The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-19

transportation or irrigation, and pipe line
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 shan be made by
the Tax Commission and such electric
light and power business shall not be q
source OF State revenue
Ord. All banks. State and NATIONAL
including savings banks. trust banks and
trust companies. and ell private bankers.
whether individuals or partnerships, save
that the real estate Of all banks and
bankers shall he locally assessed and
taxed. The assessments of the real
estate of banks and bankers shall be-
sion to the basis established and in vogue
In each locality where such real estate
is located.
9Th An insurance companies includ-
Ing bonding and surety companies. for
eign or domestic, and all persons and
partnerships engaged in insuring persons
or property, save that all the real estate
and corporal property of such companies.
persons partnerships shall be locally
assessed and taxed.
9Th. All sugar refineries, rice mills,
cotton seed oil mills. cotton seed oil re-
fneries and refineries OF petroleum and
It's products sugar refinery Is hereby
defined to be a 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 1t from cane grown and purchased by
sth All mines Of sulphur, salt or other
minerals. all oil or gas weIls all stone
1uarries. 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 n 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
t.~t~ or CHI ro1 Of y.yxr
| 1912. even though IT NAV form part Of
the operative rroperty OF any railroad,
shall not be considered source of state
revenue except by constitutional amend
ment. unless such property had been,
| nrfor tc said date. part of railroad ter
minal. depot. ward. warehouse OF shop.
4. All other prorertv subject to taxa
| ton except as herein specified. or except
as may hereafter be directed by a vote
Of two-thirds. of all the members elected
| tn 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:
| /. A tax on the transfer OF stocks In
corporations not to exceed cents q
share.
! 2. tax on the organization OF do
nestle corporations organized for profit
| excepting banks, fraternal insurance
companies; and building and loan or
ten dollars nat. plus not to- exceed one
| twentieth of one per cent OF the author
lied capital stock and surplus. which tax
shall be levied upon Increases OF captfaL
stock as well as upon original issues.
8. A tax on private corporations. orr
ganized for profit for the privilege of ex-
ercising corporate functions, not to ex-
coed one-twentieth 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 associationss
| no such tax to be less than five dollars
On foreign corporations this tax shall
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
surance associations. shall pay annually
nat fee of $4,000 plus 81. 50 on each
s1o.eo0.e0 Of premiums collected In Louis
lana during the preceding year.
4. The annual ad valorem tax on all
automobiles and taxicabs. and also on
NIL other auto-6riven vehicles used for
Transportation II persons or freight for
hire. with permission to the local govern
ment of the residence of the owner to
lew an annual license tax not to exceed
State tax collected from each owner shaif
go ID the State good roads funds: tho
remaining moiety of such tax shall be
paid over by the STATE to the gSyern;n ,
machine Is registered, to be devoted ex-
clusively by snch governing authority to
the Improvement 81 the public highways
within its jurisdiction.
s. A tax on cotton future contracts,
In lieu Of MI licenses to future brokers'.
of not more than fifteen nor less than
ten cents IN each purchase and sale or
each leo bales to be paid on each trans
| action. cne-he'f by the buyer and one
half by the seller.
sugar future contracts. in lieu of ar
licenses to future hrckers. OF not moro
than one and onc-half per cent nor less
.ns1 one Set erg. IN 'nr 81 ,.
tract as established by the rules OF tho
resrective axchr nges shall be the basis
RI the tax. to be paid. onc-half by tho
/ buver and one-half by the seller.
Z. A true. progressive Inheritance tax
for the benefit of the General Fund, md
II snch tax f. levied all beneaciaries shall
he divided into the following classes with
the following maximum exemptions for
each class:
First. ascendants. dercerdants ana
| srcuses with ar exemption Of 81. 0o0 each,
excert as 10 the widow. when the ex-
ernrtion shall he $4,000 and evcert rs t.
children under the ages If sixteen. when
the exemption shall he $3500 each. The
WILLOWS marital fourth shall Re EXEMPT.
Second. collateral relations Of the sec-
ond degree. including pephews ana
nieces and Their descendants when the
estate Is Divided BY riots. With an ex-
| emntion Of $f.ro0 to each root. and dough-
EACH
Third, collateral relations OF the third
degree. excluding ne-hews and rieces
and their representatives, with an ex-
em,fior of $500 each
Fourth. all other collateral relations
within the sixth degree inclusive, with
an evemption Of $3.50 each.
Il Fffth., stTargers and all collateral re-
htinns beyond the sixth degree with an
exemption Of 500 each.
The maximum rate If the progressive
tax shall not exceed eight per cent for the
first class. twelve rer cent for fhe second
i class. sixteen per cent for the third class
| TWENTY-FIVE per cent for the fo',-fh GLASS;
and thirty per cent for the nth class,
maximum rates tn be attained when any
inherita nee le~scv, or donation exceeds
half million dollars.