The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-10-12

.+i hnp ~p plse a. p'3asssd in N.Y. .sat
al, the real estate ana So-D-rrsok
property of such companies, Persons
OF partnerships shall be locally as
sessed and taxed.
9Th. All sugar refineries, rice mills,
cotton seed oil mills, cotton seed OIL
rcfineries and refineries of petroleum
and its products. A sugar refinery
is hereby defined to be a 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 it
! 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.
3. Only the operative property Of
state sources of revenue shall be
| segregated to the State. The Gener-
a. Assembly shall define, in man
ner not. inconsistent. with any pro-
visions of this amendment what the
operative property of each such
source IS. Real estate and the i'm
provements thereon forming part of
| any idllTOdu lCI Hl4A6ii, uNppI Vi SLIu
or warehouse or shop. acquired after
July /, 1912, even though it may form
part of the operative property of any
railroad, shall not be considered a
source of state revenue except by
constitution amendment unless
such property had been, prior to said
date, part of a railroad terminal, de-
pot, yard, warehouse or shop.
| All nfhnr nrnnprtV Snhin1t IN
| taxation, Except as herein specified,
or except as may hereafter be direct
ed 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 III.
The General Assembly shall have
power to levy for State purposes the
following special taxes:
/. A tax on the transfer of stocks
in corporations not to exceed cents
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
| " CACcCu Ou6-lW tHllGJl VI OhC pei
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.
g. A tax on private corporations.
organized for profit, for the privilege
OF exercising corporate functions, not
| to exceed one-tWentieth of one per
cent per annum on the outstanding
capital stock and surplus, excluding
banks, fraternul and life insurance
companies and building and loan or
homestead associations; no such tax
to be less than five dollars. On for
eign corporations this tax shall be
capital stock hatd surplus as is used
in this State giT intra-state business.
In lieu of the franchise tax on capt.
tai and surplus, life insurance COM
panies, foreign and domestic, not in
Guiding frateAaal insurance associa-
tons, shall patsannually flat fee OF
$4,000 plus A25O on each 100000
! CI premiums collected in Louisiana
during TT presiding year.
f. AM 4u5l ad valorem tax on
all autom les and taxicabs, and al
so on all het auto-driven vehicles
used for ira krpttatiion of persons or
freight for ia. with permission TO
the local gdsrnment of the resi-
dence of the dwner to levy an annual
license tax noNto. exceed $500. One
half of the prdeeeds of this state
tax collected from roach owner shall
go to the state gQoef loads funds;
the remaining nriety sigh tax
shall be paid over by the stare 70
the governing ap shqrity of the Local
ty from which. the machine is rertss
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 fu-
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 of
all licenses to future brokers, of not
more than one and: one-half per cent
nor less than dnssbar cent on. the
commissions paid On each transac-
ton. Each unit contract as estaba
lished by the rules pf the respective
exchanges shall be the basis Of the
tax, to be paid, .one-half by the buy
er and one-half Ny the seller.
z. A true. progressive inheritance
tax for the benefit Of the General
Fund, and if such a tax is levied all
beneficiaries shall be divided into
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 exemption shall be $4,000, and ex-
cept as to children under the age of
sixteen. when the exemption shall be
$500 each. Thee widows marital
fourth shall be exempt.
Second, collateralxrelations of the
second degree, including nephews and
nieces and their descendants when
the estate is divided by roots, with
an exemption Of $1,000 to each root,
and daughters-iin-law with an exemp-
ton OF $1,000 each.
Third, collateral relations OF the
third degree, excluding nephews and
nieces and their Representatives, with
an exemption Of $500. each. II