The herald., 1912-10-31
Article III.

|
The General ssembly shall have DOW.
er 10 levy Tor State purposes the fol
lowing special taxes:
IS provided III the general election laws
| 40 Lot s0lOA gu Ioql9qM 9lBlS Qua !,
ors 10 exempt from taxation an amount
against the proposed amendment
l. tax on the transfer of stocks
snare.
2. A tax on the organization of do
nestle corporations, organized for prof
IL, excepting banks, fraternal insurance
conn anleS, and building and loan OF
| homestead association, not to exceed
ten dollars hat, plus not to exceed one
twentieth OF one per cent of the au-
! thorlzed capital stock and surplus
( which tax shall be levied upon in
creases of capital stock as well as upon
original issues.
j.. a tax on private corporations, or
ganlzed for profit, for the privilege OF
exercising corporate functions, not to
exceed one-twentleth of one per cent
per annum on the outstanding capital
STOCK and surplus, excluding banks,
fraternal and life insurance COMPANIES
ana building and loan or homestead
associations; no such tax to be less
than five dollars. on foreign corpora
lions this tax shall be levied on such
proportions of their capital stock and
surplus as is used i'll this State in
mira state business. In lieu of the
franchise tax on capital and surplus.
lie insurance companies, foreign and
domestic, not including fraternal in
surance associations, shall pay annual
ly fiat fee of $4,000 plus $3.50 on
each 100000 of premiums collected
IN Louisiana during the preceding year.
4. An 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
hlre, with permission to the local gov
eminent of the residence of the owner
10 levy an annual license tax not to
exceed $500. One-half of the proceeds
or this State tax collected from each
owner shall go to the State good roads
FUNDS; the remaining moiety of such
tax shall be paid over by the State to
the governing authority of the locality
from which the machine is registered
TO be devoted exclusively by such gov
erning authority to the Improvement of
the public highways within it's juris-
diction,
s.; 4 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
TRANSACTION one-half by the buyer and
one-half by the seller.
3. A tax on grain, coffee, rice and
sugar future contracts, in lieu of all
licenses to future brokers, of not more
than one and one-half per cent nor
less than one per cent on the commits
slons paid on each transaction. Each
unit contract as established by the
rules OF the 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 for the benefit of the General Fund,
and If such a tax is levied all bene-
hciaries shall be divided into the fol-
lowing classes with the following max
imum exemptions for each class:
First. ascendants. descendants, and
spouses, with an exemption of $4,000
each. except as to the widow, when
the exemption shall be $4,000, and ex-
cept as to children under the age of
sixteen. when the exemption shall be
$500 each. The widows marital fourth
shall be exempt.
Second, collateral relations of the
second degree, including nephews and
estate is divided by roots, with an ex-
emption of $1,000 to each root, and
dasl ers-in-law with an exemption of
$1,000 each.
degree, excluding nephews and nieces
and their representatives, with an ex-
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-
lations beyond the sixth degree, with
an exemption of 800 each.
The maximum rate of the progress
sive tax shall not exceed eight per
cent for the first class, twelve per cent
Tor the second class, sixteen per cent
Tor the third class; twenty-five per cent
Tor the fourth class, and thirty per
cent for the fifth class maximum rates
to be attained when any inheritance,
legacy, or donation exceeds a half mill
lion dollars.
And the minimum rates of such tax
shall be one per cent for the first class
TWO and one-half per cent for the sec
ond class three and three-fourths per
cent for the third class, seven per cent
FOR the fourth class, and thirteen per
cent for the fifth class. Whenever the
rate or assessment levied against any
inheritance. legacy, or other donation,
when deducted from said inheritance,
eegacy. or other donation, would leavS
he beneficiary a smaller net amount
nan he would have received had the
legacy. or other donation
ellen into the next lower class in the
according to amount of
actual cash value. then the rate of
-aXatton shall be first calculated upon
he maximum amount in said next low
n class. and the remaining amount of
he Inheritance, legacy, or other dona-
ion shall be taxed at the rate fixed
'or the higher class into which the in
leritance, legacy, or other donation
Duplication of inheritance taxes as
between this State and other States, |
'oreign and domestic. shall be avoided |
.rty belonging to a decedent of this
State. and situated outside of this State. |
% the extent of any inheritance tax
II such other State: and by the ex-
'mption of incorporea1 rights belong
ng to nonresident descendants such |
Is shares of stock IN Louisiana cor
'orations. notes, bonds, and evidences |
" debt due by Louisiana debtors or
'earing on Louisiana property, to the |
anne extent
This tax shall also be applied to all |
donations inter vivos. the donees to be |
divided into the same classes herein |
before defined. All donations inter vi |
los to the same person within a pc
iod of five years shall be taxed as If |
ogether constituting a single dona-
ion. !
Legacies and donations inter vivos |
o educational. religious. or charitable |
or to trustees for educa- |
ional. religious or charitable purposes,
hall be exempt from this tax, unless |
UGH donation. or legacy, shall be more |
han half Of the disposable portion of |
he testator's. or donors estate, in |
which case the tax shall be imposed |
lpon the entire legacy or donation and |
red to be within the third class.
8. Such other special taxes as the |
General Assembly by vote of two
birds of all the members elected to /
ach house may from time to time pre-
cribe.
Article ".
/. The General Assembly shall have
,Ower to levy license taxes only on