The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-01-10
FLAT RATE BILL PASSES SENATE
BY % TO 5
Continued from First Page)


numbered as section 8 and to read
as follows: Section s. Unless 9TH
erwise provided, personal estate not
taxed under section / of this act
shall be annually set in the abstract
or individual list of the grand list in
separate columns set apart therefor
to the owner thereof in the town,
village, school or fire district where
such property is situated on the first
day of April at per cent of its
appraised valuation and shall be sub
ject to an annual tax of one hundred
cents on the dollar of such grand
list"
6.-That the original bill be fur
Their amended by inserting after sec
ton aforesaid new section to be
numbered as section and to read as
follows.
Section 9.-Money loaned by any
person, corporation or banking insti-
tuition at a rate of interest not eX-
ceeding 5 per cent per annum the
payment of which is secured by a
mortgage on real estate within this
state, duly executed and recorded,
shall be exempt from taxation provid-
ed such loan does not exceed the
value of such real estate. In case
such loan exceeds the value of such
real estate the excess of the loan
shall be taxed under section l of this
act"
THAT the original bill be furth-
er amended by adding after section 9
aforesaid two new sections to be
numbered as sections 10 and IL re-
spectively and to read as follows:
Section l0-Section 744 of the
Public Statutes as amended by sec
ton of No. 80 of the Acts of 1910 is
hereby amended so as to read as fol-
lows:
Section 744.-A domestic savings
bank or savings institution doing bust
ness herein shall annually pay a tax
tothe state, which is hereby assessed
at the rate of seven-tenths of one per
cent upon the average amount OF its
deposits and accumulations, after
deducting therefrom the average
amount not exceeding 10 per cent
of its assets invested in United
States government bonds. and the
average amount of the assessed valu
alton of real estate owned by such
corporation, and after further deduct
ing therefrom the average amount of
its assets, loaned at rate of interest
not exceeding per cent per annum,
the payment of which is secured by
mortgages duly executed and record
ed upon real estate within this state
as provided in this act.
Section II. Section 745 of the pub
lie statutes as amneded by Section
2 of No. 80 of the acts of 1910 be
amended so as TO read as follows
Section 745-A domestic trust com
pany or savings banks and trust com
pany doing business herein shall an
nually pay tax to the state. which
is hereby assessed at a rate of seven
tenths of one per cent upon the aver
age amount of its deposits, includins
money or securities received as trus-
tee under order of court, or other
wise, after deducting therefrom the
average amount, not exceeding 10
per cent Of its assets invested in
United States government bonds, and
after deducting therefrom the aver
age amount OF its assets loaned at a
rate Of interest not exceeding s per
cent per annum, the payment OF
which is secured by mortgages duly
executed and recorded upon real es-
tate within this state, as provided in
this act"
That the original bill be further
amended by striking out Section lu /
being Section 9 of the printed bill.
3. That section OF the original Z
bill be remembered as section 10.
10. That the original bill be fur. /
her amended by REMEMBERING sec
ton IL, IL, 10. and IA as sections Is.
IL. is and 16 respectively.
IL That the original bill be fur
Their amended by adding thereto 2 new
section TO be numbered as section II /
and to read as follows:
Section H. Section sac Of the /
Public Statutes as amended by sec
ton : OF No IS Of the Acts OF 1910 is
hereby repealed.
u. That the original bill be fur
Their amended by REMEMBERING sec
tons Is and Is as number rs and 10
rnc uocffVa1v