Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1912-01-31
new TAXATION LAWS
Assessors Are Given Plenty of Work
Under New Laws.
LAW ON MONEYS AND CREDITS.
Sections of the New Statute Govern
ing TaxatiOns of Moneys and
Credits Given For General
Information.

This is busy time for the assess
ors, who are at work making their
rounds, and they find their duties
are materially increased by the new
laws passed by the recent legislature.
The taxation of bank stock to the
individual stockholders and the
change in the moneys and credits
mode of taxation entail extra work
upon them. The new law governing
the taxation of moneys and credits
is one in which so many are interest
ed, that We believe they will appre-
ciate an opportunity to read the text
of it, the provisions of which are as
follows:
Section 1.-Section thirteen hun
dred and ten 1310) of the code is
hereby amended by striking from the
last line thereof the words "as pro-
vided in this chapter" and substitute
ing therefor the words, ''and, except
ing shares of stock of national, state
and savings banks and loan and
trust companies, and moneyed rarit-
al as hereinafter defined, shall be
taxed upon the uniform basis
throughout the state of five CD mills
on the dollar of actual valuation, the
same to be assessed and collected
where the owner resides The MILL
age tax here provided for shall be in
lieu OF all other taxes upon moneys
and credits and shall be levied by
the board of supervisors placed upon
the tax list and collected by the
county treasurer, and the amount
collected in the various taxing dis
tricts OF the state shall be divided
between the various funds upon the
same pro rata basis as other taxes
collected in such taxing districts are
apportioned All moneyed capital
within the meaning of section five
thousand, two hundred and nineteen
(5,219) of the revised statutes of
the United States sinai ne. i..s.sss; :. II -
assessed against the owner thereof
at his place of business, and if a
corporation at its principal place of
.usiness, at the same rate as state,
savings, national bank and loan and
trust companies stock is taxed, in
the same taxing district, and at the
actual value of the moneyed capital
so invested. A person or corporation
using moneyed capital in competition
with bank capital shall furnish the
assessor upon demand a full and
complete itemized sworn statement,
showing the moneyed capital so
used
Section Provides that no de-
duction for debts shall be allowed
from the shares of stock of any state,
savings or national bank or loan and
trust company, nor from moneyed
capital used in competition with
banks within the meaning of section
five thousand two hundred and nine
teen (5.219) of the revised statutes
CT the United States"
Section Provides that shares
of stock of national banks and state
and savings banks, and loan and
trust companies, located in this state,
shall be assessed to the individual
stockholders at the place where the
bank or loan or trust company is
located. At the time the assessment
is made the officers of national banks
and state and savings banks and
loan and trust companies shall fur
nish the assessor with lists of all the
stockholders and the number of
shares owned by each, and the as
SCISSOR shall list to each stockhOlder
under the head of corporation stock
the total value of such shares.
Section 5.-"For the purpose of
placing the taxation of bank and
loan and trust company stock and
moneyed capital as nearly as possi-
BILE upon a taxable value relatively
equal to the taxable value at which
other property is now actually as
sessed throughout the state as COM
pared with the actual value thereof,
it is hereby provided that state, saw
ings and trust company stock. and
moneyed and national bank stock.
loan and capital shall be assessed
and taxed upon the taxable value of
twenty per cent of the actual value
thereof, determined as herein provid-
ed, which twenty per cent of the
actual value shall be taken and con-
sidered as the taxable value, and
shall be taxed as other property in
such taxing district"