The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-09-21
que in each locality where such real

4tl. All insurance companies IN
Guiding bonding and surety companies,
foreign or domestic, and all persons
and partnerships engaged in insur-
ing persons or property, save that
all the real estate and corporeal
property Of such companies, persons
or partnerships shall be locally as
sessed and taxed.
5th. All sugar refineries, rice mills,
cotton seed oil mills, cotton seed Oil
refineries and refineries of petroleum
and it's products, A sugar refinery
is hereby defined to be concern
that buys and refines raw sugar eX.
ciusiVely, or a concern that buys and
refines more raw sugar than the ag-
gregate of the sugar produced by 1t
/ 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 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
proyements thereon forming part Of
any railroad terminal, depot or yard
or warehouse or shop, acquired after
July T. 1912, even though it may form
part of the operative property Of any
railroad, shall not be considered a
DF CtD nj Inv
{ constitutional amendment unless
such property had been, prior to said
date, part Of a railroad terminal, de.
pot, yard, warehouse or shop.
f T. 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
t General Assembly, shall be sources
Y Of local taxation.
S Article III.
i The General Assembly shall have
= power to levy for State purposes the
= following special taxes:
1. A tax on the transfer of stocks
z, in corporations not to exceed 2 cents
a share.
2. A tax on the organization Of
!, domestic corporations, organized for
profit, excepting banks, fraternal in
J. surance companies, and building and
loan or homestead associations, not
"a to exceed ten dollars flat, plus not
to exceed onetwentieth of one per
cent of the authorized capital stock
e and surplus, which tax shall be lev
IS led upon Increases Of capital stock
h as well as upon original issues.
- 8. A tax on private corporations,
~ organized for profit, for the privilege
u OF exercising corporate functions, not
u to exceed one-tWentieth Of one per
IL cent per annum on the outstanding
% capital stock and surplus, excluding
IL banks, fraternal and life insurance
d companies and building and loan or
" homestead associations; no such tax
+ to be less than five dollars. On for
e eign corporations this tax shall be
v levied on such proportions of their
u capital stock and surplus as is used
Il in this State in intra-State business.
le In lieu of the franchise tax on capt.
u tai and surplus, life insurance COM
t, panies, foreign and domestic, not in
III Guiding fraternal insurance associa-
III tons, shall pay annually flat fee Of
~ $4,000 plus $3.50 on each 100000
u Of premiums collected in Louisiana
~ during the preceding year.
d 4. An annual ad ValOrem tax on
all automobiles and taXicabs, and al
re so on all other auto-driyen vehicles
x used for transportation of persons or
IS freight for hire, with permission to
ut the local government of the resi-
al dence of the owner to levy an annual
Re license tax not to exceed $500. One
al half of the proceeds of this State
le tax collected from each owner shall
be go to the State good roads funds;
he the remaining moety Of such tax
v shall be paid over by the State to
the governing authority of the locali-
a. ty from which the machine is regis
n tered, to be devoted exclusively by
err such governing authority to the I'M
TX proyement of the public highways
he within it's jurisdiction.
I'd 5. A tax on cotton future con.
It. tracts, in lieu of all licenses to frl-
III ture brokers, Of not more than fiji
Sc teen nor less than ten cents on
each purchase and sale Of each 100
bales, to be paid on each transac-
al ton, one-half by the buyer and one
x half by the seller.
as g. A tax on grain coffee, rice
a and sugar future contracts, in lieu Of
RS all licenses to future brokers, Of not
r. more than one and one-half per cent
ty nor less than one per cent on the
is commissions paid on each transac-
in ton. Each unit contract as estab'
lished by the rules of the respective
a exchanges shall be the basis Of the
n tax, to be paid, one-half by the buy
he err and One-half by the seller.
lg 7. A true, progressive Inheritance
e. tax for the benefit Of the General
Fund, and if such a tax is levied all
er beneficiarieS shall be divided into
the following maximum exemptions
sr- for each class:
rs First, ascendants, descendants, and
n spouses, with an exemption of $4,000
I'd each, except as to the widow, when
il the exemption shall be $4,000, and ex-
nd cept as to children under the age Of
S; sixteen, when the exemption shall be
nt S3500 oach Tho widows marital