The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-10-17
surplus and undivided profits.

surplus and undivided profits.
6. Insurance, bonding and surety
companies, and persons, firms and as
sociatioTs engaged in the insurance,
bonding Id surety business, exclud-
ing, however, fraternal insurance COM
panies 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 do
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
cations or prohibitions are imposed
on insurance, bonding or surety COM
panies Of this State doing business
i'll 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. All sugar refineries, rice mills,
cotton seed oil mills, cotton seed oil
refineries and refineries Of petroleum
and it's products shall be assessed on
the fair market valuation.
9. Until otherwise provided by the
General Assembly by a 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 a 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.
el, 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
en- out and may levy a different spec.
ial tax for each OF said objects Of
taxation. The Government Of the
United States for any purposes, and
contractors engaged in the sconstruc..,
ton OF any public work for the State
Or. for the United States solely for
the purposes Of such public work are
authorized to take free from taxation
gravel, shell or sand from the beds
of public waters and the public shores
of the: State. Every citizen of the
State shall. have "a similar right to
take such materials for his own pei
sonal use free from taxation, unless
they are taken for sale. All real
and personal property of the owners
Of such mines, wells, Quarries and pits
except machinery, tools and imple-
ments absolutely essential to the op.
GRAFTON Of any mine, oil or gas well,
stone quarry, sand, gravel or shell
pit, and except the products them
selves while in the hands of the pro-
Queer, shall be locally assessed and
taxed. @1 #s
10. All real and personal property
reserved for local taxation shall be
assessed at such percentage not to
exceed 100 per cent of its fair mar
ket value as each local governing
authority may establish, and a lower
percentage may be established for
personal than for real property or
for the values of improvements than
for land values.
II. In all assessments of real prop
erty whether for local or for State
purposes, the value of the land shall
be assessed separately from the value
of the improvements; but railroad,
pipe line and canal rights Of way,
whether held in fee or under ease.
ment, may be assessed separately
from Or tnopther with the imnrAre.