepting banks, fraterna insurance
Companies. and building and loan or
a,pmestead association. not to exceed
ten dollars fiat, plus not to exceed one
d. lnfh ~ Nf bo
ICED capital stock and surplus. which tax
shall be levied upon increases of capital
stock as we'll as upon original issues.
8. A tax on private CORPORATIONS. or.
ganized for profit, for the privilege Of ex-
ercising corporate functions not to ex-
COED one-twep,ieth of one per cent per
annum on the outstanding capital stock
and surplus, excluding banks, fraternal
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
he 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 fraternal in
nat fec Of $4,000 plus $3.50 on each
100000 Of premiums collected in Louis
lana during the preceding year.
4 The annual ad val0reni tax on all
automobiles and taxicabs, and also on
all other auto-driven vehicles used for
transportation OF persons or freight for
hire, with permission to the local govern
Tent Of the residence Of the owner to
levy an annual license tax not to exceed
$500. One-half Of the proceeds Of this
State tax collected from each owner shall
20 to the State good roads funds: the
remaining moiety OF such tax shall be
paid over by the State to tie governing
authority Of the locality from which the
machine Is registered, to be devoted ex-
causively by such governing authority to
the Improvement Of the public highways
within Its jurisdiction.
5. A tax on cotton future contracts.
IN lieu Of all licenses to future brokers.
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. rice and
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-half by the
buyer and one-half by she seller.
for the benefit Of the General Fund, and
Il such tax Is levied all beneficiaries shall
be divided into the following classes with
the following maximum exemptions for
each class:
First, ascendants. descendants. and
spouses. with an exemption Of $4,000 each,
except as to the widow. when the ex-
emption shall be $4,000. and evcert az IN
children under the ages Of sixteen. when
widows marital fourth. shall he exempt.
Second. collateral relations Of the Sec
bnd degree. including nerhews and
nieces and their descendants when the
estate Is divided by roots. with an ex-
emption Of $1,000 to each root. and daugh-
ters-in-law with an exemption Of 81 ,0ot
each.
Third. collateral relations O! the third
degree, excluding nephews and nieces
and their representatives, with an ex.
emntion Of $500 each.
. Fourth. all other collateral relation.
within the sixth degree inclusive, will
an exemption Of $3.50 each.
Fifth. strangers and all collateral re.
lations beyond the sixth degree, with al
exemption Of $le0 each.
The maximum rate OF the progressive
tax shall not exceed eight per cent for thu
first class, twelve per cent for the second
class, sixteen per cent for the third class
twenty-five per cent for the fonr+h c'ass
and thirty per cent for the fifth class
maximum rates to be attained when an
inheritance. legacy. or donation exceed
q half million dollars.
And the minimum rates of such Ia,
shall he one per cent for the first class
two and one-half per cent for the .ecen'
class. three and three fourth3 Ner cen
for the third class. seven per cent for tn
fourth class, and thirteen re- cent 70
SAe fifth class. Whenever the rate o
assessment levied against airy inherit
8 nce. legacy. or other donation. when dc
Quoted from said inheritance. legac
or other donation, would leave tn
beneficiary smaller net amount thai
heritance, legacy or other donation fa,e
auuAa A1>n nosr& iosrAe s,laaa In .&hA ala sai