The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1912-09-28

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 pad
debts and unearned interest as me Gen
duction shall-be made only from thelf
surplus and undivided profits; all taxes
to be paid by the banks and charged 60
tAe stockholders.
4. Individual bankers, banking firms
and unincorporated banking associations,
donliciled in this State, shall be assessed
on the amount Of capital, surplus and
undivided profits actually employed In
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
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 unincorporated
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
be made only from their surplus and I'M
divided profits.
8. Insurance, bonding and surety com
panfes, and persons, firms and associa-
tons aged in the insurance, bonding
and surety business, excluding however,
fraternal insurance companies and asso-
Citations, shall be taxed on 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 speciai 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
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
Z. Irrigation canals shall be taxed on
a 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
and implements as are necessary to the
operation of any canal shall be included
in and covered by this tax on gross re-
ceipts All other real estate and personal
property of the owner of any canal shall
be locally assessed and taxed.
3. All sugar refineries, rice mills, cot
ton seed oil mills, cotton seed oil re-
Its products shall be assessed on the fair
market valuation
9. Until otherwise provided by the
General Assembly by a vote Of two-thirds
operating mines OF sulphur, salt or other
minerals, all oil or gas wells, all stone
quarries sand, gravel and shell pits shall
be taxed upon a percentage of the gross
value of the product at the mouth of
centage shall not exceed i've per cent for
sulphur: three per cent for salt: two and
one-half 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 to the product Of any
Mines uuarries 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
same into another product for sale
Where gravel, sand or shells are taken
from the beds of public waters or from
shores not subject to private ownership.
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 any
construction of any public work for the
State or for the United States solely for
the purpose of such public work are atl-
thorized to take free from taxation
public waters and the public shores of
the State. Every citizen of the State
shall have a 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, auarries
and pits. except machinery tools and i'm
plements absolutely essential to the OPP
GRAFTON OF any mine. oil or gas well, stone
quarry; sand. gravel or shell pit, and ex-
eept 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
cent OF It's fair market value as each 10
cal governing authority may establish,
and lower percentage may be estab-
lfshed for personal than for real property
or Tor the values Of Improvements than
for land values
IL. In all assessments of real property
whether for local or for State purposes.
the value of the land shall be assessed
separately from the va,ue of the improve
ments; but railroad. pine line and canal
rights OF way. whether held in fee or I'M
Ger easement, may be assessed separately
from or together with, the improvements
Ihereon as the Tax Commission may
deem most practica Fae.
L.. Assessments shall be arranged geo.
graph1cally as far as possible either upon
! ne roll or upon separate records and the
General Assembly shall mass laws pro-
Vldlng for the printing and publication In
pamphlet form of the records, showing
SUCH geographically arranged assessments
ana Tor the sale of such pamphlets at
small price
e. Every taxpayer. shall have the
right Of testing the correctness Of his as
sessment In the courts within such time
as the General Assembly NAV prescribe:
and no pronertY shall be assessed for a
sum In excess Of the percentage Of it's
Ialr market value, as prescribed by the
governing authority