The herald., 1912-10-03

except as may hereafter be directed
| by a vote of two-thirds of all the mem
! bers elected to each house of the Gen
eral Assembly. shall be sources of local
| taxation.
Article Ill.
The General ssembly shall have DOW
er To levy for State purposes the FOL
lowing special taxes:
IS provided in the general election laws
10 LoJ S9loA gu L5ql0qM 5lgIS Qua 40
ors TO exempt from taxation an amount
against the proposed amendment.
/. A tax on the transfer of stocks
IN corporations not to exceed > cents "a
snare.
?. a tax on the organization of do
nestle corporations, organized for prof
II, excepting banks, fraternal insurance
companies. and building and loan OF
homestead association, not to exceed
ten dollars fiat, 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.. \ tax on private corporations, or
ganized for profit, for the privilege OF
exercising corporate functions, not to
exceed one-twentieth of one per cent
per annum on the outstanding capital
stock and surplus, excluding banks
tfaterndl and life insurance companies
and building and loan or homestead
associations; no such tax to be less
than nVe dollars. on foreign corpora
lions this tax shall be levied on such
proportions OF their capital stock and
surplus as is used in this State in
lntra-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 nat fee of $4,000 plus $3.50 on
each 100000 of premiums collected
in Louisiana during the preceding year
L.. IA al
automobiles and taNicabS, and also on
all other auto-driven vehicles used for
transportation of persons or freight for
hire, with permission to the local gov
eminent of the residence of the owner
to levy an annual license tax not TO
exceed $500. One-half of the proceeds
OF 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
erninS authority to the Improvement of
the public highways within its juris-
diction.
5. < 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.
6. 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
sions 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
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
nieces and their descendants when the
estate is divided by roots, with an eX-
daslghters-in-law with an exemption of
$1,000 each.
Third. collateral relations of the third
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 500 each.
The maximum rate of the progress
sive tax shall not exceed eight per
cent for the first class, twelve per cent
for the second class, sixteen per cent
for the third class. twenty-five per cent
for 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.
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 |
cent for the fifth class. Whenever the |
rate of assessment levied against any |
legacy, or other donation, |
when deducted from said inheritance,
the beneficiary smaller net amount |
than he would have received had the |
inheritance. legacy. or other donation |
70 lien into the next lower class in the |
according to amount of |
actual cash value. then the rate of |
taxation shall be first calculated upon |
the maximum amount in said next low |
er class. and the remaining amount of |
the Inheritance. legacy, or other dona- |
ton shall be taxed at the rate fixed |
for the higher class into which the in |
heritance. legacy, or other donation |
falls.
Duplication of inheritance taxes as |
between this State and other States, |
foreign and domestic. shall be avoided |
by the exemption of corporal prop |
erty belonging to a decedent of this |
State. and situated outside of this State, |
to the extent of any inheritance tax |
Of such other State; and by the ex- |
emption of incorporeal rights belong |
ing to nonresident descendants, such |
as shares of stock in Louisiana cor |
porations. notes, bonds, and evidences |
Of debt due by Louisiana debtors or
bearing on Louisiana property, to the |
same 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
riod of five years shall be taxed as If
together constituting a single dona-
ton.
Legacies and donations inter vivos I
to educational, religious, or charitable |
Institutions. or to trustees for educa- |
shall be exempt from this tax, unless |
such donation. or legacy shall be more |
than half of the disposable portion of |
the testators. or donors estate, in |
which case the tax shall be imposed |
upon the entire legacy or donation and |
the legatees or donees shall be consid-
cred to be within the third class.
8. Such other special taxes as the |
General Assembly by vote or two |
thirds of all the members elected to |
each house may from time to time pre- |
scribe.
Article ".
l. The General Assembly shall have |
power to levy license taxes only on
persons, partnerships, associations and |
rornOratiOnS engaged in business 1