The herald. [volume] (New Orleans, La.) 1905-1953, 1912-09-05
Article vi.

l. After January LIST, 1914, all as
sessments for all State purposes, eX-
cept as hereinafter provided, Shall oe
completed on or before April ISL III
each year. and the taxes Shall pecoille
due and payable on the first MONDAY
in June of each year. and shal pc
come delinquent on the nrst MONDAY
in September in each year. Each par
right to fix the date. for the compile
ton of it's local assessments, ana the
payment of its local taxes ana ilcehses
general and special, until otherwise
prescribed by the General Assembly.
Until otherwise provided, existing laws
on these subjects shall be operative.
Levee district taxes and FORCED CON
tributions. exclusive OF produce taxes
shall be assessed and become delln-
Quent coincidentally with parish taxes;
2 Public service corporations shall
be assessed on their physical property
and on their franchises separately, Dut
the General Assembly shall have pow
err to direct the Tax Commission 10
assess the property OF such corpora
tionS at valuation lncludlhS poth
physical property and franchises, 10 pe
determined by gross receipts, or ny
dividends on stocks and interest palu
on bonded debt, or by any other avail
able method.
3. Incorporated banks shall be as
sessed by assessing the stockholders on
the book value of the stock, !. e. capi-
tai stock, surplus and undivided prof.
its less the assessed value of real es-
tate locally assessed and taxed, anu
less such further deductions OF not less
than five per cent on their loans ana
discounts to cover bad debts and UNI
earned interest as the General AS
sembly may prescribe, which deduc-
ton shall be made only from thelr
surplus and undivided profits; all taxes
to be paid by the banks and charged
to the stockholders.
4. Individual bankers, banking firms
and unincorporated banking associa-
tions domiciled in this State, shall be
plus and undivided profits actually en-
nloyed in their business, less the as
sessed value of real estate locally as
sessed and taxed, actually and exclu-
siveIy used and employed in their bust
ness, and less such further dedGttons
not less than five per cent on their
loans and discounts to cover bad debts
and unearned interest as the Genera
Assembly may prescribe, which deduc-
ton shall be made only from their sur
plus and undivided profits.
5. Foreign banks. and individual
bankers. banking firms and unincor-
out of the State but doing business in
this State, shall be assessed on such
proportion of their capital, surplus and
undivided profits as is actually en-
ployed in this State, less the assessed
value of real estate locally assessed
and taxed actually and exclusively used
and employed in their business in this
State, and less such further deduc-
tions. not less than five per cent on
their loans and discounts, to cover bad
debts and unearned interest as the
General Assembly may prescribe, which
deductions shall be made only from
their surplus and undivided profits.
6. Insurance. bonding and surety
companies, and persons, firms and as
sociations engaged in the insurance,
bonding and surety business, eXclud-
ing. however. fraternal insurance COM
panies and associations, shall be taxed
on a percentage of their gross premi-
ums received upon their business done
in this State, less return premiums
and reinsurance in companies or asso-
Citations authorized to do business in
this State. The percentage aforesaid
shall not exceed three per cent for all
branches of insurance, bonding and
surety business, except life and indus
trial insurance and shall not exceed
two per cent for life and Industrial in
surance. The special taxes to support
the Office of fire marshal and fire pre-
vention bureaus shall not be deducted
from the premiums hereby authorized
to be taxed. When by the laws of any
other state or country any taxes, fines,
penalties, licenses, fees, deposits of
money or Of securities. or other obliga-
tions or prohibitions are imposed on
insurance bonding or surety companies
of this State doing business in such
other state or country, or upon their
agents therein in excess OF such taxes,
penalties. fees. licenses. deposits of
money, or of securities, or other obliga-
tions or prohibitions impOsed upOn such