The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-10-19

| and partnerships engaged in lnSur-
| ing persons or property, save that
| ali the real estate an3 cOrporeal
property Of such companies. persons
| or partnerships shan be locally as
sessed and taxed.
| 9Th. All sugar refinerics, rice mills,
cotton seed oil mills, cotton seed Oil
| refineries and refineries of petroleum
| and its products 4 sugar refinery
| is hereby defined to be 4 concern
that buys and refines raw sugar ex-
ciusiyely, or a concern that buys and
refines more raw sugar than the ag-
gregate of the sugar produced by II
| from cane grown and purchased by
| it.
9Th All mines OF sulphur, salt or
other minerals, all oil or gas wells,
all stone Quarries, sand, gravel and
| shell pits.
8. Only the operative property OF
state sources of revenue shall be
segregated to the State. The Gener-
a. Assembly shall define, in a man
uer not inconsistent with any pro-
visions of this amendment what The
| operative property Of each such
source is. Real estate and the I'M
pr0yements thereon forming part Of
any railroad terminal, depot or yard
| or warehouse or shop, acquired after
/ July /, 1912, even though it may form
4 part Of the operative property Of any
railroad, shall not be considered a
/ source Of state revenue except by
/ constitutional amendment unless
such property had been, prior 20 said
/ date, part Of railroad terminal, de-
! pot, yard, warehouse Or shop.
/. All other property subject TO
taxation except as herein specified,
or except as may hereafter be direct
ed by vote of two-thirds of all the
members elected to each house Of The
General Assembly, shall be sources
Of local taxation.
Article III.
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 cents
a share ;
2. A tax on the organization Of
domestic corporations, organized for
profit, excepting banks, fraternal in
surance companies, and building and
loan or homestead associations, not
to exceed ten dollars flat. plus not
to exceed one-tWentieth of one per
cent Of the authorized capital stock
and surplus, which tax shall be lev
led upon increases of capital stock
as well as upon original issues
8. A tax on private corporations,
, organized for profit, for the privilege
OF exercising corporate functions, Tot
to exceed One-twentieth Of one pier
cent per annum on the outstanding
capital stock and surplus, excluding
banks, fraternal and life insurance
companies and building and loan o.
homestead associations; no such talk
to be less than five dollars. On FORA,
eign corporations 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 capi-
tai and surplus, life insurance COM
, panies, foreign and domestic, not in
Guiding fraternal insurance associa-
tons, shall pay annually flat fee of
$4,000 plus $3.50 on each 100000
of premiums collected in Louisiana
: during the preceding year.
A. An annual ad valorem tax on
all automobiles and taxicabs, and al
? SO on all other auto-driven vehicles
used for transportation of persons or
) freight for hire, with permission to
the local government of the resi-
dence 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 1LlI
, go to the State good roads funds;
, the remaining moiety of such tax
: shall be paid over by the State to
the governing authority of the local.
: ty from which the machine is regis
tered. to be devoted exclusively by
: such governing authority to the i'm
, provement of the public highways
} within it's jurisdiction.
5. A tax on cotton future con-
tracts, in lieu of all licenses TO NJ
ture brokers, of not more than fiji
teen nor less than ten cents on
each purchase and sale of each 100
bales, to be paid on each transac-
ton, one-half by the buyer and one.
half by the seller.
6. A tax on grain, coffee, rice
and sugar future contracts, in lieu or
all licenses to future brokers, OF not
more than one and one-half per cent
: nor less than one per cent OF the
commissions paid on each trahsac'
ton. Each unit contract as estaD7
lished by the rules Of the respective
exchanges shall be the basis or the
tax, to be paid, one-half by the buy
. er and one-half by the seller
, 7. A true, progressive inheritance
tax for the benefit of the General
Fund, and if such tax is levied an
:. beneficiaries shall be divided INTO
the following maximum exemptions
: for each class:
First. ascendants, descendants, and
snouses with an exemption of $1,000
each, except as to the widow, when
the exemption shall be $4,000, and ex,
cept as to children under the age or
sixteen. when the exemption shall be
$4,000 each. The widows marital
fourth shall be exempt.
Second, collateral relations OF the
!, second degree, including nepheWs and
nieces and their descendants Wnen
,, the estate is divided by roots, with