The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1912-08-30

deductions of not less than five per cent
on their loans and discounts 10 cover pao
debts and unearned interest as the zen
eral Assembly may prescribe, when oe
duction shall be made only from tnell
surplus and undivided profits; all taxes
to be paid by the banks and charged "
the stockholders
4. Individual bankers, banking nrlls
and unincofporated banking associations,
domiciIed in this State, shall be assessed
on the amount Of capital, surplus ana
undivided profits actually employed IN
their business, less the assessed value OF
real estate locally assessed and taxed,
actually and exclusively used and en-
ployed in their business, and less such
further deductions not less than live per
cent on their loans and discounts 10
cover bad debts and unearned interest as
the General Assembly may PRESCRIBE
which deduction shall be made only from
their surplus and undivided profits
5. Foreign banks and Individual BANK
ers, banking firms and unincorporated
banking associations. domicied ont OF the
State but doing business IN this STATE.
shall be assessed on such proportion OF
their capital, surplus and undivided
profits as is actually employed in TINS
State. less the assessed value of real es-
tate locally assessed and taxed, actually
and exclusively used and employed in
their business in this State. and less
! such further deductions, not less than
five per cent on their loans and dis
| counts. to cover bad debts and unearn-
ed interest as the General Assembly
may prescribe which deductions shall
be made only from their surplus and UNI
! divided profits.
6. Insurance. bonding and surety COM
panies, ana persons, firms and assocla-
tions engaged in the insurance, bonding
and surety business, excluding however
! fraternal insurance companies and asSo-
Citations, shall be taxed on a percentage
! of their gross premiums received upon
their business done in this State. less
return premiums and reinsurance in COM
panies or associations authorized to DO
business in this State The percentage
aforesaid shall not exceed three per cent
| for all branches of insurance, bonding
and surety business, EXCEPT life and
! industrial insurance and shall not eX-
coed two per cent for life and industrial
insurance. The special taxes to support
| the office Of fire marshal and fire pre-
vention bureaus shall not be deducted
| from the premiums hereby authorized to
be taxed. When by the laws Of any other
State or country any taxes, tines, pen
aties, licenses, fees, deposits of money
or of securities, or other obligations or
prohibitions are imposed on insurance,
| bonding or surety companies Of this State
doing business in such other State or
country. or uDon their agents therein In
excess Of such taxes, penalties. fees IL
ICenses. deposits of money, On of s2curi-
ties, or other obligations or prohibitions
imposed upon such insurance bonding
or surety companies Of such other State
or country. so long as such laws continue
In force the same obligations and prohi
billions Of whatsoever kind may be i'm
posed by the General Assembly of this
State upon insurance. bonding or surety
| p0p nj IF ia trv
doing business In this State.
7. Irrigation canals shall be taxed on
a percentage not to exceed two per cent
of their gross receipts. only such real es
tate and the buildings and structures
thereon, rights Of way, machinery, tools
and implements as are necessary to the
operation of any canal shall be included
in and covered by this tax on gross re-
ceipts. All other real estate and personal
property of the owner of any canal shall
be locally assessed and taxed.
8. All sugar refineries, rice mills cot
ton seed oil mills, cotton seed oil re-
fineries and refineries of petroleum and
its products shall be assessed on the fair
market valuation.
9. Until otherwise provided by the
General Assembly by vote Of two-thirds
of the members elected to each house. all
operating mines of sulphur, salt or other
minerals, all oil or gas wells. all stone
be taxed upon percentage Of the gross
value of the product at the mouth OF
the mine well, quarry or pit. This per-
centage shall not exceed five per cent for
sulphur: three per cent for salt: two and
one-half per cent for oil and gas. and
two per cent for rock and other minerals
inclusive OF gravel, sand and shells. This
tax shall not apply to the product of any
mines, uuarries or rits or oil or gas wells
where the owner, other than public SER
vice corporations. uses the same for his
personal purposes and does not sell the
, same or its products or manufacture the
same into another product for sale
, Where gravel, sand or shells are taker
from the beds of public waters or from
shores not subject to private ownership
! the General Assembly nav lew srecia
: taxes rer cubic yard of material taker
out and may levy different special tay
, for each of said objects Of taxation. The
| Government of the United States for any
purposes. and contractors engaged in the
construction Of any rublic, work for the
State or for the United States solely 70,
a the purpose of such public work are ou
thorized to take free from taxation
, gravel, shell or sand from the beds o
, nublicc waters and the public shores o
t the State. Every citizen of the STATE
\ shall have a similar right to take sucf
4 materials for his own personal use fret
I from taxation. unless they are taken fol
4 sale. All real and personal property n
d the owners of such mines. wells qua rrie
and pits, eHceDt machinery. tools and i'm
r plements absolutely essential to the op
e Grafton OF any mine. oil or gas well. ston,
O quarry. sand gravel or shell pit, and ey
: cept the products themselves while IL
: the hands of the producer, shall be 10
v ally assessed and taxed
+ TO- All real and personal property re
: served for local taxation shall be aseesse,
: at such percentage not to exceed 100 ne
cent of its fair market value as each 10
r cal governing authority may establish
e and lower percentage may be estah
g lished for personal than for real propert
: or for the values of improvements thai
: for land values
g IL. In all assessments Of real propert
a whether for local or for State purposes
e the value Of the land shall he assesse
d senaratelv from the value Of the improve
v rnents; but railroad. pine line ard cana
"a rights Of way. whether held in fee or un
J. der easement. aS-he assessed separatel
e rom or together with, the imnrovement
,e thereon as the Tax Commission ma
l. deem most practicable.
y ~. Assessments shall he arranged geo
y. graphically as far as nnssihle either uro
s ne roil or upon separate records and III
If General Assembly shall mass laws nrr
,r Viding for the printing and publication
pamphlet form of the records, shown
Id such seoe"aphieailv arranged aseassmen+
NJ small price
II. Everv taxpayer shalt have n
" right Of testing the eorrectness Of HIS a.
r SeSsment In the courts within such tim
w as the General Assar-blv NAV n-oscrih
i'd and no property shall be assessed for
g, sum In excess Of the percentage Of 4
in fair market value. as prescribed by II