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

for oil or gas When the electric light
and power business conducted in con-
junction with any street railroad can be
practically severed from the street rail-
road business for purposes of assessment
then such severance shall be made by
the Tax Commission and such electric
light and power business shall not be .
source of State revenue.
3rd. All hanks, State and National,
Including savings banks. trust banks and
trust companies, and all private bankers.
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
equalized annually by the Tax Commits
sion to the basis established and in vogue
In each locality where such reaf estate
Is located.
4th. All insurance companies includ-
Ing bonding and surety companies, for
eign or domestic, and all persons ana
partnerships engaged In insuring persons
or property. save that all the real estate
and corporeai property of such companies,
persons or partnerships shall be locally
assessed and taxed.
5th All sugar refneries. rice mills,
cotton seed oil mills. cotton seed oil re-
fneries and refineries of petroleum and
Its products. sugar refinery Is hereby
defined to be concern that buys and re-
fines raw sugar exclusively, or a concern
that buys and refines more raw sugar
Than the aggregate of the sugar produced
by it from cane grown and purchased by
IL
9Th. All mines OF sulphur, salt or other
minerals, all oil or gas wells, all stone
quarries. sand. gravel and shell pits.
8. Only the operative property Of State
sources of revenue shall be segregated to
the State. The General Assembly shall
define, In a manner not Inconsistent with
any provisions OF this amendment. what
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 1.
1912. even though 1t may form part OF
the operative proDerty Of any railroad,
shall not be considered q source of State
revenue except by constitutional amend
ment unless such property had 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 except
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. tax on the transfer OF stocks in
corporations not to exceed cents
share.
2. A tax on the organization of do
lUr
companies. and building and loan or
homestead association not to exceed
ten dollars fiat, plus not to exceed one
lied capital stock and surplus, which tax
shall be levied upon increases OF capital
stock as well as upon original issues.
carried for S r po for the nIiviere Of ex
ercising corporate functions. not to ex-
coed one-twentieth of one per cent per
annum the outstanding capital stock
and surplus, excluding banks, fraternat
and life insurance companies and build
Ing and loan or homestead associationss
no such tax to be less than FIVE dollars.
be 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
and domestic, not including fraternai In
surance associations, shall pay annually
| a Nat fee of $4,000 plus $3.50 on each
| SIC. 000.o 90 Of premiums collected in Louis
| lana during the preceding year.
4. The annual ad vaiorem tax on all
| automobiles and taxfcabs. and also on
| all other auto-driven vehicles used for
| transportation OF persons or freight for
| hire. with permission to the local govern
ment of the residence of the owner to
/ levy an ANIMAL license tax not to exceed
| S. co. One-half of the proceeds OF this
State tax-collected from each owner shall
| go 10 the State good roads funds: tho
remaining moiety of such tax shall be
paid over Dy TN the Ssaae 70 the gSxsrn ing
1
machine is registered, to be devoted ex-
| clusively by such governing authority to
the Improvement Of the public highways
within its jurisdiction.
| s. tax on cotton future contracts
In lieu of all licenses to future brokers'
OF not more than fifteen nor less than
each 100 bales to be Maid on each trans
| action, one-half by the buyer and once
half by the seller
| s. tax on grain, coffee. rice and
licenses to future brokers', Of not more
than one and one-half per cent nor less
than enc rer cent on the commissions
tract as estahiished by the rules OF the
respective exchanges shall be the basis
If the tax. to be paid. one-half by tho
buyer and one half by the seller
| 4. true. progressive Inheritance taS
for the benefit of the General Fund and
| II such tax II levied all benefciaries shah
he divided into the following classes with
the following maximum exemptions for
First. ascendants. descendants, ana
snouses with an exemption Of $4,000 each,
excert as to the widow. when the ex-
emrtion shall he $4,000. and except as 10
| children under the ages Of sixteen. when
the exemption shall be $500 each The
Widows martial fourth shall be exempt.
Second. collateral relations Of the sec7
ond degree; including nephews and
nieces and thei~ descendants when the
estate n divided by RIOTS. with an ex-
| emotion OF - .c00 to each root. and daugh-
ters-in-law with an exemption of $1,000
each.
Third. collateral relations Of the third
degree. excluding nephews ard riecee
and their representatives with an ex-
emption OF $500 each.
Fourth. all other collateral relations
within the sixth degree inclusive. with
an exemption OF $3.50 each.
Fifth, strangers and all collateral re-
iations beyond the sixth degree, with an
exemption Of 500 each.
The maximum rate of the progressive
tax shall not exceed eight per cent for the
first class. twelve rer cent for the second
class. sixteen per 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. ]e1acv. or donation exceeds
4 half million dollars.
And the minimum rates of such tax
shall be one Der cent for the first class.