Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-03-19
TO PASS REVISED
BANK TAX BILL
Rate Is Cut in Half and Is Sat
isfactory to Bankers As
ISOLATION.
Especial to the Evening star.l

Especial to the Evening start
TRENTON, March 19.--The bank
tax bill will be passed by the House
of Assembly. after all, but not in its
original form, as the Pierce measure.
Instead of the per cent tax on cap
ital surplus and undivided profits, a
tax of one-half of / per cent. will be
levied.
The bankers are willing To pay this
amount. This means that there Will
not be any opposition to the amended
bill by the New Jersey Bankers AS
ISOLATION. which so vigorously OPP
posed the original measure.
Another amendment to- the bill
which will make it more acceptable to
the various cities and municipalities
of the State viii be made to it, In
stead of the amount derived from the
tax being divided between the county
and the taxing district it will be
divided between the city or munich
pality and the taxing district.
The amendments were the subject
of q conference between the Demo-
cratic Assemblymen from Essex with
City Counsel James r. Nugent last
night. Eight of the Assemblymen
pledged themselves to vote for the
\ bill with the amendments, Assem-
blyman Charles A. Nutting held out
aga INST the bill.
City Counsel Nugent explained that
the main thing was to get bill pass
ed providing for a tax that Will be
collectable. He also pointed out That
IL is advisable to have a bill that will
not interfere with the local taxes and
deprive municipalities of the amounts
they are now entitled to receive by
taxation of bank property, real and
personal, without giving them any
thing in return.
Lineup SO to "a.
The bill as amended will pass the
House The lineup on 1t will be 30 TO
"a. it is said. The amended bill will
come up for action in the House next
Monday All the Republican members
will support the amended bill along
with eight Essex Democratic Assem-
blyrnen and five other Democratic
Assemblymen.
The amendments to the bill which
will be supported were offered by AS
semblyman Carlton Godfrey. The At
lantic County member, who Is
banker as well as a legislator of the
amendment asking more than the
committee of bankers thought ought
to be allowed them He would make
the bill exempt real estate owned by
the banks from tax. That amend
ment will not be adopted.
The amendments as submitted by
Assemblyman Godfrey, with the OBJ
sectionable clause exempting real es-
tate In it, were as follows:
Amend section to read as follows: |
g The true value of such shares of
stock shall be ascertained by adding |
together the capital, surplus and UNI
divided profits of such corporation |
The sum shall be for the purposes OF
this act the true value of all the |
capital stock. The rate of tax upon
the shares of banks, banking associ- |
atoms and trust companies through |
out the State, one-half OF per |
centum upon said gross amount tfrom |
which gross tax shall be deducted the
tax imposed upon or charged in the
same year against the real estate
actually owned by such corporations
on the goth day of May, and such
net amount shall. when divided by
the total number of shares of such
corporation issued and outstanding,
be for the purpose Of assessment ana
taxation, the true value of each share, |
no deduction or exemption shall be
allowed or made from the value de-
the manner hereinafter provided"
Amend section by striking out |
the following words: THE rate of
tax upon the shares of stocks of
banks, banking associations ana
trust companies shall be throughout
the State per centum upon the value
thereof as ascertained and fixed in
the manner hereinbefore provided.
Amend section 7, line g. by striking
out the word County" and insert In
place thereof the words "city or other
municipalities" and by striking out
the following words at the end of said
sections, tax so paid shall be APP
portioned on or before the fifteenth
day of January following the date
when such taxes are due and pay
able, at the rate of so per centum to
the county within which such bank,
banking association or trust company
is located, and fifty per centum to
the taxing district within which its
principal place of business is located,
and the amounts so due to any tax
ing district shall be paid forthwith by
the disbursing officer of said county
setting forth in detail the amount of
such tax received, the institutions by
which 1t is paid, the aggregate
amount thereof, and the basis of APP
portionment"
Amend the second paragraph of Sec
uO1 ~ 10 TStiu as IOliOWS. ne PEN
atty imposed by this act shall be col
lected by suit in the nature OF an
action for debt instituted by the coll
lector of taxes of the city or other
municipality within which such
banks, banking associations or trust
companies have their principal office
or place of business
Amend section 6. line 10. by strik-
ing out the word, County collector
and insert in place thereof the follow
ing words, collector of Taxes of
such city or other municipality"
s. 1t was q surprise to spectators not
aware of the conditions when Senate
bill No. 176 was allowed yesterday
to go to second reading. There were
enough votes against ii to hold it
back, but in view of the amendments
which We're coming there was no OBJ
iect on to the second reading of the
bill taking place. The vote to put the
bill on second reading produced some
confusion in the House, some of the
members not having appreciated the
situation, and it passed by a vote of
% 70 81