The Barre daily times. (Barre, Vt.) 1897-1959, 1915-02-17
Proposed Law Would Fix a
Flat Rate Of ITO Of
One Per Cent.
CERTAIN DEDUCTIONS
ARE PERMISSIBLE
Important Measure Goes Be-
fore the Vermont
Legislature

The proposed changes in the taxation
law of Vermont, as proposed by the spe-
cial taxation committee of the House OF
Representatives, 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 de,
! ductions. The proposed law is as fol-
! lows:
Proposed Tax Law.
Section |. Money on hand, money at
| interest or on deposit which is not tax
able under the provisions of sections 744,
| 745, and TAG OF the public statutes as
amended by No 35 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 securities not exempt from taxation
by the laws of the United States or OF
this state; the stocks, 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
6 of No. 35 of the acts of 1910, be an
nually set in the abstract OF individual
lists and the grand list, in separate cot
umns 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 sub
ieet To an annual tax of 20 cents on
the dollar of such grand list.
Sec. 2. The listers shall deduct from
the appraised value Of the taxable tang
ible personal estate sum equal to 10
per cent. of the excess of any OF the debt
owing by such taxpayer over the az
gregate amount OF his bonds, stOcke and
loan, including money on deposit IN
banks exempt from taxation by the laws
Of this state. and the amount Of in
tangible property taxed at the rate OF
seven-tenths Of ] per cent. as provided
in section one OF this act, and shall take
per cent Of the balance as the list ot
the personal tangible taxable estate Of
such taxpayer; provided ON or before
April 25 be files a sworn statement made
before notary or justice OF the peace
of his Indebtedness on the first day ot
April for which deductions will be
claimed, giving the names OF his eredl-
tors. their address and the amount. due
to each. together with a statement OF
the aggregate amount of his stocks,
bonds aud deposits in banks exempt from
taxation under the laws of this state
and his intangible personal property
taxed at the rate Of seven-tenths OF
per cent. A copy Of such statement AS
far as il relates 10 each creditors shall
he sent bv the listers 20 the creditors
named in the statement and il the cred
itor resides within the state the listers
shall send a copy 20 the listers where
such creditor resides.
Sec 3. No note given and dated after
March ] Of the wear in which the li-t
i taken shall be included in the state
ment o. indebtedness filed under the
provisions Of section two Of this act.
See 4. In case person includes Va
his statement OF indebtedness filed un-
der the provision OF section two Of this
act. debts owed by him 10 persons resi-
dent without the state be shall furnish
10 the listers sworn statement 81 such
indebtedness IN a form satisfactory to
the listers from the party Or parties 90
whom the amount Is owing and failing
10 do this such debts shall not be used
a. an offset.
Sec. 3. Tn case person includes IN
his statement Of indebtedness filed under
tho provisions of sect ion two 81 this act.
debts owed bv him for goods purchased
within or without the state be- shall ale
with such statement of indebtcdness tho
bills of lading or sight draft and freight
or express receipts for such goods 70
purchased together with a sworn state
meut ~ provided IN section four.
See. e. s ncrson who willully swears
falsely in violation ~ any ~ the proti.
sians ~ the act shall b. deemed guilty
of perjury and punished accordingly.
Soc. :. Any lister who uilfuiiv ~
knowingly allows an OBJECT a. nnH taV.
navar contrary A. the preceding sections
81 this at shall b. fined not more than
ssna.
Sae. s. Paragraph tiree of se5tian
eos ~ tl.e uuiiie statutes IS hereby ft-
paaled
500. q Nnuisr ss of ihe arfs 0f lale
eatftled. aAu as relating g. eKemrtioa
from faxafian an8 alaishiW9 i1r 8eifis
auirr. = annrnfe1 Feh. la 1913 as hffel'f .
feuealod ana sefffan ss3 ard "a 1f tie
ruhi. sfafufes uhish we're rerealea ~ /
satd 90 NJ gs art herrhr retired ana .
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