Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-03-29

On motion by Mr.. Bailey of Penobscot.
the bill was indefinitely postponed in
concurrence
The PRESIDENT: The next on tire
calendar is the majority and minority
reports of the committee on taxation
on bill, An Act to amend Section 81 of
Chapter Of the Revised Statutes. re
lating to the taxation of savings banks,
the majority reporting ought 10 pass"
and the minority reporting ought not
10 pass Senate Document No. 15a
The pending question is the accept
ance of either report The House ac-
cepted the majority report ought to
pass"
Mr. WING Of Franklin; Mr.. President,
] find myself IN the position aafin of
asking the Senate to adopt minority
report of the committee on E,xation.
This bill provides for decrease in The
| tax on savings banks, To my mind all
matters relating to taxation AZ import
| ant. rms matter. at this skge Of the
| Legislature, it seems to me is an exceed
lnGly important one. The reduction ask
ed for in the bin amoants.ta about $50
600 year. and in the next two years.
before any further change could be
made, 1t would deprive the State of an
Income of little more than 500. 600
This Legislature has made "A great
many appropriations. and II IMMERSED
me that we Were not in a position TO do
away with any of the revenue of the
state at this time
! Fohr years ago The committee on taxa
ton made a general revision of all tax
| alton laws, and increased materially the
revenue of the State Two years ago
| further increases were made. This
| Legislature has made no increases in
the way of additional revenues. while
the calls and demands upon the treasury
have constantly Increasing
/ call your attention for a moment to
| the method of taxing savings banks. We
! nave what is known as a franchise tax,
| and under Section 81 is provision for
assessing that tax. We start by taking
all OF the deposits in savings banks, in
GLIDING undivided profits and reserve
FUNDS and then make certain deduction.
| The first is United States bonds held
by banks and not subject tn ordinary
taxation, and therefore they are ex-
| cepted. And then all Kinds of municipal
| bonds not subject to STATE taxation are
| deducted and bank stock that is taxed
where the property itself is taxed. is
| also exempt.
Iheh We have provision that two
| ffths of all investments in the state of
Maine are exempt This bill provides
that three-tifths of all Investments in
| the State of Maine shall he exempt.
| That is, it cuts out one-third of all the
taxes on investments in the state of
| Maine reduction of SO I-3 per cent. on
every investment in the state of Maine
made by savings banks
Personally, have no objection to the
| passage of this bill. | am treasurer of
savings BANK and am interested IN
savings banks The bill would cut out
| one-third of all the taxes that we pay
| on savings banks in kingfield, because
| every investment that we have is in
the State of Maine
1t seems to me that the state is not
| IN position to make this reduction at
! the present time. There is another .rea-
SUI winch l would urge why it shouio
not be made We have passed a resolve
pioNldlhS Tor the classification OF IN
tangible property. If that resolve re-
eeiVes passage by both branches, anu
II Is now passed to be engrossed in both
branches. then the Legislature will have
{ authority to impose a tax upon all IN
'ahslnie property at lower rate, anu
! maintain If that passes that we shouiu
/ DE IN position so that we can tax an
Intangible property at the same RAJ
Mhether we find it in the hands Oh IN
dlVlduals, savings banks or trust com
panies.
If ou{make a different rate for saw