The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-11-02

4th. All insurance companies in
Guiding bonding and surety companies
foreign or domestic, and all persons
and partnerships engaged in insur-
ing persons or property, save that
all the real estate and corporeal
property Of such companies, persons
or partnerships shall be locally as
: sessed and taxed.
9Th. All sugar refineries, rice mills,
cotton seed oil mills, cotton seed oil
reflnerieS and refineries of petroleum
and its products. A sugar refinery
is hereby defined to be concern
that buys and refines raw sugar ex-
ciuslVely, or concern that buys and
reflnes more raw sugar than the ag-
gregate of the sugar produced by it
from cane grown and purchased by
it.
9Th. All mines Of sulphur. salt or
other minerals, all oil or gas wells,
all stone Quarres, sand, gravel and
shell pits.
3. Only the operative property Of
state sources Of revenue shall be
segregated to the State. The Gener-
a. Assembly shall define, in man.
ner not inconsistent with any pro-
visions Of this amendment what the
| operative property of each such
source is. Real estate and the i'm
proVements thereon forming part OF
any railroad terminal, depot or yard
or warehouse or shop, acquired after
July l, 1912, even though it may form
part Of the operative property of any
railroad, shall not be considered q
source OF state revenue except by
constitutional amendment unless
such property had been, prior to said
date, part Of railroad terminal, de-
pot, yard, warehouse or shop.
4. AL other property subject to
taxation, except as herein specified,
or except as may hereafter be direct.
ed by a vote of two-thirds Of all the
members elected to each house of The
General Assembly, shall be sources
Of local taxation.
Article III.
The General Assembly shall have
power to levy for State purposes the
following special taxes:
l. A tax on the transfer Of stocks
in corporations not to exceed 2 cents
a share.
2. A tax on the organization of
domestic corporations, organized for
profit, excepting banks, fraternal in
surance companies, and building and
loan or homestead associations, not
to exceed ten dollars flat, plus not
to exceed one-twentieth of one per
cent of the authorized capital stock
and surplus, which tax shall be lev
led upon Increases of capital stock
as well as upon original issues.
3. A tax on private corporations,
organized for profit. for the privilege
OF exercising corporate functions, not
to exceed one!tWentieth of one per
cent per annum on the outstanding
capital stock and surplus, excluding
banks, fraternal and life insurance
companies and building and loan or
homestead associations; no such tax
to be less than five dollars. On for
eign corporations this tax shall be
levied on such proportions of their
capital stock and surplus as is used
in this State in interstate business.
In lieu of the franchise tax on CAPT.
tai and surplus, life insurance COM
panies, foreign and domestic, not in
Guiding fraternal insurance associa-
tons, shall pay annually flat fee Of
$4,000 plus $3.50 on each 100000
of premiums collected in Louisiana
during the preceding year.
4. An annual ad Valorem tax on
automobiles hc OIL
so on all other auto-driven vehicles
used for transportation of persons or
freight for hire, with permission to
the local government of the resi-
dence OF the owner to levy an annual
license tax not to exceed $500. One
half Of the proceeds of this State
tax collected from each owner shall
go to the State good roads funds;
the remaining moiety Of such tax
shall be paid over by the State to
the governing authority of the locali-
ty from which the machine is regis
tered, to be devoted exclusively by
such governing authority to the I'M
provement of the public highways
within its jurisdiction.
8. tax on cotton future con-
tracts, in lieu Of all licenses to fu-
ture brokers', of not more than fif-
teen nor less than ten cents on :
each purchase and sale Of each 100
bales, to be paid on each transac-
lion, one-half by the buyer and one
half by the seller.
8. A tax on grain, coffee, rice
Ind sugar future contracts, in lieu of
III licenses to future brokers, of not
more than one and one-half per cent
lor less than one per cent on the
commissions paid on each transac-
ion. Each unit contract as estab.
ished by the rules of the respective
Exchanges shall be the basis of the
ak, to be paid, one-half by the buy.
r and onehalf by the seller.
Z A true, progressive Inheritance
ak for the benefit Of the General
'und, and if such a tax is levied all
eneficiaries shall be divided into
he following maximum exemptions
Or each class:
First, ascendants, descendants, and
pouses, with an exemption Of $4,000
ach, except as to the widow, when
ne exemption shall be $4,000, and ex-
ept as to children under the age Of
Ixteen, when the exemption shall be
$500 each. The widows marital
,urth bo ho