Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-09-27

state, steamboat, motor boa steamship,
ferry, barge. and tug, or o,her water
craft, where operated for hire canal for
transportation or irrigation, ana pi1e line
for oil OF gas. When the electric light
and power business conducted In cJs-
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
the Tax Commission and such electric
light and power business siIa2 not be a
source of State revenue.
3rd. All banks, State and National,
including savings banks. trust banks md
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
equalized annually by the Tax Commits
sion to the basis established and in vogue
in each locality where such real estate
is located.
4th. All insurance companies incIud-
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 eslnsa
and corporeaI property Of such companies,
persons or partnerships shall be locally
assessed and taxed.
9Th. All sugar refineries, rice mills,
cotton seed oil mills, cotton seed OIL re-
1neries and refineries of petroleum and
It's products. A sugar refinery is hereby
denned to be a concern that buys and re-
ines raw sugar exclusively, or a concern
that buys and rcf1nes more raw sugar
than the aggregate of the sugar produced
by 1t from cane grown and purchased by
1t.
9Th. All mines Of sulphur. salt or other
minerals, all oil or gas wells. all stone
quarrtes, sand. gravel and shell pits
3. Only the operative property of State
sources of revenue shall be segregated TO
the State. The General Assembly shall
define. in a manner not inconsistent with
any provisions of this amendment, what
the operative property of each such
source is. Real estate and the improves
ments thereon forming part of any rail-
road terminal. depot or yard or ware
house or shop, acquired after July 1,
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 constitutional amend
ment. unless such property had been.
prior to said date. part Of a railroad ter
minal, depot. yard, warehouse or shop.
4. All other property subject to taxa
ton, except as herein specified, or except
as may hereafter be directed 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 M.
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 do
nestle corporations, organized for profit,
excepting banks. fraternal insurance
companies, and building and loan or
ten dollars nat, plus not to exceed one
twentieth of one per cent of the author
lied capital stock and surplus, which tax
shall be levied upon increases Of capital
stock as well as upon original issues.
3. A tax on private corporations, or
ganized for profit, for the privilege OF ex-
ercising corporate functions, not to ex-
coed 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 associations;
no such tax to be less than five dollars.
On foreign 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 capital and
surplus,-Iife Insurance companies, foreign
and domestic, not including fraternal in
surance associations, shall pay annually
fiat fee of $4,000 plus s25 on each
100000 OF premiums collected IN Louis
lana during the preceding year.
4. The 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 govern
nent of the residence of the owner to
levy an ann1al license tax not to exceed
DTOCceOSa
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 ex-
clusively by such governing authority to
the Improvement OF the public highways
within its jurisdiction.
5. A tax on cotton future contracts.
| in lieu of all licenses to future brokers,
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.
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 one per cent on the commissions
paid on each transaction. Each unit con-
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.
z. A true, progressive inheritance tax
for the benefit of the General Fund, and
| II such tax Is levied all beneficiaries shall
be divided into the following classes with
the following maximum exemptions for
each class:
spouses, with an exemption of $4,000 each,
except as to the widow. when the ex-
emption shall be $4,000 and except as to
children under the ages Of sixteen when
Il
widows marital fourth shall be exempt.
/ Second, collateral relations of the sec
ond degree, including nephews and
nieces and their descendants when the
estate is divided by roots. with an ex-
emption of s.. 900 to each root. and daugh-
ters-in-law with an exemption of $1,000
each.
Third, collateral relations of the third
degree. excluding nenhews and nieces
and their representatives, with an ex-
emotion 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-
laticns beyond the sixth degree, with an
exemption of 800 each.
The maximum rate of the progressive
tax shall not exceed eight per cent for the
! first class. twelve per cent for the second
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
half million dollars.
/ And the minimum rates Of such tax
shall be one per cent for the first class:
/ two and one-hah per cent for the second
class. three and three-fourths per cent
/ for the third class. seven per cent for the
/ fourth class. and thirteen per cent for
/ the fifth class. Whenever the rate of
assessment levied against any Inherit
ance. legacy. or other donation. when de-
Quoted from said inheritance, legacy
or other donation, would leave the
he would have received had the in
heritance, legacy or other donation fallen
/ into the next lower class in the classi-
flcation according to amount of act
ual cash value, then the rate Of taxation
shall be first calculated upon the maxi
and the remaining amount Of the Inherit
ance. legacy, or other donation shall be