The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1915-03-06
TAXATION CHANGES
Committee Bill Repeats Act Abolish.
ing Offsets.

|
Montpelier. Feb. 19.--The proposed
changes in the taxation law of Yer
mont, as proposed by the special tax
alton committee of the House of Rep
resentatiyes, include the taxation OF
intangibles at the rate OF seyen-tenths
of / per cent, and the allowing of off
| sets and the repeal OF the act OF
1912. relating to exemptions and
abolishing deductions. The proposed
law is as follows
Section ]. Money on hand, money
at interest o. on deposit which is not
taxable under the provisions OF sec.
lions 744,745 and TAG OF the public
statutes as amended by No. IS of the
acts of 1910; and the fair cash value
OF debts due, whether or not secured
by mortgage or pledge, except as
hereinafter provided; government,
state and municipal bonds and securi-
ties not exempt from taxation by the
laws of the United States or of this
state the stock, bonds and securi-
ties of all corporations and all other
intangible personal property shall. in
the manner provided by section $40
of the public statutes as amended by
section OF No. 80 of the acts of 1910
be annually set in the abstract of in.
dividual lists and the grand list, in
separate columns set apart therefor
to the owner thereof on the first day
OF April at per cent of its appraised
valuation and shall in lieu of any
other tax be subject to an annual tax
of 70 cents on the dollar of such
grand list
Sec. 2. The listers shall deduct
from the appraised value of the tax
able tangible personal estate sum
equal to 70 per cent. of the excess OF
any of the debt owing by such tax.
payer over the aggregate amount OF
his bonds, stocks and loan. including
money on deposit in banks exempt
| from taxation by the laws of this
state, and the amount OF intangible
property taxed at the rate of seven
| tenths of per cent. as provided in
| section one of this act, and shall take
l per cent. OF the balance as the list
of the personal tangible taxable estate
of such taxpayer; provided on or be
| fore April 25 he files sworn state
| ment made before a notary or justice
| of the peace of his Indebtedness Oh
the first day of April for which deduc
lions will be claimed, giving the
names of his creditors. their address
and the amount due to each, together
with statement of the aggregate
| amount OF his stocks, bonds and de
posts in banks exempt from taxatioh
| under the laws of this state and his
intangible personal property taxed al
| the rate OF seven-tenths of l pei
cent. A copy of such statement as
| far as 1t relates TO each creditors
| shall be sent by the listers to the
creditors named in the statement and
| ii the creditor resides within the
state the listers shall send copy to
the listers where such creditor re
| sides.
Sec. 3. No note given and dated
after March of the year in which
| the list is taken shall be included In
the statement of Indebtedness FLED
under the provisions of section two
OF this act.
Sec. 4 In case person includes
in his statement OF indebtedness FLED
under the provision OF section two Of
this act. debts owed by him to per
| sons resident without the state he
shall furnish to the listers a sworn
statement of such Indebtedness in d
form satisfactory to the listers from
| the party or parties to whom the
| amount is owing and failing to dc
this such debts shall not be used as
an offset.
Sec. 5. In case a person includes
in his statement of Indebtedness files
| under the provisions of section two
| OF this act. debts owed by him fol-
goods purchased within or without
| the state he shall file with such state
ment of Indebtedness the bills of lad
ing or sight draft and freight or ex'
press receipts for such goods so pur
| chased together with sworn state
ment as provided in section four.
Sec. 6. A person who wilfully
swears falsely in violation of any OF
the provisions OF this act shall be
deemed guilty of perjury and punish
ed accordingly.
Sec. Z. Any lister who wilfully or
knowingly allows an offset to any tax
payer contrary to the preceding sec.
tons OF this act shall be fined not
more than $500
Sec. s Paragraph 8 of section