The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-12

surplus and undivided profits less the as
sessed value of real estate locally as
sessed and taxed, and less such further
deductions of not less than five per cent
on their loans and discounts to cover bad
debts and unearned interest as the Gen.
eral Assembly may prescribe, which de-
duction shall be made only from their
surplus and undivided profits; all taxes
to be paid by the banks and charged to
| the stockholders.
4. Individual bankers. banking firms
and unineorporated banking associations,
domiciled in this State, shall be assessed
on the amount of capital, surplus and
| 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 five per
cent on their loans and discounts to
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, domiciled 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 this
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 dedNctions shall
be made only from their surplus and I'M
divided profits
panies, ans persons, firms and associa-
tons engaged in the insurance bonding
and surety business, excluding however,
1raternai insurance companies and asso-
n <o- al TO-.
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. fines PEN
aities. 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
censes, DEPOSITS of money or of securi-
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 inn
posed by the General Assembly of this
State upon insurance. bonding or surety
companies OF such other State or country
doing business in this State
z. Irrigation canals shall be taxed on
a percentage not to exceed two per cent
81 their gross receints. only such real es-
tate and the buildings and structures
thereon. rights of way. machinery tools
ana 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
pronerty 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-
Its products shall be assessed on the fair
market valuation.
.. 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
quarries. sand, gravel and shell pits shall
be taxed upon percentage of the gross
value of the product at the mouth of
the mine. well. quarry OF pit. This per-
centege 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 nroduct Of any
mines, cuarries or pits or oil or gas wells.
where the owner. other than public SER
Vice corporations. uses the same for hts
personal purposes ard does not sell the
same or its products or manufacture the |
same Into another product for sale |
Where gravel. sand or shells are taken
from the beds Of public waters or from
shores not subject tn private ownership.
the General Assembly may levy speciaJ |
taxes per cubic yard of material taken |
out and may levy different spectaI t,v
for each of said objects Of taxaffor The
Government Of the United States for anv
purposes- and contractors engaged In the |
construction Of any public work for the |
State or for the United States solely for
the purpose of such pubiic work are ~ |
thorized to- take free from taxation |
gravel. shell or sand from the beds of |
public waters and the public shores of
shall have a similar right to take such |
ma terials for his own personal uae free
from taxation. unless they are taken for |
sale All real and personal property OF
the owners Of such mines. wells. ouarries |
and pits. excert machinery. tools and i'm !
Elements absolutely essential to fhe on |
Grafton OF any mine. oil or gas WELL stone
cept the products themselves while in
the hands Of the producer, shall be To- |
ally assessed and taxed.
10. All real and personal property re- |
SctNtd tUi fotstt tdNdI1r1 SNAIL ne assessed /
at such rercentsge not to exceed 100 per |
cent of its fair market value as each To- |
cal governing authority may establish |
and a lower percentage may be estah- |
lished for personal than for real property !
or Tor the values Of improvements than |
for land values
ii. In all assessments OF real propertv
whether for local or for State purposes, |
the value Of the land shall he assessed |
serarately from the value of the improve |
rnents; but RAILROAD. pine lire and canal |
rants OF wav. whether held in fee un- |
der easement. may he assessed separately |
from. or together With. the improvements |
thereon IS the Tax Commission NAV
deem most practicable
~. Assessmerts shall be arranged geo. |
graphically as far as possible either ,lpon
the roll or upnn separate records and the |
General Assembly shall pass laws pro- |
vldiDg for the printing and pubiica ton in |
pamphlet fo~-r, ~ the records showing |