The Donaldsonville chief., 1912-10-12

ysare: sfeamnoat. noror boat, ssear.sss

ferry, barge, and tug, or other wates
craft, where operated for hire, canal foS
transportation or irrigation, and pipe line
for Oil or gas When the electric Hsha
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
light and power business shall not be
source of State revenue.
4 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
equalized annually by the Tax Commis-
sion to the basis established and in vogue
in each locality where such real estate
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 the real estate
and corporeal property Of such companies,
persons or partnerships shall be locally
assessed and taxed.
5th. All sugar refineries, rice mills,
cotton seed oil mills, cotton seed oil re-
fneries and refineries of petroleum and
Its products. a sugar refinery is hereby
defined to be a concern that buys and re-
fines raw sugar exclusively, or a concern
than the aggregate OF the sugar produced
by 1t from cane grown and purchased by
sth All mines OF sulphur, salt or other
minerals, all oil or gas wells, all stone
quarries, sand, gravel and shell pits.
g.. Only the operative property of State
sources of revenue shall be segregated to
the State. The General Assembly shall
a wit
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 part 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.
4. Ali other property subject to taxa
tion, except as herein specified, or except
as may hereafter be directed 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 poweT
to levy for State purposes the following
special taxes:
/. tax on the transfer of stocks in
corpora tions not to exceed cents
share
nestle corporations, organized for profit,
excepting banks, fraternal insurance
companies, and building and loan or
homestead association. not to exceed
ten dollars fat, plus not to exceed ones
twentieth of one per cent Of the author-
lied capital stock and surplus, which tag
shall be levied upon increases of capital
stock as well as upon original issues.
foV an, ariE "a nr1G -
ganized for profit, for the privilege Of ex-
ercising corporate functions, not to ex-
ceed one-twentieth of one per cent per
annum on the outstanding capital stock
and surplus, excluding banks. fraternal
and life insurance companies and build
ing and loan or homestead associationsi5
no such tax to be less than five dollars
On foreign corporations this tax shall
be levied on such proportions og their
capital stock and surplus as is used in
this State In intra-State business In
lieu Of the franchise tax on capital and
surplus, life Insurance. companies, foreign
and domestic, not including fraternal In
suranee associations, shall pay annually
a fat fee of $4,000 plus $3.50 on each
$40, 100000 Of premiums collected in Louis-.
lana during the preceding year.
4. The annual Id sva1orem tax on all
automobiles and ta xicabs, ana also ON
all other auto driven vehicles used for
hire. with permission 20 the local govern
ment OF the residence of the owner to
levy an annual license tax not to exceed
$500. One half eft the proceeds Of this
go to the State good roads funds; the
remaining nloiety of such tax shall be
paid over by the State to the governing
authority of the locality from which the
machine is registered, to be devoted ex-
5clusively# by such governing authority to
the Improvement of the public highways
within its jurisdiction.
s.. A tax on cotton future contracts,
SY af q - f71fTf
of not more than fifteen nor less than
ten cents on each purchase and sale Of
each 100 bales, to be paid on each trans
action, one-half by the buyer and ONE
half by the seller.
g. A tax on grain. coffee rice and
sugar future contracts. In lieu OF all
licenses to future brokers, Of not more
than one and one half per cent nor lesE
than one per cent on the commissions
paid on each transaction. Each unit CEN
tract as established by the rules of the
respective exchanges shall be the basis
of the tax, to be paid, one half by the
buyer and one- half by the seller.
T. A true, progressive inheritance tax
for the benefit Of the General Fund, and
be divided into the following classes with
the following maximum exemptions for
each class:
First, ascendants, descendants and
spouses, with an exemption OF 81, 900 each,
except as to the widow, when the ex-
emption shall be $1,000, and except as to
children under the ages Of sixteen, when
the exemption shall be $500 each. The
widows marital fourth shall be exempt.
Second, collateral relations of the secs
ond degree, including nephews and
nfeces and their descendants when the
estate is divided by roots, with an ex.
enlption Of 81 ,000to 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 ether 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 $10e each.
The maxinum 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 class,
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 tag
shall be one per cent for the first class,
two and one-haIf per cent for the second
class. three and three-fourths per cent
for the third class, seven per cent for the
! Ii.