The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-10-18


road business for purposes Of assessment
then such severance shall be made oy
the Tax Commission and such electric
light and power business shall not be
source OF State revenue.
Bird. AL banks, State and NATIONAL
including savings banks. trust banks ana
trust companies, and all private bankers,
whether individuals or partnerships, save
that the real estate Of all banks ana
bankers shall be locally assessed and
taxed, The assessments OF the real
estate OF banks and bankers shah be
equa1i2ed annually by the Tax Commits
sion 70 the basis established and In vogue
In each locality where such real estate
Is located.
4th. All Insurance companies tnciud.
ing bonding and surety companies, for
e!gn or domestic, and all persons and
partnerships engaged in insur!ng persons
or property. save that all the real estate
and corporal property Of such companies
persons or partnerships shall be locally
assessed and taxed.
nth. All sugar Tefnerias, rice minA
cotton seed oil mills, cotton seed oil re.
fneries and rehneries OF petroleum and
It's products, A sugar refinery Is hereby
defined 70 he p concern that buys and re-
hneS raw sugar exclusively, or concern
that buys and refnes more raw sugar
than the aggregate of the sugar produced
by 1t from cane grown and purchased by
it.
9Th. All mines Of sulphur, salt or other
minerals, all oil or gas wells, all stone
quaFrieS, 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 manner not inconsistent with
any provisions Of this amendment, what
the operative property Of each such
source is, Real estate and the improve
ments thereon forming part Of any rail-
road terminal, depot or yard or ware
house or shop acquired after July l.,
1872 even though It may form part OF
the operative prOnertv OF any railroad,
shall not be considered a source OF State
revenue except by constitutional amend
ment, unless such property had been.
prior to said date, part If a railroad ter
mtnat depot, ward, warehouse or shop.
4. All other nrOpertv subject to taxa
ton, eXcept as herein specified. or except
aa may hereafter be directed by 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:
/. A tax on the transfer Of stocks in
corporations not to exceed cents O
share.
2 A tax on the organization Of do
nestle corporations, organized for profit
excepting banks, fraternal insurance
companies and building and loan OF
homestead association. not to exceed
ten dollars fiat. 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 capital
stock as well as upon original issues.
3, A tax on private corporations, or
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 associations:
no such tax to be less than five dollars.
On foreign corporations this tax shall
be levied on such proportions OF their
capital stock and surplus as is used In
this State in intra-S State business. In
Hen Of the franchise tax on capital and
surplus. life insurance companies. foreign
and domestic, not including fraternal In
surance associations, shall pay annually
a fiat fee of $4,000 plus $3.50 on each
$40. 0000 90 Of premiums collected In Louis
lana during the preceding year
4. The annual ad valorem tax on al
and taxtcabs, and also on
all other auto driven vehicles used for
Of persons or freight fos
hire, with permission to the local govern
ment of the residence OF the owner to
levy an annual license tax not to exceed
State tax collected from each owner shall
go to the State good roads funds: the
remaining moiety Of such tax shall DO
paid over by the State to the governing
authority Of the locality from which the
machine Is registered, to be devoted ex-
by such governing authority to
the improvement Of the public highways
With its Jurisdiction.
g. A tax on cotton future contracts,
in lieu Of all licenses to future brokers,
Of not more than fifteen nor less than
ten cents on each purchase and sale Of
action, one-half by the buyer and one
half by the seller.
8. A tax on grain. coffee, rice and
sugar future contracts, In lieu OF all
licenses to future brokers, of not moro
than one and one-half per cent nor less
paid on each transaction. Each unit con-
tract as established by the rules OF the
respective exchanges shall he the basis
Of the tax, to be paid, one-half by the
buyer and one-haIf by the seller.
7. A true. progressive inheritance tax
II such tax Is levied all benefciaies shall
be divided into the following classes with
the following maximum exemptions for
each class:
First, ascendants, descendants. and
spouses, with an exemption OF $4,000 each.
except as to the widow. when tho ex-
emntion shall be $1,000. and except as TO
children under the ages of sixteen. when
the exemption shall be $4,000 each This
widows marital fourth shall he exempt.
Second, collateral relations Of the sec
ond degree. including nephews and
nieces and their descendants when the
estate L. divided by roots. with An ex-
eaption OF 81, 200 to each root, and daagh.
tiers -in-law with an exemption OF $1,000
each.
Third, collateral relations Of the third
degree, excluding nephews and nieces
and their representatives, with an ex-
emntiou Of $500 each.
Fourth. all other collateral relations
within the sixth degree inclusive, With
an exemption of $3.50 each.
Fifth, strangers and all collateral re.
ations beyond the sixth degree, with an
exemption OF 500 each.
The maximum rate OF the progressive
tax shall not exceed eight per cent for the
7rst class, twelve per cent for the second
class, sixteen per cent for the third clasa
twenty five per cent for the fourth class,
md thirty per cent for the nth class,
maximum rates to be attained when any
inheritance, legacy. or donation exceeds
i half million dollars.
And the minimum rates OF such tax
sge and one-half per cent for the second
Sass. three and three~fourths per cent
or the third class, seven per cent for the
'ourth class and thirteen per cent for
he fifth class Whenever the rate Of
assessment levied against any Inherit
.nce. legacy, or other donation. when de-
iucted from said inheritance. legacy