The herald., 1912-09-26
Article III.


The General ssembly shall have DOW
er 10 levy for State purposes the fol
lowing special taxes:
IS provided III the general election law.
10 IoI S9loA gu L0ql9qM SlglS glI =,
orS 10 exempt from taxation an amount
against the proposed amendment.
l. n tax on the transfer of stocks
III corporations not TO exceed cents d
snare.
2. A tax on the organization Of do.
iIestlc corporations, organized for prof
IL. excepting banks, fraternal insurance
companies, and building and loan OF
homestead association, not to exceed
Ten dollars nat, plus not TO exceed one
tMenIletn OF one per cent of the au-
thorIzed capital stock and surplus
which tax shall be levied upon in
creases OF capital stock as we'll as upon
original issues.
3. y tax on private corporations or
gained for profit, for the privilege OF
exercising corporate functions, not TO
exceed ohe-tWentleth of one per cent
per dnnuln on the outstanding capital
STOCK and surplus, excluding banks
1raternal and life insurance companies
anu building and loan or homestead
associations; no such tax to be less
than five dollars. on foreign corpora-
tons this tax shall be levied on such
proportions of their capital stock and
surplus as is used in this State i'm
| mira state business. In lieu of the
franchise tax on capital and surplus
ire insurance companies, foreign and
domestic not including fraternal in
| Surahce associations, shall pay annual
! ~ a nat fee of $4,000 plus $3.50 on
| each SlO,OOO.OO of premiums collected
IN louisiana during the preceding year
| 4. An annual ad Valorem tax on all
| automobiles and taXicabS, and also on
! all other auto-driven vehicles used for
| transportation of persons or freight for
! hire, with permission to the local gov
eminent of the residence of the owner
| to levy an annual license tax not TO
exceed 500. One-half of the proceeds
| or this state tax collected from each
owner shall 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 locality
from which the machine is registered
TO be devoted exclusively by such gov
ernlng authority to the Improvement of
the public highways within its juris-
diction.
5. < tax on cotton future contracts
IN lieu OF all licenses to future brokers,
or not more than fifteen nor less than
ten cents on each purchase and sale
or each 100 bales. to be paid on each
transaction. one-half by the buyer and
one-half by the seller.
b. 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 one per cent on the commits
sions paid on each transaction. Each
unit contract as established by the |
rules OF the respective exchanges shall |
be the basis of the tax, to be paid |
ohe-hait by the buyer and one-half by |
the seller.
Z. A true. progressive inheritance
tax for the benefit of the General Fund, |
and II such tax is levied all bene- |
hciaries shall be divided into the fol- |
lowing classes with the following max |
lmum exemptions for each class:
FIRST, ascendants, descendants, and |
spouses, 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 OF |
sixteen. when the exemption shall be
shall be exempt.
Second. collateral relations of the
second degree, including nephews and
nleces and their descendants when the
estate is divided by roots, with an ex-
emptlon or $1,000 to each root, and
dal ghters-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-
iatlons beyond the sixth degree, with
an exemption of 500 each.
The maximum rate of the progress |
slve tax shall not exceed eight per
cent for the first class, twelve per cent (
Tor the third class. twenty-five per cent {
Tor the fourth class, and thirty per {
cent for the fifth class. maximum rates {
20 be attained when any inheritance, IL
legacy, or donation exceeds a half mill
ion dollars.
And the minimum rates of such tax
shall be one per cent for the first class |
.wo and one-half per cent for the sec 6
md class three and three-fourths per :
,ent for the third class, seven per cent :
or the fourth class, and thirteen per :
'ent Tor the fifth class. Whenever the ;
ate OF assessment levied against any i
INHERITANCE. legacy. or other donation, =
when deducted from said inheritance, Ii
egacy, or other donation, would leave i
he beneficiary a smaller net amount !
nan he would have received had the :
legacy, or other donation :
Justification according to amount of {
Ictual cash value, then the rate of :
axation shall be first calculated upon .
he maximum amount in said next low =
r class. and the remaining amount of :
he Inheritance, legacy, or other dona- :
lon shall be taxed at the rate fixed
or the higher class into which the in
ler1tance. legacy, or other donation h
Duplication of inheritance taxes as a
etween this State and other States, .
oreign and domestic. shall be avoided q
y the exemption of corporal prop q
rty belonging to a decedent of this :
tate. and situated outside of this State,
0 the extent of any inheritance tax y
mption of incorporeal rights belong
ng to nonresident descendants, such
s shares of stock in Louisiana cor
orations, notes, bonds. and evidences s.
( debt due by Louisiana debtors or &
caring on Louisiana property, to the t:
anne extent. IL
This tax shall also be applied to all I;
onations inter vivos. the donees to be IL
ivfded into the same classes herein Il
efore defined. All donations inter vi d
os to the same person within a pc e
iod of five years shall be taxed as IL s,
ogetheT constituting a single dona- q
on. S,
Legacies and donations inter vivos t
} educational. religious. or charitable t.
or to trustees for educa-
onal, religious or charitable purposes, a.
hall be exempt from this tax, unless ii
UGH donation. or legacy, shall be more a.
IAN half of the disposable portion of D
he testator's. or donors estate, in n
'hich case the tax shall be imposed s.
pom the entire legacy or donation and 81
he legatees or donees shall be consid- 81
red to be within the third class. n,
s. Such other special taxes as the n,
eneral Assembly by a vote Of two 10
birds Of all the members elected to al
ich house may from time to time pre- A
,ribe. ii
pl
Article ".
/. The General Assembly shall have p'
over to levy license taxes only on OF
arsOns partnershiDS associations and III