The herald., 1912-09-19
Article III.

Article III.
! The General ssembly shall have pow
| er to levy for State purposes the fol
| lowing special taxes:
| IS provided in the general election laws
| 40 LoJ s5loA on LoqloqM olG4S oql 20
| ors TO exempt from taxation an amount
against the proposed amendment.
l. a tax ON the transfer of stocks
in corporations not to exceed cents u
snare.
| =. A tax on the organization of do
nestle corporations, organized for prof
it, excepting banks, fTaternal 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 au-
thorized capital stock and surplus,
which tax shall be levied upon in
creases of capital stock as well as upon
/ original issues.
3 A tax on private corporations, or
| ganiZed 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 foreign corpora
lions this tax shall be levied on such
proportions of their capital stock and
surplus as is used in this State in
intra-state business. In lieu of the
franchise tax on capital and surplus,
domestic, not including fraternal in
surance associations, shall pay annual
ly a HAT 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 all
automobiles and taNicabs. and also on
all other auto-dTiven vehicles used for
trans portation of persons or freight for
hire, with permission TO the local gov
Iernment of the residence 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 tC
the governing authority of the locality
from which the machine is registered,
to be devoted exclusively by such gov
erning authority to the Improvement of
the public highways within its Jurls-
diction.
5. 4 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 each 100 bales. TO be paid on each
| transaction. one-half by the buyer anu
ne-half by the seller.
6. A tax on grain, coffee, rice and
sugar future contracts, in lieu OF all
licenses to future brokers. of not more
than one and one-half per cent nor
less than one per cent on the commits
sions paid on each transaction. Each
unit contract as established by the
rules of the respective exchanges shall
be the basis of the tax. to be paid,
one-half by the buyer and one-half by
the seller.
Z. A true. progressive inheritance
tax for the benefit of the General Fund,
land if such tax is levied all bene-
ficiaries shall be divided into the fol-
lowing classes with the following max
imum exemptions for each class:
First. ascendants. descendants, ana
i spouses, with an exemption OF SZoUU
: the exemption shall be $4,000, and eX-
cept as to children under the age OF
! sixteen. when the exemption shall be
! $500 each. The widows marital fourth
shall be exempt.
Second. collateral relations of the
second degree. including nephews anC
nieces and their descendants when the
] estate is divided by roots, with an eN-
emption of $1,000 to each root, and
daughters in-law with an exemption OF
! Third. collateral relations of the third
: degree. excluding nephews and nieces
: and their representatives, with an eX-
, | emption 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-
. lations beyond the sixth degree, with
: an exemption of 500 each.
The maximum rate of the progress
= | Sive tax shall not exceed eight per
cent for the first class. twelve per cent
a for the second class. sixteen per cent
a for the third class. twenty-five per cent
: for the fourth class, and thirty per
q cent for the fifth class. maximum rates
. to be attained when any Inheritance
: legacy. or donation exceeds half mil
. lion dollars.
: And the minimum rates of such tax
{ | shall be one per cent for the first class
= two and one-half per cent for the Sec
: ond class. three and three-fourths pei
/, cent for the third class, seven per cent
for the fourth class, and thirteen pei
O cent for the fifth class. Whenever the
: rate of assessment levied against any
a inheritance, legacy, or other donation
= when deducted from said inheritance
y legacy. or other donation, would leav'
: the beneficiary a smaller net amount
. than he would have received had the
y inheritance, legacy, or other donation
Il ellen into the next lower class in thu
Il classification according to amount o
- actual cash value. then the rate o.
u taxation shall be first calculated upoI
, the maximum amount in said next low
= er class and the remaining amount o
,, | the inheritance, legacy. or other dona
y ton shall be taxed at the rate. fixe'
= for the higher class into which the IN
n heritance. legacy, or other donation
~ falls.
l. between this State and other States
foreign and domestic. shall be avoide'
by the exemption OF corporeal prop
erty belonging to decedent of thi
=, State and situated outside of this State
- to the extent of any inheritance ia
" of such other State; and by the ex
u ing to nonresident descendants. sue
~ as shares of stock IN Louisiana cor
porations, notes, bonds, and evidence
e of debt due by Louisiana debtors o
7S bearing on Louisiana property, to tn
q same extent.
This tax shall also be applied to a.
a donations inter vivos, the donees to b
n divided into the same classes herein
&c before defined. All donations inter vi
- yos to the same person within pc
ei riod of FIVE years shall be taxed as
- together constituting single dona
1s ton. =,
ns Legacies and donations inter 'vivo
CT to educational, religious, or charitabl
a institutions or to trustees for educa
u, tional. religious or charitable purpose
nc shall be exempt from this tax, unles
VI such donation, or legacy, shall be nor
VI than half of the disposable portion {
e. the testator's. or donors estate, ]
n which case the tax shall be impose
y upon the entire legacy or donation an
oI the legatees or donees shall be conslc
az cred to be within the third class.
A. g. Such other special taxes as tf
,e, General Assembly by a vote or twt
re thirds of all the members elected
al each house may from time to time PR
"a scribe.
he Article ".
IL
;s- l. The General Assembly shall ha'
de power to levy license taxes only {
&C. persons partnerships, associations al
all CORPORATIONS engaged in business
occupations that fall strictly under u
al domain of the police power, and 4
Ks that purpose to classify all such bus
| "a and Rra