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

and power business conducted in con-
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 oe q
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
that the real estate of all banks and
bankers shall be locally assessed and
estate of banks and bankers shall he
equalized annually by the Tax Ca,,fslis-
sion to the basis established and In vogus
In each locality where such real estate
4th All insurance companies includ-
ing bonding and surety companies, for
eign or domestic. and all persons and
partnerships engaged In insuring persons
or property. save that all the real estate
and corporeal property Of such companies.
persons or partnerships shall be locally
assessed and taxed.
5th. All sugar refneries, rice mills,
cotton seed oil mills cotton seed oil re-
ineries and refineries of petroleum and
defined to be concern that buys and re-
fines raw sugar exclusively, or a concern
that buys and refines more raw sugar
than the aggregate OF the sugar produced
# IL " nom cane grown ana purchased by
9Th All mines Of sulphur, salt or other
minerals. all oil or gas wells. all stone
quarrfes. sand, gravel and shell pits.
8. Only the operative property of State
sources of revenue shall be segregated to
the State. The General Assembly shall
any provisions of this amendment, what
the operative property of each such
source is. Real estate and the improve
ments thereon forming part of any rail-
house or shop acquired after July J,
1912, even though 1t may form part of
the operative property OF any railroad.
shall not be considered a source of state
ment, unless such property had been.
prior to said date. part Of a railroad ter
minal depot. yard, warehouse or shop.
ton. except as herein specified, or EXCEPT
as may hereafter be directed by a vote
Of two-thirds of all the members elected
to each house of the General Assembly,
shall be sources OF local taxation.
Article ~.
The General Assembly shall have power
to levy for State purposes the following
/. A tax on the transfer of stocks in
corporations not to exceed cents q
2. A tax on the organization of do
nestle corporations, organized for profit.
excepting banks. fraternal Insurance
companies, and building and loan or
ten dollars nat, plus not to exceed one
twentieth Of one per cent OF the author
lied capital stock and surplus, which tax
stock as well as upon original issues.
3. A tax on private corporations, or
sanized for profit, for the privilege Of ex-
ercising corporate functions, not to ex-
coed one-twentieth Of one per cent per
annum on the outstanding capital stock
and surplus, excluding banks, fraternal
and life insurance companies and build
ing and loan or homestead associations;
no such tax to be less than five dollars.
On foreign corporations this tax shall
be levied on such proportions OF their
this state in intra-s State business. In
lieu of the franchise tax on capital. and
surplus life insurance companies. foreign
and domestic. not including frafernal In
surance associations, shall pay annually
nat fee of $4,000 plus e. 50 on each
$l0.000-00 Of premiums collected In Louis
lana during the preceding year.
4. The annual ad valorem 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
levy an annual license tax not to exceed
$500. One-half Of the proceeds OF this
State tax collected from each owner shah
remaining moiety of such tax shall b
paid over by the State to the governing
authority Of the locality from which the
machine is registered. to be devoted ex-
the Improvement of the public highways
within its Jurisdiction.
s.; 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 be paid on each trans
ssc cts H. one- half by the buyer and one
6. A tax ON grain, coffee. rice and
sugar future contracts. in lieu Of all
licenses to future brokers. of not more
INA AL halt
than one per cent on the commissions
paid on each transaction. Each unit con-
tract as established by. the rules Of tho
respective exchanges shall be the basis
of the tax, to be paid. one-half by the
buyer and one-half by the seller.
z. A true. progressive Inheritance tax
II such tax Is levied all benefciaries shan
be divided into the following classes with
the following maximum exemptions for
First, ascendahts. descendants. ana
spouses. with an exemption of 81. 600 each.
except as to the widow. when the ex-
emotion shall be $4,000 and except az TO
the exemption shall be $500 each. The
widows marital fourth shall be exen,ut
Second. collateral relations Of the Sec
ond degree, including nephews and
estate II divided by roots, with an ex-
emption Of 81 900 to each root. and daugh-
ters-in-law with an exemption Of $1,000
Third. collateral relations of the third
degree. excluding nephews and nieccs
and their representatives with an ex-
emotion of $500 each.
Fourth. all other collateral relations
within the sixth degree inclusive, with
an exemption Of $3.50 each.
Fifth. strangers and all collateral re-
Iaticns beyond the sixth degree, with an
exemption of 500 each.
The maximum rate Of the progressive
tax shall not exceed eight per cent for tho
f1rst class, twelve per cent for the second
twenty I'VE per cent For the fourth Glass;
and thirty per cent for the NTH Glars,
maximum rates to be attained when any
Inheritance: legacy. or donation e---eceds
"A half million dollars.
And the minimum rafea NJ ~.,c.