Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1915-01-28
COMPAN
ARE INTERESTED
IN TWO TAX BILLS

DdHltS OF IHt Sldlp were interested IN
a hearing at the State House to-da
upon two bills affecting the taxation
of trust companies. The hearing wal
conducted by the House committees or|
ways and means and on banks. on.
bill was designed to correct a posslbl4
abuse which is possible under the pres
ent law. At present trust company
can act as trustee for anyone Wild
wishes to avoid local taxation on thei
securities. If they pay merely the sew
-tenths of one per cent tax to thu
state
The other bill was designed to ia
trust company stock in more equit
able manner. It would have all trus
company stock, taxed locally at pal
and the surplus or accumulation
would pay to the state a seventeenth
OF one per cent tax, and be removed
from local taxation. Several banker{
were present and appeared before tn !
committee. Among these were JudgI
L. c. Mower of burlington and JohrI
Branch Of St. Adams. The bankerl
were on the whole in favor of the proJ
posed measures. In view of the facI
that Commissioner Plumley had a plan
,,-Lioh ,,i..L. ~
,,o,,t, a,'l,, ''i' a'"I
,.o. .,4I "P a "'''' ."e i0a' III
evening.
OR 9TH ERWfSE" TRUSTS
House ~, was designed to prevent whaj
are called cor otherwise" trusts Undei
section 2 of number 81 of the acts of l9lj
trust company pays seven-tenths oil
one per cent. tax to the State on averag ed
deposits including money or securitie1
received under order of the court or oth|
erwise. The last two words allow th(
creation of a private trust under which
| the bank pays the State a tax of sevenI
tenths of one per cent. and the propert}
passes out Of local taxation
Senator Powell said that it was hardly
the purpose of the act to give banks al
trustees privileges not given to individual
trustees so as to compel the selection o.
Ine lornler he also thought that 1t wal
fr,,aa eI,,. 80, az ~ u"
I'D. 1t,,,'ao,,,- -o
n,,,. 90 ,,a,-.,.oii...... -, - ". "a
t,,r,s pa,i. o ,r. ''a
citad 49, 49, -. r'.,,- al
co,,,,o,,. IT -, va
an, ,a,, a,,,.. - 10 iu'''
hloc1i of .hatr ho,s,. VI.
Other stoc,,bo,dar. So. a..
Ioca1 ta,ot,or u w., p 20
.ba. h,rl, s+oo,, sto,,,. ,,,,,
His bi,, bowovar 11or.o ~, W .si.
ono featuro as dra ur u.h,o,, ~ az -.
tend II euhiected s,,ch t,-,,+ r,,,d, !.
both State and ,oc., taxotior
Mr. McC'larv's hill uouso en- !.
signed 10 tax tho accuuu,..,,,. =.
bank bv tho State All berk sto,l, at
, be taxed locally at mar and +bo So.
would got a sever-ter+bs nav COW. .n,
on the surnlus IT was notnted on tho
this would he an iniustice IN ,ba .or,,
which now derive revenuo from, h.r,
stock listed above par Mr. Ncc,,,-v In
tended his bill to meet tho ineoual,tis
of the appraisal of hank stock
list pAN1y crOCt- ,ppp .1s.,
,r. ~
! - 'Ae" ar
49, ms f'i'N' t"o'."s III
P'",l 'o ar
t'i. 1.''
,,.. =.
-
80
-, - SO
81 ,.'1 ., 49,
. ,so ,,ln
49,, -,
e.,..
Ia ~ 81 Wv 'u'' OPP "a"
an" 'V PU'io',s u 'oea' Va
"''o''' Tue Ian N"''o W '"e s.ocN IA -.
S'N''"' "a"N''N '"S'i'.'io'is oo4''s pus'
hess III 'Ht ''"t' anu suoJec' u 'oed
TAXATION ne Hs'ers "ouIu then
"PP'a's"' S"ou!o De SUBJECT 10 'he ''sn
Oh appeal TO tne ooarn OF appea!s'
MT McCiary saia that mis- Dill wouN
make the taxation lower In some IN
stances ana hiGher IN others On IN
whole he said it would give the stat
an income or $50" more, ana WouI
make each share of bank stock pay nv
and half cents more on the avcrag
annually.
John Branch of ST. Adams favored tn
taxation of the surplus according 10 MI
McClary's plan. He doubted If a schem
of uniform local taxation could be work
ed out The tax commissioner he sale
had leCtured to the Franklin county list
ers on uniformity. Yet when the stoc
of on. trust companv had been CAREFUL
apnraised at $50 by the listers Of on
town. and they Informed the other lis,
ars Of this careful appraisal they chos
10 apprai-e # as they pleased. and take
tho Same stock at 100 in neighborin
towns The stock of his bank he said