The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-11-01

I surplus and undivided profits less the as
sessed value Of real estate iocaliy as
sesssd and taxed and less such further
deductions of not less than FIVE per cent
on their loans and discounts to cover oao
| debts and unearned interest as the Cen
eral Assembly may prescribe. when ue-
duction shall be made only from thell
surplus and undivided profits; all taxes
to be paid by the banks and charged 10
the stockholders.
! l. Individual bankers, banking nrms
and unincorporated banking associations.
domiciled In this State, shall be assessed
on the amount Of capital, surplus ana
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 Ave per
cent on their loans and discounts 10
cover bad debts and urearned 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 unlncorporated
banking associations, domiciled out OF the
State but doing business In this state,
shall be assessed on such proportion OF
! their capital, surplus and undivided
profits as is actually employed In this
State, less the assessed value of real eS-
tate locally assessed and taxed actually
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
| no do hot s,trrJuR nd
divided profits
| 6, Insurance, bonding and surety COM
panies. and persons, firms and associa-
tons engaged in the insurance, bonding
and surety business, excluding however
| 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
SNltN VI Npu'itiy any tuAOS, llHCS, pen
allies 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
country, or upon their agents therein In
excess of such taxes, penalties, fees IL
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
posed by the General Assembly Of this
, State upon insurance. bonding or surety
companies of such other State or country
doing business IN this State
7. Irrigation canals shall he taxed on
a percentage not to exceed two per cent
, OF their gross recentS, only such real es-
I tate and the buildings and structures
thereon, rights Of way.>machinery, tools
; and implements as are necessary to the
operation Of any canal shall he included
In and covered by this tax on gross re-
, cetpts. All other real estate and personal
property OF tina owner Of any canal shall
be locally assessed and taxed
8. All sugar refinerles, rice mills, cot
ton seed oil mills, cotton seed OIL re-
! fineries and refineries of petroleum and
its products shall be assessed on the fair
market valuation.
g. Until otherwise provided by the
General Assembly by vote OF two-thirds
Of the members elected to each house, all
operating mines Of sulphur salt or other
minerals, all oil or gas wells, all stone
quarrfes, sand, gravel and she'll pits shall
be taxed upon a percentage OF the gross
value Of the product at the mouth of
the mine, well, quarry or pit. This per-
centage shall not exceed FIVE per cent for
[ sulphur: three per cent for salt; two and
half nj Nj ~
two per cent for rock and other minerals,
inclusive Of gravel, sand and shells This
tax shall not apply to the product Of any
mines. quarries or pits or oil or gas wells.
where the owner. other than public SER
vice corporations, uses the same for his
personal purposes and does not sell the
: same or its products or manufacture the
I same into another product for sale.
. Where gravel. sand ar shells are taken
from the beds Of public waters or from
shores not subject to private ownership,
| the General Assembly may levy special
taxes per cubic yard Of material taken
out and may levy different special tax
| for each Of said objects Of taxation The
Government Of the United States for anv
purposes. and contractors engaged IN the
construction OF any public work for the
State or for the United States solely for
thorized to take free from taxation
, gravel, she'll or sand from the beds Of
rublic waters and the public shores Of
t the State Every citizen Of the State
shall have A similar right to take such
| materials for his own personal use free
t from taxation, unless they are taken for
sale All real and personal property Of
| the owners Of such mines, wells. uuarr,es
and pits. eXcept machinery, tools and i'm
r Plements absolutely essential to the on
3 GRAFTON Of any mine. oil or gas well, stone
, quarry sand. gravel or she'll pit. and ex-
cent the products themselves while in
the hands Of the producer shall be To-
, ally assessed and taxed
/ 10, All real and personal property re-
served for local taxation shall be assessed
. at such percentage not to exceed 100 per
r cal governing authority may establish
e and lower percentage may be estah-
3 lished for personal than for real property
for land values
, whether for local or for state purposes
= the value Of the land shall he assessed
I separately from the value Of the improve
Y ments: hut railroad. pine lire and cana
Q rights Of wav whether held in fee or un
9 from, or together with, the improvements
9 thereon as the Tax Commission may
deem most practicable
~. Assessments shall he arranged geo.
, graphically as far as possible either upor
{ General Assembly shall pass laws nro.
r viding for the printing and ruhica tion r.
pamphlet form Of the records shovins
I1at T. top1t ~,