New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-11
NO DEFINITE ACTION
TAKEN ON TAX BILLS
Maximilian MOrgenthau,
Jr., Tells About Work of
State Legislature.

Although the Legislature is seized
uled TO adjourn in two weeks, prac-
ticallv no action has as yet been taken
on the important subject Of taxation,
said Mr.. Morgenthau, jr., president o:
the Real Estate Association Of New
York. Yesterday. Continuing he added:
The State OF New York is certainly
TO be congratulated that the leaders OF
the Legislature have turned deal ear
TO the headings of its wealthy and un-
taxed citizens. Senator Marshall. who
IS chairman Of the Senate committee
ON taxation and retrenchmept, miro
duced i'm the Senate on edneScdy a
bill identical with the bill introduced
last week in the Assembly be De Witt
c. Talmage. This bill provides for an
annual tax of mills. or 20 cents per
500, on the actual market value OF Sc
curities As the average rate ON Sc
Curities is per cent this means
tax of about per cent OF the income.
The average real estate owner is to-day
paying about % per cent OF ms income
TO the government, so this tax IS Ger
tainlv most moderate in proportion.
Another bill taxing tangible cor
poreal personal property has been IN
PRODUCED i'm both houses of the Legs
lature within the last few days. THIS
bill has not been prepared by the real
estate interests, but has their united
support
Mr. Morgenthau has addressed a let
ter TO the mayors of the larger cities
Of the state calling attention 10 TINS
bill. which has been introduced IN the
Assembly by Francis G. Landon, chair
man Of the Committee on Taxation and
Retrenchment. and in the Senate by
Y. Monroe Marshall. The main feat
ures Of the bill are:
The personal property which is now
exempted from taxation 10 the value
Of 81 600 is limited to furniture.
household goods. books, professional
instruments, pictures, jewelry, wearing
apparel and other personal effects not
held for sale or profit
An additional exemption TO the value
Of 81 500 covering working tools, I'M
Elements, teams. vehicles and domestic
animals owned by householder not
held for sale
The classification Of tangible per
sonal property defined as corporal
personal property which shall not
be taken TO mean money deposits IN
bank. shares of stock, bonds, notes,
credits or evidence of an interest IN
The levying of an annual tax OF 3
mills on each dollar y per cent? Of
the full value of all tangible personal
property situated within the state.
The assessment of such Tangible per
soual property against the owner or
holder al FULL value thereof in the
tax district I'M which such tanglbl per
Sonal property is situated on the date
the assessment is made
The removal of 'he provision author
ling deduction of debts from assess
ment on account Of personal property
in so FAR as it applies TO tangible per-
Sonal property assessed under this new
law. Debts are still deductible from
credits or bills receivable. which re-
main asSessable as heretofore. as per-
sonal property under the general prop
Crty law
Section $50 provides for the dispo-
sition Of this new tan rs follows:
THE tau warrant shall direct that all
taxes collected on account OF assess
rlcnt Of tangible personal property. as
provided i'm this article, shall be paid
II the county treasurer. or II county
he wholly included m the City Of New
York. to the receiver Of taxes OF such
CITY. I'm the City of New York such
taxes shall be credited TO the general
fund"