The herald. [volume] (New Orleans, La.) 1905-1953, 1912-08-29

unless such property had been, prior
10 said date, part of a railroad termi-
nal. depot, yard, warehouse or shop
4. All other property subject to tax.
alton, except as herein specified, OIL
except as may hereafter be directed
by vote of two-thirds of all the mem.
bers elected to each house of the Gen
eral Assembly. shall be sources of locaI
taxation.
Article III.
The General ssembly shall have DOW
er TO levy for State purposes the fol
lowing special taxes:
IS provided in the general election laws
10 LoJ s9loA gu L9ql9qM 9lBlS yul 4t
ors TO exempt from taxation an amount
against the proposed amendment
l. n tax on the transfer of stocks
IN corporations not to exceed cents a
share.
?. \ tax on the organization of do
mestic corporations, organized for prof
IT. excepting banks, fraternal insurance
companies and building and loan OF
homestead association, not to exceed
ten dollars fiat, plus not to exceed one
thorized capital stock and surplus,
which tax shall be levied upon in
creases of capital stock as well as upon
original issues.
3. \ tax on private corporations, or
ganized for profit, for the privilege OF
exercising corporate functions, not to
exceed one-twentieth of one per cent
per annum on the outstanding capital
stock and surplus, excluding banks.
fraternal and life insurance companies
and building and loan or homestead
associations; no such tax to be less
than five dollars. on foreign corpora
lions this tax shall be levied on such
proportions of their capital stock and
surplus as is used in this State in
lntra state business. In lieu of the
franchise tax on capital and surplus.
life insurance companies, foreign and
domestic, not including fraternal in
surance associations, shall pay annual
ly fiat fee of $4,000 plus $3.50 on
each 100000 of premiums collected
in Louisiana during the preceding year
4. An 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 gov
eminent of the residence of the owner
to levy an annual license tax not to
exceed $500. One-half of the proceeds
of this 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 exclusively by such gov
erninS authority to the Improvement of
the public highways within its juris
diction.
s. < 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
transaction one-half by the buyer and
one-half by the seller.
6. n 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 commits
SionS paid on each transaction. Each
unit contract as established by the
rules of the respective exchanges shall
be the basis of the tax. to be paid,
ne-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 a tax is levied all bene
iciaries shall be divided into the fol-
lowing classes with the following max
Imum exemptions for each class:
First. ascendants. descendants. and
spouses, with an exemption of $4,000
each. except as to the widow. when
the exemption shall be $4,000, and eX-
cept as to children under the age of
sixteen, when the exemption shall be
$500 each. The widows marital fourth
shall be exempt.
Second. collateral relations of the
second degree, including nephews and
1ieces and their descendants when the
estate is divided by roots, with an eX-
emption of $1,000 to each root, and
atlghters-in-law with an exemption of
$1,000 each.
the tnlrQ
iegree. excluding nephews and nieces
md their representatives, with an eX-
emption of $500 each
Fourth. all other collateral relations
within the sixth degree inclusive. with
IN exemption of $3.50 each.
Fifth. strangers and all collateral re-
atoms beyond the sixth degree, with
IN exemption Of 500 each.
The maximum rate of the progress
i've tax shall not exceed eight per
,ent for the first class. twelve per cent
or the second class, sixteen per cent
or the third class. twenty-five per cent
ent for the fifth class. maximum rates
o be attained when any inheritance
eSacy, or donation exceeds a half mil
ion dollars.
hall be one per cent for the first class
Wo and one-half per cent for the sec
md class. three and three-fourths per
ent for the third class. seven per cent !
ent for the fifth class. Whenever the |
ate of assessment levied against any
Inheritance, legacy. or other donation
When deducted from said inheritance,
egacy. or other donation, would leays
he beneficiary a smaller net amount |
han he would have received had the |
legacy, or other donation |
oilen into the next lower class in the |
ctual cash value. then the rate of |
aXation shall be first calculated upon |
he maximum amount in said next low |
r class. and the remaining amount of |
ne inheritance, legacy, or other dona- |
ion shall be taxed at the rate fixed |
or the higher class into which the in->
erftance. legacy, or other donation |
alls.
Duplication of inheritance taxes as |
etween this State and other States, |
oreign and domestic shall be avoided |
" the exemption of corporal prop |
rty belonging to a decedent of this |
tate. and situated outside of this State, |
0 the extent of any inheritance tax |
Z such other State; and by the ex-
mption of incorporeal rights belong |
ng to non resident descendants, such |
s shares of stock in Louisiana cor |
OratlOnS. notes, bonds, and evidences
Z debt due by Louisiana debtors or /
caring on Louisiana property, to the |
anne extent.
This tax shall also be applied to all |
onations inter vivos, the donees to be |
ivided into the same classes herein
efore defined. All donations inter vi
os to the same person within a pc
iOd of five years shall be taxed as II
ogether constituting a single dona-
ion.
Legacies and donations inter vivos |
o educational. religious, or charitable
Institutions. or to trustees for educa-
ional, religious or charitable purposes.
hall be exempt from this tax. unless
UGH donation, or legacy. shall be more
han half of the disposable portion of |
he testator's. or donors estate, in
Which case the tax shall be imposed |
pom the entire legacy or donation and
red to be within the third class.
8. Such other special taxes as the |
ieneral Assembly by a vote of two
birds of all the members elected to |
cribe.