The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1912-09-07

State; steamboat. motor beat. steamship,
ferry, barge and tug, or other water
transportation OF Irrigation, and pipe line
for oil or gas When the electric lighs
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
the Tax Commission and such electric
Eght and power business shall not be
source OF State revenue.
3rd. All banks, State and National,
including savings banks, trust banks and
trust con1panies, and all private bankers.
whether individuals or partnerships, save
that the real estate Of all banks and
bankers shall be locally assessed and
taxed Ihe assessments of the real
estate OF banks and bankers shall be
equal1Eed 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
eign or domestic and all persons and
partnerships engaged in insuring persons
or properly, save that all the real estate
and corporal property Of such companies.
assessed and taxed.
9TH. All sugar reflneries, rice mills,
cotton seed oil mills. cotton seed oil re-
fineries, and refineries of petroleum and
i
defined TO be concern that buys and re-
fines raw sugar exclusively, or a concern
that buys and refines more raw sugar
than the aggregate of the sugar produced
Sy it from cane grown and purchased by
9Th All mines of sulphur. salt or other
minerals, all OIL or gas wells, all stone
quarrfes, sand, gravel and shell pits
8. Only the operative property of State
sources OF revenue shall be segregated to
the State. The General Assembly shall
define, IN q 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
1912, even though it may form part of
the operative property Of any railroad,
SHAH not be considered a source Of State
ment unless such property had been,
prior to said date, part of railroad ter
minaL depot, yard, warehouse or shop.
4. All other property subject to taxa
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 Ill.
The General Assembly shall have power
to levy for State purposes the following
special taxes:
l. A tax on the transfer Of stocks in
corporations not to exceed 2 cents
share.
2. A tax on the organization Of do
nestle corporations. organized for profit,
companies, and building and loan or
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, fFaternal
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 shalt
be levied on such proportions Of their
capital stock and surplus as is used in
this State in mira State business. In
lieu Of the franchise tax on capital and
surplus, life insurance companies, foreign
and domestic, not including fraternal In.
a fiat fee of s15o.Do plus $3.50 on each
$40, 100000 of premiums collected In Louis
lana during the preceding year.
The d. annual I'D valorem tax on al
all other auto-driVen vehicles used for
transportation OF persons Or freight for.
hire, with permission to the local govern
levy an annual license tax not to exceed
$500. One-haf OF the proceeds OF this
State tax collected from each owner shall
so to 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 ex-
clusively by such governing authority to
the improvement of the public highways
within its jurisdiction
5. A tax on cotton future contracts,
In lieu OF all licenses to future brokers.
Of not tn4 more than fifteen nor less than
each 100 bales, to be paid on each trans
action, one-half by the buyer and ones
half by the seller.
s. A tax on grain, coffee rice and
licenses to future brokers, of not more
than one and one-half per cent nor less
than one per cent on the commissions
paid on each transaction Each unit con-,
tract as established by the rules Of the
respective excha nges 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, and
if such tax is levied all beneficiaries 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 the ex-
empLiOIl SIlftII DS $0,Upt, ana except as 10
children under the ages of sixteen, when
the exemption shall be $500 each. The
Widows martial fourth shall be exempt.
Second collateral relations Of the sec
ond degree, including nephews and
nieces and their descendants when the
estate is divided by roots with an ex-
enption of $1,000 to each root, and daugh-
ters-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-
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 progressive
tax shall not exceed eight per cent for the
first class, twelve per cent for the SECOND
class. sixteen per cent for the third Glass;
twenty-five per cent for the fourth class,
and thirty per cent for the fifth class,
maximum rates to be attained when any
inheritance. legacy, or donation exceeds
a half million 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 second
class, three and three fourths per cent
for the third class, seven per cent for the