The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1915-03-01
TAX LAW CHANGES
AS PROPOSED AT
MONTPELIER
Plan to Bring Back Offsets On All
Debts Owing
FLAT RATE ON | NTAKGlBlES
Bill Would Do Away With Tax Ex.
emption OF Money Loaned at
Five Per Cent

| Below is printed the new tax law
proposed by the joint committee OF
the legislature The Bennington
| county representatives who are home
over town meeting would like 10 hear
from thei. constituents whether they
| prefer this bill to tle tax law now in
| force
Section l. Money ON hand. money
| at interest or ON deposit which is not
| taxable under the provisions Of sec
tions 744, 745 and 7i6 OF the public
statutes. as amended by No. 355 Of
the acts OF 1910; and the fair cash
value of debts due. whether or not
secured by mortgage or pledge, ex-
cept as hereinafter provided: govern
ment. State and municipal bonds and
securities not exempt from taxation
by the laws of the United States or or
this state; the stocks. bonds and Sc
curities OF all corporations; and all
other intangible personal property
shall in the manner provided by sect
ion $40 of the public statutes. as am
ended by section six OF No. 35 of the
acts of 1910, be annually set in the alb
stract of individual lists and the grand
list. in separate columns set apart
therefor, to the owner thereof on the
first day of April at one per cent OF its
appraised valuation and shall in lieu
OF any other tax be subject to an an
nual tax of seventy cents on the dol
lar of such grand list
Section 2. The hsters shall deduct
from the appraised value OF the tax.
able tangible personal estate a sum
equal to rs per cent of the excess of
any OF the debts 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 one per cent as provided in
section one of this act. and shall take
one per cent Of the balance as the list
of the personal tangible taxable es-
tate OF snch taxpayer; provided on or
before April % he files a sworn state
ment made before a notary or Justice
of the peace of his Indebtedness on
the first day OF April for which deduc
tions will be claimed. giving the
names of his creditors, the address
and the amount due TO each. together
with a statement of the aggregate
amount of his stocks, bonds and de-
posits in banks exempt from taxation
under the laws of this state and his
intangible personal property taxed. al
the rate OF seyen-tenths OF one per
cent. A copy of such statement as
far as it relates to each creditor shall
be sent by the listers to the credito,
named in the statement if the creditor
resides within the state listers shall
send a copy TO the listers where such
creditor resides.
Section 8. No note given and da;.
ed after March / OF the year in which
the list is taken shall be included in
the statement of Indebtedness filed un
der the provisions of section two of
this act
Section L. ii a person includes in
his list of Indebtedness, fled under
the provisions of section . of this act,
debts owed by him TO persons resid.
ing without the state he shall furnish
to the listers Il statement of such in
debtedness sworn and subscribed to
by the creditor in a form satisfactory
to the listers; if not so furnished,
such debts shall not be allowed in
set off: and no set-off shall be allow.
ed on any amount in excess of three
thousand dollars.
Section 5. In case a person inclu.
des in his statement of Indebtedness
filed under the provisions of section
two of this act, debts owed by him
for goods purchased within or with
out the state he shall file with such
statement of Indebtedness the bills
of lading or sight draft and freight
or express receipts for such goods.
Section 8. 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.
Section Z. Any lister who wilfully
or knowingly allows an offset to any
taxpayer contrary to the preceding
sections of this act shall be fined not
more than five hundred dollars.
Section 8. Paragraph III of No.
496 of the Public Statutes and No. 80