The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-11-01

| ferry, barge, and tug. or other water
| craft where operated for hire, canal ZOE
| TRANSFORMATION or irrigation, and pipe lhe
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 ra'l.
| road business for purposes OF assessment
| then such severance shall be made by
the Tax Commission and such electric
| light and power business shall not be
| source Of State revenue.
| 3rd. All banks. State and National,
| including savings banks. trust banks and
| 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
| taxed. The assessments OF the real
estate Of banks and bankers shall be
| eIualiZcd 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 property. save that all tn. real estate
and corporal property of such companies.
persons or partnerships shall be locally
! assessed and taxed
5th. All sugar rehneries. rice mills.
| cotton seed oil mills. cotton seed oil re-
| fineries and retineries Of petroleum and
Its products. \ sugar refinery is hereby
defined to be.a concern that buys and re-
| fines raw sugar exclusively. or a concern
| that buys and retineS more raw sugar
than the aggregate of the sugar produced
by 1t from cane grown and purchased by
1t.
9Th. All mines Of sulphur. salt or other
minerals, all oil or gas wells. all stone
Quarries. sand. gravel and shell pits.
5. Only the operative property of state
sources Of revenue shall be segregated to
the State. The General Assembly shall
define. in a 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
house or shop, acquired after July I.
1912, even though it may form nart OF
the operative property of any railroad,
shall not be considered source of state
revenue except by constitutional amend
ment unless such property had been.
prior to said date. part of a railroad ter
minal depot yard, warehouse or shop.
d. All other property subject to taxa
ton. except as herein snecfed, 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 H..
The General Assembly shall have power
to levy for State purposes the following
special taxes:
l. 4 tax on the transfer Of stocks in
!. corporsNions not to exceed cents a
, share.
\ 2. A tax on the organization of do
: mestic corporations, organized for profit.
, excepting banks, fraternal insurance
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
Z C3nit31 which
: shalt be levied upon increases OF capital
0 stock as well as upon original issues.
r 3. A tax on private corporations, Or
= ganized for profit for the privilege Of ex-
e ercising corporate functions, not to ex-
n coed one twentieth of one per cent per
i annum on the outstanding capital stock
and surplus, excluding banks, fraternai
:. and life insurance companies and build
e Ing and loan or homestead associations:
# no such tax to be less than five dollars.
On foreign corporations this tax shalt
1. be levied on such proportions Of their
d Gtal stock and surplus as is used IN
i thit State in intra-State business. In
d lieu Of the franchise tax on capital and
II and domestic, not including fraternal in
n. surance associations. shall pay annually
10 fiat fee Of $4,000 plus $3.50 on each
$: 100000 Of premiums collected in Louis
ia lana during the preceding year.
"A 4. The annual ad valorem tax on all
q. automobiles and taxicabs. and also on
y. all other auto driven vehicles used fol
=" transportation of persons or freight fol
o. hire, with permission to the local govern.
OF fnent of the residence of the owner t.
$500. One-half of the proceeds of thi
State tax collected from each owner shall
60 to the State good roads funds: TIL
remaining moiety of such tax shall b
authority of the locality from which thu
machine is registered. to be devoted ex
clusively by such governing authority tt
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 more than fifteen nor less thar
ten cents on each purchase and sale Of
each 100 bales, to be paid on each trans
4. action, one-half by the buyer and one
ts' half by the seller.
O. g. A tax on grain. coffee rice and
NC sugar future contracts. in lieu of al
ns licenses to future brokers. Of not more
X than one and onehalf per cent nor less
.. than one per cent on the commissions
n paid on each transaction. Each unit con-
Ia: tract as established by the rules of the
ed respective exchanges shall be the basis
D.. of the tax, to be paid. one-half by the
OF buyer and one-half by the seller.
ne z. A true. progressive inheritance tag
C, for the benefit of the General Fund, and
lal if such tax is levied all beneficiaries shall
ay be divided into the following classes with
OF the following maximum exemptions Tor
each class:
First. ascendants. descendants, and
r. spouses, with an exemption of 1000 each.
IS except as to the widow. when the ex-
emption shall be $4,000 and EXCEPT as to
be children under the ages Of sixteen. when
u the exemption shall be $500 each. The
r., widows marital fourth shall be exempt
all Second, collateral relations of the sec
H. ond degree. including nephews and
en- nieces and their descendants when the
n estate is divided by roots. with an ex-
laf emption Of 81. 600 to each root and daugh-
n ters-in law with an exemption Of $1,000
10 each.
a Third, collateral relations of the third
DE-, De degree: excluding nephews and aieees
90 emption Of $500 each.
u Fourth all other collateral relations
90 within the sixth degree inclusive, with
IS. an exemption of $3.50 each.
he Fifth, strangers and all collateral re-
tie, lations beyond the sixth degree, with ar
10 exemption Of 500 each.
CHI The maximum rate Of the progressive
an tax shall not exceed eight per cent for the
To- first class, twelve per cent for the second
Ter class, sixteen per cent for the third class
TWENTY-FIVE per cent for the fourth class
We and thirty per cent for the fifth class
"a, maximum rates to be attained when any
no Inheritance, legacy, or donation exceed:
les half million dollars
on And the minimum rates Of such ia!
'ut shall be one per cent for the first class
lty two and one half per cent for the SECOND
ms class, three and three fourths per cen
OF for the third class, seven per cent for thu
'er fourth class, and thirteen per cent fo
on assessment levied against any inherit
As ance, legacy, or other donation. when de
Wy Quoted from said Inheritance. lcgac,
OF or other donation. would leave TIL