The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1912-09-28


state; gteamboat, motor boat, steamshsus
ferry, barge, and tug, or other Watss
craft, where operated for hire, canal for
transportation or irrigation, and pipe lins
for oil or gas. When the electric 1feh}
and power business Conducted in con-
junction with any street railroad car ha
practically severed from the street rail-
road business for purposes OF assessment
then such severance shall be made by
the Tax Commission and such aiectrio
light and power business shall not be q
source of State revenue.
Srd. All banks, State and National,
including savings banks, trust banks and
whether individuals or PARTNERSHIPS. sava
that the real estate of all banks and
bankers shall be locally assessed and
taxed. The assessments Of the raai
estate of banks and bankers es shall, fI ha
equalized annually by the Tay CoInrnfa~
sion to the basis established and in vogue
In each locality where such real estate
4th. All insurance companies includ-
ing bonding and surety companies, for
eign or domestic, and all persons and
partnerships engaged In insuring persons
or property, save thata the real estate
persons or partnerships shall be locally
assessed and taxed.
9Th All sugar rehneries, rice mills.
cotton seed oil mills cotton seed oil re-
It's 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 grownSand purchased by
9Th. All mines Of sulphur, salt or other
minerals, all oil or gas wells, all stone
g. Only the operative property of State
sources of revenue shah be segregated to
the State. The General Assembly shall
define, In a manner net inconsistent with
the operative property of each such
source Is. Real estate#a and the improve =
ments thereon forming part of any rail-
road terminal, depot or yard or ware
1912, even though It may form part OF
the operative property or any railroad,
shall not be considered a source of State
revenue except by constitutional amend
prior to said date, part of railroad ter
minal, depot, yard, warehouse or shop
A. All other property subject to taxa
ton. except as herein specified, or except
of two-thirds OF all the members elected
to each house OF theAGeneral Assembly,
shall be sources Of local taxation
ArtlcieiiI.
The General Assembly shall have power
to levy for State purposes the following
special LANES. .
i. A tax on the transfer of stocks in
corporations not to exceed 2 cents a
share.
O. A tax on the organization Of do
nestle corporations, organized for profit,
excepting banks, fraternal insurance
companies, and building and loan O!
ten dollars fiat, plus not to exceed one-
twentieth Of one per cent Of the author
lied capital stock and surplus which tag
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 ex-
ercising corporate functions. not to ex-
coed one-tWentieth ofaone per cent per
annum on the outstanding capital stock
and surplus, excluding banks, .fraternai
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
this State in intra-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 annually
a fiat fee Of $4,000 plus 50. SO on each
100000 of premiums collected in Louis
lana during the preceding year.
The annual ad valorem tax on all
automobiles and taxicabs, and also on
all other auto driven vehicles used for
transport ton of persons or freight for
ment 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 zach owner shall
go to the State good roads funds; the
remaining moiety OF such tax shall BIO
paid over by the State to the governing
authority of the locality from which the
machine is registered, to beSdevoted ex-
clusiyely by such governing authority to
the improvement of the publie highways
within its jurisdiction.
5. A 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 trans
action, one-haf by the buyer and one-
half by the seller #
g. A tax on grain, coffee, rice, and
sugar future contracts, In lieu Of all
licenses to future brokers, Of not moro
than one and one half per cent nor lesa
than one per cent on the commissions
paid on each transaction, Each unit con-
tract 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-haK by the seller
| I. A true, progressive inheritance tag
for the benefit of the General Fund, and
If such tax is levied all beneflciaries shall
be divided into the following classes with
the following maximum exemptions for
each class:
First, ascendants descendants, and
spouses with an exemption Of 81, 900 each,
except as to the widow, when the ex-
emption shall be $1,000. and except as to
children under the ages OF sixteen, when
the exemption shall be $500 each The
Widows marital fourth shall be exempt.
Second, collateral relations Of the SEQ.
ond degree, including nephews and
,, nieces and their descendants when the
estate Is divided by roots, with an ex-
ernption of ST ,00oto each root, and daugf-
tiers n-Iaw with an exemption of $1,o0e
each.
Third collateral relations OF the third
degree, excluding nephews and nieces
and their representatives, with an ex-
emption 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-
lations beyond the sixth degree, with an
exemption of 500 each.
The maximum rate Of the progressive
tax shall not exceed eight per cent for the
first class, twelve per cent for the second
class, sixteen per cent 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
inheritance. legacy, or donation exceeda
a half million dollars.
And the minimum rates OF such tar
shall be one per cent for the first class,
two and one-Falf per cent for the second
class. three and three fourths per cent
"