Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-02-05
SENATE POSTPONES
VOTE ON TAX BILLS
Will Call Roll on Substitute Seq
regation Measure at Noon
To-Day.
PROVIDES Ex-OFFICIo BOARD
Indications Point to Early Agree
ment Substantially on Gov
ernor's Bill.

With the last vcstigc of hope for
adoption of the plan OF taxation mapped
out by the majority OF the Tax Com
mission swept away, :hc advocates OF
the Capitalization idea have come up
smiling
In both branches of the General AS
scmbly the votaries Of the commission
form are now ccntring their efforts to-
ward pcrsuadinE the dominant segre-
gation!sts TO conccde a supervisory
board that Will have as great powers
as can be vested IN such n board with
out materially impeding the operation
Of the system prescribed in what is
known as the administration bill
Roll call on the tax bills is scheduled
10 begin at noon in the Senate.
SUBSTANCE: OF LEGISLATION
WHICH NOW SEEMS CERTAIN
Under operation OF the Weaver
Buchanan bin. as 1T stands with the
Tavcnner amendment added. the State
government will derive It's revenue
from tho following sources:
l. Taxes on the rolling stock (en-
cines and cars) OF steam railroads. at
the probable rate Of $3.50 on the 500
OF assessed value
? Taxes on intangible personal prop
cr'y owned by citizens OF Virginia. In
Guiding stocks bonds. other evidences
of debt. securities In the hands Of
courts awaiting settlements OF suits,
an! securities In the hands OF cxccu-
tors. administrators and guardians. at
the rate Of 20 cents on tho 500 OF face
value
,. License taxes on Insurance COM
ranics doing business in this State. at
about the same rates now prevail.
Taxes on money deposit IN
banks. a, "a rate vet 10 he fixed at the
present session
. Franchise taxes on public service
corporations. license taxes and nu-
in"rous other items which have for
Years been segregated for State pur-
poses
s. y tax OF 10 cents on the 500 OF
assessed value Of all real estate and
tangible personal property. for the
support OF the public free schools
WHERE COUNTIES AND CITIES
WILL. DERIVE THEIR REVENUES
cities and counties will derive their
revenue from the following sources:
a. All taxes on real estate except for
the lo-cent school tax above referred
to- Tho State rate OF 30 cents on the
500 is thus reduced to 10 cents. and
localities Will have the benefit OF the
difference OF - cents on the sI0o of
valuation.
u. All taxes on tangible personal
property such rs live stock. automo-
bilcs. carriages. jcHelry and household
goods, except for the lo-cent school
tax already defined
c. MI city and town and county
license taxes on business of all kinds
as at present collected. except on in
surance companies
d. cities. counties and towns may.
at their option. impose a local tax not
10 exceed 80 cents on lhe sl0o of value
OF intangible personal property such
as stocks bonds and chooses in action
In addition 10 the State tax OF % cents.
making the total tax in localities
which desire 10 avail themselves OF
this provision. OF not more than 81 on
the 500 OF value OF this class OF prop-
crty
SUBSTITUTE BILL PROVIDES
EX-OFFICIo TAX COMMISSION
BY the provisions OF the Senate
Finance Committee substitute for vari-
GUS Senate bills. there will be an ex-
of'icio State Tax Board, composed of
the Governor, the Auditor of Public
Accounts and n member OF the State
Corporation Commission, without COM
pensation, with purely advisory powers
ana at n cost of not more than $4,000
per year for the employment OF clerks
There Will also he local boards of
equalization for the purpose of review
ing the assessments made within their
own counties and cities. and of bring
ing TO light and placing on the tax
books those Items of intangible prop
crty not heretofore given in for taxa
iion.
II Is the expectation of segregation
leaders that the General Assembly of
lnl6 Will be enabled to reduce or re-
adjust inc TAX OF 10 cents on the 500
for school purposes. or perhaps abolish
1t altogether. with the result of com
plcte segregation The most conserya-
tive think such result will he reached
within three years. Then II will be no
concern of the people OF any county or
city what the proportion OF assessed
value to real value OF property is i'm
amy other county or city.
The temper of the defeated Tax Com
mission element in the House is re-
nectcd in the attitude taken by Dele
gate Il. w. Milstead. Of Newport News,
one of the most active and sturdy sup
portcrs of the Tax Commission.
MIIsTEAD FORECASTS
COMPROMISE MEASURE
Asked yesterday afternoon to fore
cast the result of the special session,
Mr. Milstend said: IL think we NAV
expect the eventual adoption of the
segregation .nlan. with Il governing
board. AS / set forth in my PROPOSE
tOn, which the House has not taken
kindly to, l believe that n fair COM
promise would be the creation OF a
hoard to consist OF the Auditor Of Pub
lie Accounts. one member of the State
Corporation Commission and one
elective office. to be known as the
tax commissioner. still hope that
the two branches will come together
OH such proposition. AS long as
there was prospect for the Tax Com
mission plan. ! stood by IT, 7 still he