The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-11-02

DEBTS ana uDeafred interest as the Gem
erai Assembly may prescribe. which de-
auction shall be made only from their
surplus and undivided profits: all taxes
to be paid by the banks and charged tc
the stockholders.
4. Individual bankers banking firms
and unincorporated banking associations,
domiciled In this State shall be assessed
OH the amount of capital. surplus and
their business. less the assessed value OF
real estate locally assessed and taxed.
actually and exclusively used sand EN-
pioyed In their business and less such
further deductions not less than five per
cent on their loans and discounts to
cover bad debts and unearned interest as
the General Assembly may prescribe.
which deduction shall be made only from
their surplus and undivided profits
D Foreign banks and individual bank
ers. banking firms and contemporaries
banking associations, dorliciled out of the
state but doing business in this State.
their capital. surplus and undivided
profits as Is actually employed in this
State, less the assessed value of real es-
tate locally assessed and taxed. actually
ana exclusively used and employed In
their business in this State. and less
such frrther deductions. not less than
rive per cent on their loans and dis
counts. to cover bad debts and unearn-
ed interest as the General Assembly
may prescribe. which deductions shall
be made only from their surplus and UNI
divided profits.
g.. Insurance. bonding and surety COM
panies, and persons, firms and associa-
tions engaged in the insurance, bonding
and surety business, excluding however
fraternal insurance companies and assoc
Citations. shall be taxed on a percentage
OF their gross premiums received upon
their business done in this State less
return premiums and reinsurance in COM
panies or associations authorized to do
business in this State. The percentage
aforesaid mt na1 flxx-c<,
for all branches of insurance, bonding
and surety business. except life and
industrial insurance and shall not ex-
coed two per cent for life and industrial
insurance. The special taxes to support
the office OF fire marshal and fire pre-
vention bureaus shall not be deducted
from the premiums hereby authorized to
be taxed When by the laws of any other
state or country any taxes, fines, pen
alties, licenses, fees, deposits of money
or OF securities, or other obligations or
prohibitions are imposed on insurance
bonding or surety companies of this State
doing business in such other State or
country, or upon their agents therein in
excess OF such taxes, penalties fees, H.
censes, deposits of money, or of securi-s
ues, or other obligations or prohibitions
imposed upon such insurance, bonding
or surety companies of such other State
or country. so long as such laws continue
IN force the same obligations and prohi-
pilons OF whatsoever kind may be i'm
%
state upon insurance. bonding or surety
companies of such other State or country
doing business in this State
Z. Irrigation canals shall be taxed on
a percentage not to exceed two per cent
Of their gross receiots. only such real es-
tate and the buildings and structures
thereon. rights of way. machinery. tolls
and implements as are necessary to the
In and covered by this tax on gross re-
ceipts All other real estate and personal
property OF the owner of any canal Shall
De locally assessed and taxed
g. All SUGAR refineries. rice mills. cot
ton seed oil mills. cotton seed of re-
fineries and refineries of pretrolerr,, arI
is products shall be assessed on the fair
market valuation.
9. Until otherwise provided by the
General Assembly by vote Of two-thirds
II the members elected to each house. I'LL
'perating mines of sulphur. salt or other
all oil or gas wells all stone
Iuarries, sand, gravel and shell pits shall
'e taxed uron percentage of the gross
Ialue of the product at the rncutl, of
ne mine. wen. quarry or pit. This per-
'entage shall not exceed five rer cent for
sulphur: three per cent for salt: two and
'ne-half per cent for oil and gas, and
wo per cent for rock and other minerals.
inclusive OF gravel. sand and shells. This
AK shall not apply to the product of any
mines. uuarrfes or pits or oil or gas wells.
where the owner. other than public ser-
ice corporations. uses the same for his
'ersondi purposes ana does not sell the
anne or its produets or manufacture the
anne into. another product for sale
v here gravel sand or shells are taken
rom the beds of public waters or from
nores not subject to private ownership.
he General Assembly may levy specfal
axes per cubic yard of material taken
nut and may levy a different srecial tax
or each of said objects Of taxation. The
government of the United States for any |
and contractors engaged IN the
obstruction of any public work for the
state or for the United States solely for |
ne purpose of s,ph public work are
:ravel. shell or sand from the beds of |
'ublic waters and the public shores OF |
he State. Every citizen of the State |
hall have similar right to take such |
rom taxation. unless they are taken for |
ale. All real and personal rroperfy OF |
he owners of such rlsnes. wells, qua rrfes |
md pits EXCEPT machinery. tools and fn,- |
ration OF any mine. oil or gas well. stone |
quarry. sand. gravel or shell pit. end ev- |
'ept the products themselves while in |
he hands OF the producer, shall be To- |
Iliv assessed and taxed.
10. All real and personal property re- |
erved for local taxation shall be assessed |
It such nercenta2e not to exceed 100 per |
'ent OF its fair market value as each To- |
al governing authority may establish. /
md lower percentage may be estab- |
ished for personal than for real property |
n for the values of improvements than |
or land values.
IL. In all assessments of real property |
whether for local or for State purposes, |
he value of the land shall be assessed |
separately from the value of the improve |
nnents; but railroad: pine line and canal |
lights of way, whether held in fee or un- |
Ter easement. may be assessed separately |
rom, or together WITH the improvements |
hereon as the Tax Commission may |
leem most practicable
r. Assessments shall be arranged geo |
graphically as far as possible either upon |
he roll or upon separate records and the |
General Assembly shall pass laws pro- |
'iding Tor the printing and publication in |
form Of the records, showing |
UGH geographically arranged assessments |
md for the sale of such pamphlets at |
mall price.
IL. Every taxpayer shall have the |
fght of testing the correctness of his as |
essment In the courts within such time |
rs the General Assembly NAV prescribe: /
md no property shall be assessed, for |