The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-19


sessed value of real estate Locally as
sessed and taxed, and less such further
deductions OF not less than five per cent
on their loans and discounts to cover bad
debts and unearned interest as the Gen.
eral Assembly may prescribe, which de-
duction shall be made only from their
surplus and undivided profits; all taxes
to be paid by the banks and charged TO
4. individual bankers. banking firms
and unincorporated banking associations.
domiciled in this State, shall be assessed
on the amount of capital, surplus ana
undivided profits actually employed in
their business. less the assessed value OF
real estate locally assessed and taxed,
actually and exclusively used and en-
ployed in their business, and less sucn
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
5. Foreign banks and individual bank
ers, banking firms and unincorporated
banking associations, comiciled OFT OF the
State but doing business in this State.
shall be assessed on such proportion of
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
and exclusively used and employed in
their business in this State, and less
such further deductions, not less than
five 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 ana persons, firms and associa-
lions engaged in the insurance, bonding
and surety business, excluding however,
fraternal insurance companies and asso-
Citations. shall be taxed on percentage
of
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 shall not exceed three per cent
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, IL
censes. deposits of money. or of securi-
ties, or other obligations or prohibitions
or surety companies of such other State
or country. so long as such laws continue
In force the same obligatio and prohi-
billions OF whatsoever kind may be i'm
posed by the General Assembly of this
State upon insurance. bonding or surety
companies of such other State or country
doing business in this State.
T.. Irrigation canals shall be taxed on
a percentage not to exceed two per cent
of their gross receipts. only such real es-
tate and the buildings and structures
thereon. rights of way. machinery, tools
ard implements as are necessary to the
operation of any canal shall be included
| in and covered by this tax on gross re-
ceipts. All other real estate and personal
uropertv of the owner OF any canal shall
be locally assessed and taxed.
8. All SUGAR refineries. rice mills. cot
| ton seed oil mills, cotton seed oil re-
| finerics and refineries of petroleum end
its products shall be assessed on the fair
market valuation.
! O. Until otherwise provided by the
General Assembly by n 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 uDon 81 percentage of the gross
value Of the product at the mouth OF
the mine. well. quarry or pit. This per-
centqge shall not exceed I'VE rer cent for
sulphur: three per cent for salt: two and
cne-haf per cent for oil end gas, and
two per cent for rock and other minerals
inclusive of gravel. sand and shells. This
tax shall not apply tn the product Of any
mines. cuarries or pits or oil or gas wells
where the. owner. other than public SER
vice CORPORATIONS. uses the same for his
personal purposes and does not sell the
same or its products or manufacture the
same into another product for sale
Where gravel sand or shells are taker
from the beds Of public waters or. frnr
shores not subject tn private ownership
the General Assembly may lew specia
tsves rer cubic yard of material taker
out and may levy different sreciaI "a,
/ for each of said objects Of TAXATION. The
! Government IF the United States for an,
PURPOSES. and contractors engaged IN thu
construction Of anv public work for tn.
state or for the United States solely fo
the purpose of s1ch public work are -,
thorized to take free from taxatio,
gravel. shell or sand from the beds O
hubble waters and the public shores n
the State Every citizen of the Stat,
shall have q similar right to take s1cl
materials for his own personal use fire.
from taxation. unless they are taken 70
sale. All real and personal property q
the owners Of such mines. wells. o,Iarrie
and pits. excert machinery. tools and i'm
rlerents absolutely essential to the on
Grafton Of any mine. oil or res well. ston
, quarry. sand. gravel or shell Dit, and ex
. cent the products themselves while II
the hands Of the producer, shall be 10
aliv assessed and taxed.
10. All real and personal property re
served for local taxation shall he assesse
at such nercentage not to exceed 100 ne
cent Of its fair market value as each IN
cal governing authority may establish
, and n lower percentage may be estah
> llished for personal than for real propert
: Tor for the values of improvements tina
for land values
. II. In all assessments Of real propert
! whether for local or for State purposes
> the value of the land shall he assesse
! senarately from, the value of the Improve
' merits: but railroad. nine line and cans
. rights Of wav, whether held in fee or I'M
der easement may be assessed separatel
from. or together with, the irnpr,vement
. thereon as the Tax Commission ma
deem most practicable.
: IL. Assessments shall be arranged gee
graphically as far as POSSIBLE either mo
!, the roll or upor separate records and III
= General Assembly shall rass laws mr.
r vi6ing for the printing and publication
par,phiet for, ~ the records. shown