The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-09-21
surplus and undivided profits.

; surplus and undivided profits.
s. Insurance, bonding and surety
companies, and persons, firms and as
sociations engaged in the insurance
bonding I'D surety business, exclud
ing, however, fraternal insurance com
pa1ies and associations, shall be tax
ed on a percentage of their gross
premiums received upon their bus
mess done in this State, less return
premiums and reinsurance in compa-
MES or associations authorized to dc
business in this State. The percent.
age aforesaid shall not exceed three
per cent for all branches of insur-
ance, bonding and surety business,
except life and industrial insurance
and shall not exceed two per cent
for life and industrial insurance. The
special taxes to support the office of
fire marshal and fire prevention bu-
reaus shall not be deducted from the
premiums hereby authorized to be
taxed. When by the laws Of any 9TH
er state or country any taxes, fines,
penalties, licenses, fees, deposits of
money Or Of securities, or other obi
i cations Or prohibitions are imposed
on insurance, bonding or surety CON-
panies of this State doing business
Ill such other state or country, Or up
on their agents therein in excess of
such taxes, penalties, fees, licenses,
deposits Of money, or of securities,
or other obligations Or prohibitions
imposed upon such insurance, bond
ing or surety companies of such 9TH
er State or country, SO long as such
laws continue in force the same OBJ
legations and prohibitions of whatso-
ever kind may be imposed by the
General Assembly of this State upon
insurance, bonding Or surety compa-
MES 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 receipts, only
such real estate and the buildings
and structures thereon, rights Of way,
machinery, tools and implements AS
are necessary to the operation of
any canal shall be included in and
covered by this tax on gross receipts.
All other real estate and personal
property of the owner of any canal
shall be locally assessed and taxed.
s. ALI sugar refineries, rice. mills,
cotton seed oil mills, cotton seed oil
refineries and refineries Of petroleum
and its products shall be assessed on
the fair market valuation.
9. Until otherwise provided by the
General Assembly by vote of two
thirds of the members elected to
each house, all operating mines of
sulphur, salt or other minerals, all oil
or gas wells, all stone quarries, sand,
gravel and shell pits shall be taxed
upon percentage of the gross value
of the product at the mouth of the
mine, we'll, quarry or pit. This per-
centage shall not exceed five per
cent for sulphur; three per cent for
salt; two and one-half per cent for
oil and gas, and two per cent for |
rock and other minerals, inclusive Of
gravel, sand and shells This tax
shall not apply to the product of any
mines, quarries or pits or Oil or gas
wells, where the owner, other than |
public service corporations, uses the
same for his personal purposes and |
does not sell the same or it's pro-
ducts or manufacture the same into
another product for sale. Where gray
Ell, sand or shells are taken from the
beds of public waters, OrfrOm shores
not subject to private ownership, the
General Assembly may levy special
taxes per cubic yard of material TAX
Ell out and may levy a different spec
ial tax for each of said objects of
taxation. The Government of the
contractors engaged in the construc-
Dr. for the United States solely for
he purposes of such public work are
authorized to take free from taxation
gravel, shell or sand from the beds
If public waters and the public shores
of the State. Every citizen of the
State shall have a similar right to
AXE such materials for his own per-
'onal use free from taxation, unless
hey are taken for sale. All real !
md personal property of the owners
II such mines, wells, quarries and pits
except machinery, tools and imple-
nents absolutely essential to the op-
ration Of any mine, oil or gas we'll, {
tone quarry, sand, gravel or shell
vt, and except the products them
elves while in the hands of the pro-
lucer, shall be locally assessed and
axed. 2
10. All real and personal property
eserved for local taxation shall be
.ssessed at such percentage not to
xceed 100 per cent of its fair mar
let value as each local governing
uthority may establish, and a lower h
ercentage may be established for r
ersOnal than for real property or
or the values of Improvements than
or land values. S
II. In all assessments of real prop v
rty whether for local or for State n
imposes, the value of the land shall G
g assessed separately from the value :
t the improvements; but railroad,
ipe line and canal rights of way, c
neither held in fee or under ease
lent, may be assessed separately ~
'om, or together with, the improve :,
tents thereon as the Tax Commission