The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-09-28

state; steamboat. motor boat. steamship.
ferry, barge. and tug, or other water
craft, where operated for hire, canal for
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 shall be made by
light and power business shall not be
source Of State revenue.
Srd. All banks, State and National.
trust companies, and all private bankers.
whether individuals or partnerships, save
that the real estate Of all banks and
bankers shall be locally assessed and
estate OF banks and bankers shall be
equalized annually by the Tax Commits
sion to the basis established and in vogue
in each locality where such real estate
Is located.
4th. All insurance companies includ-
ing bonding and surety companies. for
partnerships engaged in insuring persons
or property, save that all the real estate
and corporeal property OF such companies.
persons. or partnerships shall be locally
5th. All sugar refineries, rice mills.
cotton seed oil mills. cotton seed oil re-
hneries and refinerfes of petroleum and
Its products. A sugar refinery is hereby
defined to be concern that buys and re-
lines raw sugar exclusively. or a concern
that buys and refnes more raw sugar
than the aggregate of the sugar produced
ny 1t from cane grown and purchased by
II.
sth, All mines Of sulphur, salt or other
minerals. all oil or gas wells all stone
Quarries 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
a 1f <Ho<
the operative property OF each such
source is. Real estate and the improves
ments thereon forming part Of any rail-
house or shop. acquired after July /.
1912. even though II may form part Of
the operative property of any railroad,
shah not be considered q source Of state
revenue except by constitutional amend
ment. unless such property had been,
rrior to said date. part Of a railroad ter
minal. depot, yard, warehouse or shop
ton. except as herein specified, or except
as may hereafter be directed 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 ~.
The General Assembly shall have power
to levy for State purposes the following
special taxes:
/. A tax on the tfansfer of stocks in
corporations not to exceed cents
share.
q A tax on the organisation Of do
nestle corporations, organized for profit
excepting banks. fraternal Insurance.
companies, and building and loan or
ten collars fat plas not to o 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. tax on private corporations or
ganized for profit. for the privilege OF ex- y
ercisfng corporate functions. not to ex-
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
lieu of the franchise tax on capital and
surplus, life insurance companies. foreign
and domestic, not including fraternal In
surance associations; shall pay annually
SIC. 100000 OF premiums collected in Louis
lana during the preceding year.
4 The annual ad valorem tax on all
automobiles and taxicabs, and also on
all other auto-driven vehicles used for
transportation of persons or freight for
hire, with permission to. the local govern
rnent Of the residence of the owner 70
lew an annual license tax not to exceed
$500. One-half of the proceeds Of this
State tax collected from each owner shall
60 tn the State good roads funds: the
paid over by the State to the governing
authority of the locality from which the
machine Is registered, To be devoted exc
c!usively by such governing authority 70
within Its jurisdiction.
5. A tax on cotton future contracts,
IN lieu of all licenses to future brokers,
Of not more than ffteen nor less than
ten cents on each purchase and sale Of
each 100 bales, to be raid on each trans
action. cne-hslf by the buyer and once
half by the seller.
g. A tax on grain, coffee. rice ana
SUGAR future contracts. in lieu OF an
licenses to future brokers, OF not moro
than one and one-half per cent nor lenG
paid on each transaction. Each unit con-
tract IS established by the rules Of the
respective excha nges shall be the basis
buver ana one-half nv the seller Ter. " =
4 A true. progressive Inheritance tay
for the benefit Of the General Fund, nnf
n such tax is levied all heneficfaries shah
he divided into the following classes with
the following maximum exemptions for
First. ascendants. descendarts and
excert as to the widow. when the ex-
erption shsll BE- IS. GOO and evcert ~ t. (
children under the ares ri sixteen, when
the exempticn shsIl he $500 each. The
Second. collateral relations nj the seq
ond degree, including nephews and
nieces and their descendants when the
estate is divided By roots. with IN exc
ernption Of 81 200 to each root. and dough
te-s-in-law with ar. exemption Of S1.00o
eerh 80 =
Tnird. collateral relations Of the third
decree. excluding nephews erd nieceo
and their representatives, with an ex-
emrfinn 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-
atinns beyond the sixth degree. with an
exemption If 500 each.
The maximum rate of the progressive
tax shall not exceed eight per cent for the
nrst class, twelve rer cent for the second
class. sixteen per cent for the third class,
TWENTY-FIVE per cent for the fourth class,
and thirty per cent for the fifth class,
maximum rates to be attained when any
Inheritance. legacv, or donation exceeds
half million dollars.
And the minimum rates of such tax