The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1912-09-10

4 All other property subject to tax
alton, except as herein specified, or
| except as may hereafter be directed
by a vote of two thirds of all the mem
hers elected to each house of the Gen
| eral Assembly, shall be sources OF To-
cal taxation.
Article III.
The General Assembly shall have
| power to levy for State purposes the
following special 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 in
surance companies, and building ana
| loan or homestead association not to
exceed ten dollars fiat, plus not to eX-
coed one-twentieth of n per cent OF
| the authorized capital stock and sur
plus, which tax shall be levied upon
increases of capital stock as well as
upon original issues.
8. A 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 corporations this tax shall be
levied on such proportions of heir
capital stock and surplus as is used
in this State in intra-state business.
In lieu of the franchise tax on CAPT
tai and surplus, life insurance COM
panies, foreign and domestic, not in
Guiding ~fraternal insurance associa-
tons, shall pay annually a fiat fee of
$4,000 plus 50 SO on each 100000
of premiums collected in Louisiana
during the preceding year.
4. An annual ad valorem a 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
government 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 mole
ty of suchtax shall be paid over by
the State to the governing authority
of the locality from which the ma
chine is registered, to be devoted ex-
clusively by such governing author
ity to the improvement of the public
highways within its jurisdiction.
5. A tax on cotton future contracts.
in lieu of all licenses to future brok-
erS, 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 buy
er and one-half by the seller.
s. A tax on grain, coffee, rice and
sugar future contracts, in lieu of all
licenses to future brokers, of not
more than one and on-half pei cent
o less than n per cent On the com
missions paid on each transaction.
Eachunit contract as established by
the rules of the respective exchanges
shall be the basis of the tax, to be
paid, one-half by the buyer and one
half by the seller.
1. A true, progressive Inheritance
tax for the benefit of the General
Fund, and if such a tax is levied all
be~neficiaries shall be divided into the
following classes with the following
maximum exemptions for each class:
First, ascendants, descendants, and
spouses, with an exemption of $4,000
each, except as to the widow, when
tho nvnr,ptfOy shall h. nrnnn
cept as to children under the age of
sixteen, when the exemption shall be
$4,000 each. The widows marital
fourth shall be exempt.
Second. collateral relations of the
degree, including nephews and
nieces and their descendants when
the estate is divided by roots, with an
of $1,000 to each root and
daughters-in-law with an exemption of
$1,000 each.
Third, collateral relations of the
third degree, excluding nephews and
nieces and their representatives, with
an exemption of $500 each.
Fourth, all other collateral relations
the sixth degree inclusive, with
an exemption of $3.50 each.
rl1tn, strangers and all collateral re- |
lations beyond the sixth degree, with
an exemption of 500 each.
The maximum rate of the progress
sive tax shall not exceed eight per
for the first class, twelve per
cent for the second class, sixteen per
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 inherit
ance, legacy, or donation exceeds a
half million dollars.
And the minimum rates of such tax |
shall be per cent for the first
class, two and one-half per cent for
The second class, three and three
per cent for the third class,
per cent for, the fourth class.
and thirteen per cent for the fifth
class. Whenever the rate of assess
nlent levied against any Inheritance.
or other donation, when de-
iucted from said inheritance, legacy.
" other donation, would leave the
beneficiary a smaller net amount than
ne would have received had the in
lerltance, legacy, or other donation
alien into tho poyf Jouor Gloss IN +lo