The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-09-27

craft, where operated for hire, canal ZOE
or irrigation, and pipe nne
for oil or gas. When the eieetfic nsns
and power business conducted IN con-
junction with any street railroad can D6
practically severed from the street rail-
road business for purposes OF assessment
then such severance shall be made py
the Tax Commission and such electrio
light and power business shall not Do =
source Of State revenue
Ord. An banks. state and National.
savings banks, trust hanks ana
trust companies, and all private bankers,
whether individuals or partnerships, save
that the real estate of all banks and
bankers shall be locally assessed ana
taxed. The assessments Of the real
estate of banks and bankers shall be
equaized 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 includ-
ing bonding and surety companies. for
eisn or domestic. and all persons and
partnerships engaged in insuring persons
or property. save that all the real estate
and corporeal property Of sucl, companies.
persons or partnerships shall be locally
assessed and taxed.
9Th. All sugar refneries, rice mills,
cotton seed oil mills, cotton seed oil re-
tineries and refneries Of petroleum and
its products. A sugar refinery is hereby
defined to be concern that buys and re-
fines raw sugar exclusively, or a concern
that buys and re1ines more raw sugar
than the aggregate of the sugar produced
by 1t from cane grown and purchased by
it.
9Th. All mines Of sulphur. salt or other
minerals, al OIL or gas wells. ar stone
quarries, Sand, gravel and shelf pits.
). Only the operative property Of State
sources Of revenue shall be segregated to
the Stat Tho (,aNnr31 Assembly 0h0ll
define in q manner not inconsistent will,
any provisions OF this amendment, what
the operative property Of each such
source is. Real estate and the Improve
ments thereon forming part of any rail-
road terminal. depot or yard or ware
house or shop. acquired after July I.
1912. even though It may form part ct
the operative pranertv Of any railroad,
shall not be considered q source Of State
revenue except by constitutional amend
ment. unless such property had heen.
prior to said date. part of railroad ter
mna]. depot. yard. warehouse or shop.
4. Al, other property subject to taxa
ton, except as herein snGrified, or eNcent
as may hereafter he directed by n vote
of tWo-thirds of all the members elected
to each house Of the General Assembly,
shall be sources Of local taxation
| Article III.
The General Assembly shall have power
ltc IVY lVi h'AutC puipOoGO NllC tOHbNlHE
Especial taxes:
/. A tax on the transfer Of stocks in
corporations not to exceed 2 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
homestead association. not to exceed
ten dollars fiat, plus not to exceed one
| fWanfia of cant nf tho 1ntECr.
+ lied capital stock and surplus, which tax
Shall be levied upon increases Of capital
stock as we'll 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;
3 no such tax to be less than five dollars:
i On foreign corporations this tax shall
be levied on such proportions of their
= capital stock and surplus as Is used In
y this State in intra-State business. Ir
4 lieu Of the franchise. tax on capital and
- surplus, life insurance companies foreign
y and domestic, not including fraternal In
~ surance associations. shall pay annual!
\, fiat fee Of $4,000 plus $3.50 on eacl
.e SO, 000. 90 of premiums collected In Louis
>. lana during the preceding year.
,e 4. The annual al valorem tax on al
"a automobiles and taxicabs, and also o.
e all other auto-driven vehicles used 70
r. transportation of persons or freight fc
: hire, with permission to the local govern
Q. ment Of the residence Of the owner
.. levy an annual license tax not to excee
OF $500 One-haf Of the proceeds Of TIL
State tax collected from each owner sha
go to the State good roads funds; III
remaining moiety OF such tax shall q
authority OF the locality from which III
machine Is registered, to be devoted en-
clusively by such governing authority I
the improvement Of the public highway
within it's jurisdiction.
S. A tax on cotton future contract!
in lieu OF all licenses to future broker
of not more than fifteen nor less tina
ten cents on each purchase and sale Q
each 100 bales, to be paid on each trans
action. one-half by the buyer and one
IS. half by the seller.
o. 6. a tax on grain, coffee, rice an
he1 sugar future contracts. In lieu OF al
ng licenses to future brokers, Of not NOR
x than one and one-half per cent nor les
than one per cent on the commission
NJ paid on each transaction. Each unit con
"a. tract as established by the rules OF tn
ed respective exchanges shaS be the basf
j. Of the tax to be paid, one-half by tn
of buver and one-l,alf by the seller.
ne 7. A true. progressive inheritance Ia
G. for the benefit of the General Fund, an.
al II such tax il levied all benefctaries st.a!
av he divided into the following classes witt
Of the following maximum exemptions 10
each class:
FIRST. ascendants, descendants. an
r. snouses. with an exemption OF $1,000 each
g. eycept as to the widow, when the ex
emption shall be 5000. and eycent ass Il
he children under the ages OF sixteen, Whel
u the exemption shall he $3,500 each. tn
r Widows marital fourth shall be eSemps
all Second. collateral relations Of the sec
H. ond degree including nepheWs en-
on nieces and their descendants when tn
n estate Is divided by roots. with an OK
al emption Of 81. 900 to each root, anu doug \
n ters-in-law with an exemption OF sl,oo
to each.
a Third. collateral relations nj the thir'
be degree. excluding nephews and niece
g. and their representatives, with an ex
nd emntion Of $500 each.
~ Fourth. all other collateral relation
cd within the sixth degree inclusive, Wit
Is. ian exemption Of $3.50 each.
he Fifth strangers and all collateral re
Re- |lations beyond the sixth degree, With n
b. exemption of 500 each.
nh The maximum rate Of the pTnHTessit
an tax shall not exceed eight per cent for h
~ first class twelve per cent for the sccoN
er class. sixteen per cent for the tflrtl class
TWENTY-FIVE per cent for the fourth GLASS
va and thirty per cent for the flth class
a. maximum rates to be attained when an
nd inheritance legacy, or donation exceed
es half million dollars.
m And the minimum rates ~ q'Wh tn
Mt shall, he one per cent for the ,irat CLASS
ty two and one-half per cent for the :ecnil
- fn,Irtt e Jn.r