The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-12

state; steamboat. motor boar. steamship
ferry. barge, and tug. or other water
craft, where operated for hire, canal top
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
then such severance shall be made by
the TAX Commission and such electric
light and power business shall not be a
source OF State revenue.
3rd All banks, State and National.
including savings banks. trust banks and
trust companies, and all private bankers.
whether individuals or partnerships, save
bankers shall be locally assessed ana
taxed The assessments of the real
estate Of banks and bankers shall be
sion to the basis established and in vogue
In each locality where such real estate
is located.
4th. All insurance companies includ-
ing bonding and surety companies, for
eign or domestic, and all persons ana
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-
fineries and refineries of petroleum and
Its products. sugar refinery is hereby
defined to be a concern that buys and re-
that buys and refines more raw sugar =
than the aggregate of the sugar produced
by 1t from cane grown and purchased by
1T.
sth All mines of sulphur salt or other
minerals, all oil or gas wells, all stone
uuarries. sand, gravel and shell pits.
3. Only the operative property OF State
sources OF revenue shall be segregated to-
the State. The General Assembly shah
define. IN a manner not inconsistent with
any provisions of this amendment. what
the operative property of each such
source Is. Real estate and the improve
ments thereon forming part cf any rail-
house or shop, acquired after July I.
1912, even though II may form part OF
the operative prnpertv of any railroad.
shall not be considered source of State
revenue except by constitutional amend
ment, unless such property had BEEN
| prior to said date. part Of a railroad ter
| minai, DEPOT. yard. warehouse or shop
4. All other property subject to taxa
| ton. except as herein. specified, or exceDt
| es 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 III.
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 d
| share.
2. tax on the organization Of do
| nestle corporations, organized for pront,
excepting banks fraternal Insurance. ,saa
| homestead association. not TO exceed
ten dollars fat, plus not to exceed one
twentieth of one per cent OF the autnor-
lied capital stock and surplus, which tax
| shall be levied upon increases of capitah
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 of one per cert per
annum on the outstanding capital stock
and surplus, excluding banks, fraternai
land life insurance companies and build
ing and loan or homestead associations
no such tax to be less than five dollars
foreign this taS shar
capital stock and surplus as Is used In
this State in intra-S business In
tIieu of the franchise tax on capital and
| surplus, life insurance companies, foreign
and domestic. not including fraternal IN
surance associations, shall pay annually
a fat fee AZ $4,000 plus So 50 on each
$40 10000 of hremfums collected In Louis
lana during the preceding year
T. The annual ad va1orem tax 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 govern
ment of the residence of the owner to
lew an annual license tax not to exceed
$500 One-half of the proceeds OF this
State tax collected from each owner shall
go III the State good roads funds; tho
remaining n,oiety OF such tax shall be
authority of the locality from which the
machine Is registered, to be devoted exc
clusively by such governing authority to
the Improvement Of the public 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 he maid on each trans.
action. one-helf by the buyer and one
half by the seller.
s. tax on grain. coffee. rice and
sugar future contracts. in lieu of ALI
licenses to future brokers, of not more
than one and one-half per cent nor less
paid on each transaction. Each unit con-
tract as established by the rules of tho
| Of the tax, to he paid, one-half by the
buver and one-haif nv the seller
T. A true. progressive inheritance tan
for the benefit OF the Geners. snnd' sns
he divided into the following classes with
the. following maximum exemptions FOR
First. descendants. desceraarts. and
spouses, with an exenption Of 81, 0D0 each.
except as tn the widow, when. the ex-
e-,ption shall be $4,000. and eycant ar e.
children under the ages ~ sixteen. when
the exemption shall he $4,000 each. Tho
widows marital fourth shall be EXEMPT
] Second. collateral re'a tons of the Sec
: ord degree. incliding nenhews ana
, rieces and their descendants when, the
estate is DIVIDED nv roots. with 81 ex-
! emption of 81 200 to each root. and dough-
: ters-in-law with an exemption Of $1,000
, each.
A Third, collateral elations of the third
e degree. excluding renhews end nieces
: ard their representatives, with, an ex-
er,rtion of $500 each.
Fourth. all other collateral relations
| within the sixth degree inclusive, with
!, an exemption Of $3.50 each.
e Fifth. strangers and all collateral re-
, Iations Beyond the sixth degree. with an
: exemption Of 500 each.
The maximum rate Of the progressive
q | tax shall not exceed eight per cent for the
first class. twelve ner cent for the second
r class, SIXTEEN rer cent for the third class.
TWENTY-FIVE per cent for the fourth Glass;
Q and thirty per cent for the fifth class.
: maximum rates to be attained when any
q inheritance legacy, or donation exceeds
8 half million dollars.