The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-09-19

iln. All INSURANCE IGii pdHieS liz
Guiding bonding and surety companies.
foreign or domestic, and all persons
and partnerships engaged in insur.
ing persons or property, save that
ali the real estate AMI corporal
property OF such companies, persons
Or partnerships shall be locally as
sessed and taxed.
5th. All sugar refineries. rice mills,
cotton seed oil mills, cotton seed oil
refineries and refineries OF petroleum
and its products. A sugar refinery
is hereby defined TO be concern
that buys and refines raw sugar ex.
ciusively, Or a concern that buys and
refines more raw sugar than the az.
gregate of the sugar produced by it
from cane grown and purchased by
it.
9th. All mines OF sulphur, salt or
other minerals, all oil or gas wells,
al! stone Quarrles, sand, gravel and
shell pits.
8. Only the operative property Of
state sources of revenue shall be
segregated to the State. The Gener'
al Assembly shall define, in a man
ner not inconsistent with any pro-
visions of this amendment what the
operative property of each such
source is. Real estate and the i'm.
proyements thereon forming part of
any railroad terminal, depot or yard
OF warehouse or shop, acquired after
July /, 1912, even though it may form
part Of the operative property of any
railroad, shall not be considered a
source of state revenue except by
constitutional amendment unless
such property had been, prior to said
date, part of railroad terminal, de-
pot, yard, warehouse or shop.
4. All other property subject to
taxation, except as herein specified,
or except as may hereafter be direct.
ed by 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 to levy for State purposes the
following special taxes:
| /. A tax on the transfer OF stocks
III corporations not to exceed cents
share
2. A tax on the organization Of
domestic corporations, organized for
profit, excepting banks, fraternal in.
surance companies, and building and
loan or homestead associations, not
to exceed ten dollars flat, plus not
to exceed one-twentieth Of one per
cent Of the authorized capital stock
and surplus, which tax shall be lev
; led upon increases Of capital stock
as well as upon original issues
3. A tax on private corporations,
organized for profit, for the privilege
OF exercising. corporate functions, not
to exceed onetWentieth 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 for
eign corporations this tax shall be
levied on such proportions of their
capital stock and surplus as is used
: in this State in 1ntra,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.
i tons, shall pay annually flat 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
al! automobiles and taxicabs, and al.
so on all other aut0-driven vehicles
: used for transportation of persons OF
s freight for hire, with permission to
Y the local government Of the resi-.
Il dence of the owner to levy an annual
9 license tax not to exceed $500. One.
u half Of the proceeds of this State
e tax collected from each owner shall
e 60 to the State good roads funds;
e the remaining moiety Of such tax
= shall be paid over by the State to
the governing authority Of the locaI.
l. ty from which the machine is regis
l. tered, to be devoted exclusively by
+ such governing authority to the i'm.
< provement Of the public highways
9 within its Jurisdiction.
d 5. A tax on cotton future con.
!. tracts. in lieu of all licenses to ftl-
i ture brokers', of not more than fif.
e teen nor less than ten cents on
each purchase and sale of each 100
bales, to be paid on each transac.
l ton, one-half by the buyer and one.
: half by the seller.
6. A tax on grain, coffee, rice
a 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
commissions paid on each transac.
ton. Each unit contract as estab.
lished by the rules of the respective
l exchanges shall be the basis of the
tax, to be paid, one.half by the buy.
, er and one-half by the seller.
, Z. A true, progressive inheritance
tax for the benefit of the General
Fund, and if such a tax is levied all
beneficiaries shall be divided into
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
the exemption shall be $4,000, and ex.
cept as to children under the age of
sixteen, when the exemption shall be
al