St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-10-26

O. except q may hereafter be direct
~ by . vote Of two thirds of all the
members elected to each House of
the General Y Assembly. shall be
sources Of local taxation.
- ARTICLE III.
The General Assembly shall have
power to levy for State purposes the
following special taxes:
r l. 4 tax on the transfer of stocks
IN corporations not to exceed 2 cents
a-share.. ar
q. 4 tax. on the organization Of
domestic corporations, organized for
yroft. excepting banks, fraternal in
ourAnce companies, and building and
loan or Homestead association. not
to exceed ten dollars fiat. plus not
10 exceed one-twentieth of one per
cent Of the authorized capital stock
and surplus which tax shall be levied
upon increases OF, capital stock As
we'll 40 upon original issues.
tsS.at A tax ON private corporations,
oreandzod for profit, for the privilege
Of exercising corporate functions,
not to exceed one-twentieth OF one
per cent per annum on the outstano-
ing capital stock and surplus, ex-
cluding banks, fraternal and life IN,
surance companies and building anu
loan or homestead associations: no
such tax to be less than five dollsrs.
On foreign corporations this ta&
shall be levied on such proporuone
Of their capital stock and surplus az
n used In this State in intra-state
business. In lieu of the francnlse taA
ON capital and surplus, life lnsur-
ance companies, foreign and domes-
tic. not including fraternal Insurance. ~
associations, shall pay annually q NJ,
fee Of $4,000 plus $3.50 on eac 81
100000 of premiums COLLECTED ~
Louisiana during the preceo'ne
year. ..~ m
4. An annual i'd valorem tax On
nj, AUTOMOBILES and taxicabs, ana Al.
70 on Ill other auto.driveh ven snns
used for tran portation Oh -rn;ss;on n
Or freight for hire, VITA peI FIN ~as;.
to the local government OIL .n s,n"a,
dence Of the owner to levy IN nn "n nne'
license tax not to exceed WV S ~
half Of the proceeds OF tnls sh.I
tax collected from each owner ... sns
70 to the State good roaos iunt 70,
the remaining moiety OF sucn ~ =.
shall be paid over by the sta.e e.u -
theA governing authority OF the io ~@,.
~ Rom which the machine Is regis
tered. to be devoted exclusively ~
such governing authority to tne .a
nrovement Of the public nlen""''
within It'll Jurisdiction. .-.+,
Z. A tax on cotton future contIAIt
In lieu of al licenses to future pl ,os.
ara. az not more than fifteen nor les'
man ten cents on each purchase an.
ma Of each 100 bales. to De pa.
an eaeh transaction, one-half by 'n'
huyer and one-half by the seller.
{. A tax On grain. Gomez: ric'
and suear future contracts. IN neu y
an licenses to future brokers' Oh NJ
more than one and one-half per ecu
nor lem than one per cent on ~
commisions paid on each 'transact'vv. =,
Each unit contract as estabusneo y
the rules of the respective eAcn~ne Is
shall be the basis OF the tax, 10 -
paid, one-haR by the buyer ana one
half by the seller.
Z. A true, progressive lnne.l
lance tax for the benefit OF the zen
eral Fund, and II such tax IS leSie'
oil benehciaries shall be DIVIDED IN
to the following classes with the lol
lowing maximum exemptions 10
each class:
First-ascendants, descendants
and spouses, with an exemption o
$4,000 each, except as to the Wlao~
when the exemption shall be $5Ovo
ana except a. to children under tne
age Of sixteen, when the exemption
ann he $500 each. The widows
marital fourth shall be exempt.
Second relations o
the second degree, including nepnew'
and nieces and their descendent'
when the estate is divided by roots
with an exemption of $1,000 to eacl
root. and daughters-in-law with 81
exemption of $1,000 each.
Third-Collateral relations OF tn'
third decree, excluding nephews ant
nieces and their representatives
with an exemption of $500 each.
Fourth-All other collateral re-
1ations within the sixth degree in
elusive. with an exemption OF $z.9e
each
Fifth-strangers and all collater'
al relations beyond the sixth degree
with an exemption of 800 each.
The maximum rate of the progress
sive tax shall not exceed eight pei
cent for the first class, twelve per
cent for the second class, sixteen per
cent for the third class. 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-half 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 assess
ment levied against any inheritance
legacy or other donation, when de-
Quoted from said inheritance, leg
acy, or other donation would
leave the beneficiary smaller
net amount than he would have re-
ceived had the inheritance, legacy,
or other donation fallen into the
next lower class in the classification
according to amount Of actual cash
value, then the rate of taxation shall
be first calculated upon the maxi
mum amount in said next lower class,
and the remaining amount of the in
heritance, legacy, or other donation
shall be taxed at the rate fixed for
the higher class into which the in
heritance, legacy. or other donation
falls.
Duplication of inheritance taxes