The Barre daily times. (Barre, Vt.) 1897-1959, 1913-01-18
In Amendment to Tax Law
Proposed by the
Senate
FIVE PER CENT. LOANS
TO BE EXEMPTED
Important Changes to Ver-
mont Tax Law Are
Drafted
State House. Inn ls.

State House, Jan. ls
After considering taxation for the
!. greater part of yesterday, the Senate
committee of the whole voted to recon-
mend to the Senate that House bill 374
be amended by striking out all after
the first section and inserting the fol
lowing:
Sec. :. Nothing contained in this act
shall be construed to tax money de-
posted in savings banks, savings insti-
tutions, trust companies, or savings bank
and trust companies. located within this
state, nor to tax money or securities
/ received by a trust company or savings
bank and trust company as trustee IN.
der order OF court. or otherwise. on ac-
count OF which such bank or banking
institution pays a tax to the state nor
to tax money deposited at interest in ma
tional banks in this state whereon the
rate OF interest exceeds two per cent
per annum upon which tax is required
to be paid TO the state under the pro-
visions OF chapter 81 of the public stat
utes and amendments thereof; nor to
tax any of the various kinds of personal
property held by or belonging to cor
porations, associations or persons, taxed
direct to the state. or which, by reason
OF tax paid to the state in lien of
tax on such property. is not required to
be set in the grand list pursuant to
section 797 OF the public statutes. as
amended by No. 30 Of the acts OF 1905;
nor to tax any property exempted from
taxation.
See. 3. Section 5l5 of the public stat.
utes is hereby amended so as to read az
follows:
Sec. SIS. Shares of stock in domes-
tic corporation subject to the tax inn
posed by section one of this act shall
be set In the grand list to the owner
thereof, if a resident OF this state. in
the town, village, school or fire district
prescribed by section so of the public
statutes .YrsseWil by sretfon n 0f
No. 30 of the acts of 1910, otherwise
in the town where the corporation is
suing such stock has its principal place
of business.
Sec. 4. Section $50 qf the public stat
utes is hereby amended so as to read
as follows:
Sec. $40 In appraising shares of stock
In national bank or other corporation,
the value of all its real and personal
estate taxed to said corporation in this
state or elsewhere shall be deducted from
The total appraised value OF all its shares
of stock, and the remaining value only
shall be apportioned among its shares
% ascertain the appraised value there
#.
Sec. 5. All persons making and fill
ng out the tax inventories specified in
eetion $50 of the public statutes, as
mended by section II of No. 3S of the
cts of 1910, and section 537 of the acts
# 1910, and section 537 OF the public
tatutes. as amended by section ) OF
10 80 OF the acts of 1910. except as
provided shall therein state
he total amount Of each item Of tax
Bile personal estate mentioned in each
/ the classes specified in this act; and
uch inventories shall contain suitable
therefor.
See G. Books for the abstracts of in
ividual lists OF taxpayers and for the
rand lists required to be filed in the
flee of the town or city clerk. and the
bstract of the grand list returned to
he commissioner of taxes by the town
city clerk shall contain, among other
lmgs. appropriate columns and blanks
n the insertion therein, by the listers
I'd town or city clerks, respectively, of
le appraised valuation of the property
xed pursuant to the provisions OF this
t.
See I. Tax bills shall contain. among
her things appropriate separate col
ms showing one per cent. of the APP
ased valuation OF all property tax
lie under the provisions of this act,
Id the amount OF taxes of each tax
yer thereon.
Sec. s. Personal estate not taxed I'M
r section ! of this act. and not eX-
ipted under See. of This act. shall
annually set in the abstract of in
ridual list and the grand list. in sep
ate columns set apart therefor. To
E owner thereof in the town. village.
lool or fire district where such prop
y is situated on the first day of April,
one per cent. of its appraised valua
n and shall be subject to an annual
: of one hundred cents on the dollar
such grand list.
See .. Money loaned by any person,
poation or banking Institution at
ate of interest not exceeding five per
It. per anuum. the payment OF which
ured and evidenced by a mortgage
real estate. within this state duly
cuted and recorded. shall be exempt
m taxation provided such loan does
exceed the value Of such real estate.
case such loan exceeds the value of
h real estate. the excess of the loan
II BE- taxed under section ! Of this
&c. 10. Section - Of the public stat
$. a. amended hy section ! OF No. 3
the acts Of 1910 Is hereby amended
n 10 read as follows:
&C. IA. A domestic savings hank or
ines Institution doing business here
hall annually pay tax 60 the state.
ch i hereby assessed al the rate If
sn-tenths of one per cent upon the
rage amount cf IL deposits and ac-
Iulations. after delucting thereffam
average amount not exceeding ten
cent. Of it. assets invested IN United
bgs government bonds. and the aver
Continued on third pagel