Norwich bulletin., 1912-01-05
CORPORATION TAX.
Substitute for Congressman Hills Bill
Presented in House.
Especial to The Bulletinl


Especial to The Bulletin)
Washington, Jan. AT the short
session of the house yesterday Repre-
sentative Hill introduced bill amend
ing that section of the tariff act Of
1908 relating to the collection of the
corporation tax. This bill was drawn
by the commissioner of internal rev.
enue and will take the place of the
Dill introduced by Mr.. Hill on the first
day of the present session.
The bill, which is of interest to all
corporations, reads as follows:
An Act
TO permit any corporation, Joint
stock company or association, or in
surance company, to change the date
of filing it's annual return of net in
come, required under section thirty
eight of the tariff act of August fifth,
nineteen hundred and nine, from the
close of the calendar year to the close
Of its own fiscal year, and for other
purposes.
Be 1t Enacted by the Senate and
House of Representatives of the Unit
ed States in Congress Assembled, That
every corporation, joint stock com
pany, association and insurance COM
pany subject to the special excise tax
imposed by section thirty eight Of an
act approved August fifth, nineteen
hundred and nine, may within ninety
days after the passage Of this act, or
Within ninety days after the date Of
Incorporation, if subsequent thereto,
file with the collector of the district
in which such corporation, joint stock
company, association and insurance
company, has its principal place of
business, a duly certified statement
setting forth the date on which the
fiscal year or business year of such
corporation, joint stock company, as
sOciation and insurance company, ter
minated; and thereafter the annual
returns to be made by such corpora
ton, joint stock company, insurance
company and association, shall be for
each such fiscal or business year;
Provided, That when the date of ter
minatlon of a fiscal year is designated
by any corporation, joint stock COM
pany, association and insurance COM
pany as herein provided, the first re-
turn made by such corporation, joint
stock company, association and insur-
ance company shall be for the period
following the thirty first day of De-
cenber Of the year for which a return
was last mace TO the day so designat-
| ed as the close of its fiscal year, and
! thereafter each return shall be for
the full fiscal year; and, further,
Provided, That in the case of change
! by any corporation, joint stock COM
pany, association and insurance COM
pany from the calendar year to the
| fiscal year as herein provided, there
! shall be allowed as a deduction such
( proportional part of five thousand dol
] 10 ha cd N4rl iab
return is made bears to the calendar
| year; and. Provided, Further, Tha;
any corporation, joint stock company
! association or insurance company
which has not filed the certificate des-
| ignating its fiscal year as hereinbefore
| provided, and thereafter desiring to
| change from the calendar year to a
/ fiscal year, may do so upon applica
! ton to the commissioner of internal
! revenue under such regulations as may
! be provided and, Provided, Further
] That after due notice has been so Civ
I en- by any corporation, joint stock
/ company, association or insurance
/ company as to its fiscal or business
year, such annual period for which
returns are to be rendered shall not
thereafter be changed, except upon
! approval of the commissioner of in
|
| and under the conditions imposed by
this act.
Section 2. That all returns hereaft-
er made by corporations, joint stocl
companies or associations and insur
ance companies for their fiscal year, OF
for any calendar year, shall be fileC
with the collector of the district ant
| within sixty days from the date sucf
! fiscal or calendar year terminates
1 and upon the receipt of such returns
by the commissioner of internal rev
enue the tax ascertained to be du,
shall be in each case assessed by him
anG notice thereof given as in the cas-
of other assessed taxes. In case am
such returns be made with false OF
fraudulent intent there shall be addet
to the assessment herein provided on,
hundred per centum of such tax, ans
case Of a refusal or neglect to make /
return or TO verify the same there
shall be added fifty per centum o
such tax.
In case Of neglect occasioned b!
the sickness or absence of an office
of such corporation, joint stock cora
pony or association, or insurance com
nany, required to make SAID returns
or for other sufficient reasons, the col
lectOr may allow such further time 70
making and delivery such return as h,
may deem necessary, not eXceedin!
thirty days. The amount so added Il
the tax shall be collected at the sam
time and in the same manner as IN
tax originally assessed, unless the re
fusal, neglect, or falsity is discovers
after the date for payment of sal
taxes, in which case the amount s
added shall be paid by the delinquen
corporation, joint stock company 0
I association, or insurance company
Immediately upon notice given by tn
collector. In case Of refusal or neg