The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-26

State; steamboat. motor boat. steamship
ferry, barge. and tug. or other water
craft. where operated fer hire. canal for
transportation or irrigation, and pipe line
for oil or gas. When the electric light
and power business conducted In con-
junction with any street railroad can be
practically severed from the street rail-
road business for purposes Of assessment
the Tax Commission and such electric
light and power business shall not be q
source Of State revenue.
Srd. All banks, State and National.
Including savings banks. trust banks and
trust companies. and all private bankers.
whether individuals or partnerships. save
that the real estate of all banks and
bankers shall be locally assessed and
taxed. The assessments of the real
estate of banks and bankers shall be
equaiized 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 inelud-
Ing bonding and surety companies. for
eign or domestic, and all persons and
partnerships engaged in insuring persons
or property, save that all the real estate
and corporal property of such companies.
persons or partnerships shall be locally
assessed and taxed.
5th All sugar refineries. rice mills,
cotton seed oil mills. cotton seed oil re-
hneries and refneries OF petroleum and
Its products. A sugar refinery Is hereby
defined to be a concern that buys and re-
fines raw sugar exclusively. or concern
that buys and refines more raw sugar
than the aggregate OF the sugar produced
by 1t from cane grown and purchased by
sth All mines Of sulphur, salt or other
miners:s. all oil or gas wells. all stone
quarrfes, sand, gravel and shell pits.
3. Only the operative property of State
sources OF revenue shall be segregated to
the State. The General Assembly shall
define. In n manner not inconsistent with
nrOTfSinpc cf fhfc ont ,T,of
the operative property of each such
source is. Real estate and the improve
ments thereon forming part CT any rail-
house or shop. ACQUIRED after July /,
1912. even though 1t may form part Of
The operative Dronerty OF any railroad,
revenue except by constitutional amend
mept unless such property bad been,
rrior to said date. part of railroad ter
minal depot. yard, warehouse or shop.
T. All other Droperty subject to taxa
ton. except as herein specified. or EXCEPT
as may hereafter be directed by vote
of two-thirds. of all the members elected
to each house OF the General Assembly,
shall be sources of local taxation.
Article IN.
The General Assembly shall have power
to levy for State purposes the following
special taxes:
l. A tax on the transfer OF stocks in
corporations not to exceed cents
share.
2. A tax on the organization OF do
nestle corporations, organized for profit,
excepting banks. fraternal insurance
companies, and building and loan or
ten dollars fiat, plus not to exceed one-
twentieth of one per cent of the author
lied capital stock ard surplus, which tax
shall be levied upon increases Of capital
stock as well as upon original issues.
3. A tax on private corporations. or
Earfzed for profit, for the privilege of ex-
ercising corporate functions, not to ex-
coed one-twentiefh 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:
no such tax to be less than five dollars.
On foreign corporations this tax shall
be levied on such proportions OF their
capital stock and surplus as Is used In
| lieu Of the franchise tax on capital and
surplus. life insurance companies, foreign
and domestic, not including fraternal in
suranee assscie stEo IS sha. !. pay y annually
s10.0 900 OF premiums collected in Louis
lana during the preceding year.
4. The annual ad yaiorem tax on all
automobiles and taxicabs and also on
all other auto-criven vehicles used for
transportation 1T persons or freight for
hire. with permission to the local govern
n,ent Of the residence of the owner to
$500 One-half of the proceeds Of this
State tax collected from each owner shall
go 10 the State good roads funds: the
paid over by the State to the governing
authority Of the locality from which the
machine Is registered. to be devoted ex-
clusively by such governing authority to
within its jurisdiction.
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 raid IN each trans
action. cne-haif by the buyer and one
&. A tax on grain. coffee. rice ana
sugar future contracts. In lieu of all
licenses to future brokers. Of not morS
than one and one-half per cent nor less
paid on each transaction. Each unit con-
tract as established by the rules OF the
respective exchanges shall he the basis
Of the tax. to be paid. one-half by tho
buver and one half by the seller.
z. A true. progressive inheritance tau
for the benefit Of the Generrl Fund. and
n such tax Is levied All benefciaries shah
be divided into the following ciasses with
the. following maximum exemptions for
each class.
First. ascepdants Descendants. ard
excert as to the widow. when the ex-
e-rrtion shall 10 IS ano and e~cont ~ t.
children under the ages ~ sixteen. when
the . eyemptior ,. shall he $500 each Tho
Second. collateral relations NJ the Sec
ond degree including nephews and
rieces End fhei- descendants when the
estate Is Divided by roofs. with an ex-
ey1rtfcn OF $1,000 to each root. and dough-
se---in-law with an exemption Of $1,000
each
Tnird, collateral relations Of the third
degree excluding nephews a-d rfeceS
and their representatives. with an ex-
ernfion OF $500 each.
Fourth. all other collateral relations
within the sixth degree inclusive with
an exemption OF $3.50 each
Fifth. strangers and all collateral re-
laffcns beyond the sixth degree with an
cxe-nption NJ 500 each.
The maximum rste II the progressive