St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-09-07

Or except - may hereafter be direct
"a By Q vote Of two thirds Of all the
members elected to each 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:
1. A tax on the transfer of stocks
IN corporations not to exceed 2 cents
. share.
:. A tax on the organization OF
domestic corporations, organized for
profit, excepting banks. fraternal in
surance companies, and building and
loan or homestead association. not
e. exceed ten dollars Nat, plus not
to exceed one-twentieth of one per
cent Of the authorized capital stock
and surplus which tax shall be levied
0RV0 XUEASO9O0 VI S0PAS0A 0sSSA~ ~"
we'll - upon original issues.
8. A tax on private corporations,
organized for profit, for the privilege
Of exercising corporate functions,
not to exceed one-twentieth OF one
DER cent per annum on the outstand-
ing capital stock and surplus, ex-
Guiding banks, fraternal and life In
surance companies and building 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
10 used In this State in interstate
business. In lieu of the franchise tax
on capital and surplus, life insur-
ance companies, foreign and domes-
tic, not including fraternal insurance
associations, shall pay annually a nat
fee of $4,000 plus $3.50 on each
100000 of premiums collected In
Louisiana during the preceding
year.
1. An annual ad valorem tax on
oil automobiles and taxicabs, and al
20 on all other auto-driven vehicles
used for transportation of persons
or freight for hire, with permission
to the local government of the resi-
dence 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 tai
shall be paid over by the State te
the governing authority Of the locali-
ty from which the machine is regis
tered, to be devoted exclusively by
such governing authority to the i'm
provement of the public Highways
within its Jurisdiction.
S. A tax on cotton future contracts
In lieu Of all licenses to future brok
ers. Of not more than fifteen nor lest
than ten cents ON each purchase and
sale of each 100 bales, to be paid
ON each transaction, one-half by the
buyer and one-half by the seller.
6. A tax on grain, coffee. rice
and sugar future contracts, In lieu o.
all licenses to future brokers, of moi
more than one and one-half per CEN
nor less than one per cent on thu
commissions paid ON each Transaction
Each unit contract as established BY
the rules of the respective exchange:
shall be the basis of the tax, to bt
paid, one-half by the buyer and one
half by the seller.
Z. A true, progressive inheri
lance tax for the benefit of the Gen
eral Fund, and il such a tax is leviet
all beneficiaries shall be divided in
to the following classes with the fol
lowing maximum exemptions fol
each class:
First-ascendants, descendants
and spouses, with an exemption o
$4,000 each, except as to the widow
when the exemption shall be $4,000
and except as to children under tn,
age Of sixteen, when the exemption
shalt be $500 each. The widow,
marital fourth shall be exempt.
Second-C relations o
the second degree, including nephew
and nieces and their descendent,
when the estate is divided by roots
with an exemption of $1,000 to eacl
root, and daughters-in-law with al
exemption of $1,000 each.
Third-Collateral relations of thu
third degree, excluding nephews ant
nieces and their representatives
with an exemption of $500 each.
Fourth-All other collateral re.
lations within the sixth degree in
elusive, with an exemption of $3.50
each.
Fifth-Strangers and all collater
al relations beyond the sixth degree
with an exemption of 500 each.
The maximum rate of the progress
sive tax shall not exceed eight pei
cent for the first class, twelve pei
cent for the second class, sixteen pei
cent for the third class, 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 q half million dollars.
And the minimum rates of such
tax shall be one per cent for the first
class, two and one-half per cent for
the second class, three and three
f0urths per cent for the third class
seven per cent for the fourth class
and thirteen per cent for the fifth
class. Whenever the rate of assess
ment levied against any Inheritance
legacy or other donation, when de-
Quoted from said Inheritance, leg
acy, or other donation would
leave the beneficiary smaller
net amount than he would have re-
ceived had the Inheritance, legacy,
or other donation fallen into the
next lower class in the classification
according to amount of actual cash
value. then the rate of taxation shall
be first calculated upon the maxi