Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1915-03-04
THE TAX LAW CHANGES
Legislative Plan to Restore Off,
sets on Debts Owing.
A Flat Rate on 1ntangables-BNl
Would DO Away with Tax tx
cmption Of Money Loaned AT
Five Per Cent.

- ''' " az io'
lows:
Section 1. Money on hand, money at
interest or on deposit which Is not tax
able under the provisions Of sections IA.
AS and 7S 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 az hereinafter provided;
government. state and municipal bonds
and securities of all corporations; and all
other intangible personal property shall
in the manner provided by section SO Of
the public statutes. as amended by sec
ton 6 OF No. 35 Of the acts OF 1910, be
annually set in the abstract Of individ-
ual 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 it's appraised valuation and
shall In lieu Of any other tax be subject
to an annual tax Of seventy cents on the
dollar of such grand list.
Section {. The listers shall deduct
from the appraised value of the taxable
tangible personal estate a sum equal to
Is per cent OF the excess OF any Of the
debts owing bN such taxpayer 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 intan-
gible property taxed at the rate OF seven
tenths of one per cent as provided in sec
ton one Of this act. and shall take one per
cent of the balance as the list of the per.
sonal tangible taxable estate Of such
taxpayer; provided on or before April IS
ne files a sworn statement made before Il
notary or justice Of the peace Of his in
debtedness on the first day of April. for
which deduction will Do claiTed, giving
the names of his c. sNtors. the address
and the amount dse to each, together
with a statement of the aggregate
amount of stocks, bonds and deposits in
banks exempt from taxation under the
In VS. Of this State and his intangible per
sonal property taxed. at the rate of
~seven-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
each creditor named in the statement: II
the creditor resides within the state. list
ers shall send a copy to the listers where
such creditor resides.
Section 3. No note given and dated
after March l Of the year in which the
list is taken shall be included In the
statement Of Indebtedness filed under the
provisions Of section two Of this act.
Section l. II a person Includes in his
list of Indebtedness. filed under the pro-
visions Of section 2 Of this act. debts
owed by him to persons residing without
the state, he shall furnish to the listers a
statement Of such Indebtedness sworn
and subscribed to by the creditor in a
form satisfactory to the listers; il not SO
furnished, such debts shall not be al
lowed in set-off: and no set-off shall be
allowed on any amount in excess OF three
thousand dollars
Section s. In case a person includes in
his statement of Indebtedness hled
under the provisions OF section . of this
act debts owed by him for goods
purchased within or without the
state, he shall file with such state
ment of indebtedness the bills of lad
ing or sight draft and freight or ex-
press receipts for such goods.
Section 6. A person who willfully
swoars falsely in violation OF any OF
the provisions of this act shall be
deemed guilty of perjury and pun
!, ished accordingly.
Section Z. Any lister who willfully
or knowingly allows an Offset to any
, axpayer contrary to the preceding
sections of this act shall be hned not
/ more thar five hundred dollars.
Section S, Paragraph III of No,
496 Of the Public Statutes and No. 81
Of the Acts of 1912 are hereby re-
pealed.
5 Section 9. Section $50 Of the Pub
= lie Statutes as repealed by section .
of NJ Ak of tho ACtc ~ 1910 iS hero
by reenacted SO as to read as follows
Section $50. A liability as indorsed
!, or surety shall not be deemed a deb
owing tor which a deduction may be
, claimed. A liability on a joint in.
debtedness shall. as to each OF the
: persons bound. be deemed a debt ow-
8 ing for only so much as such person
would he obliged to pay IL all the
= persons Jointly bound were to pa
equal parts Of the debt
Section 10. Section 5i ot the Pub
I lie Statutes, as amended by No. AZ oil
= the Acts of 1910. and ae repealed by
. section . OF No. rs OF the Acts of 1912
-, is hereby r~eenacted so as to read us
follows:
Section 554. II a person taxable
for personal estate In two or more
- So 80 h"' - - i'Ao Wv
, swears to and returns inventories tC
. the listers OF the several towns where
in such property is taxable. ant
u olainrns a deduction on account Of
I debts owing. the listers OF the towr
D Of his residence shall ascertain thu
amour Of deduction to which he Il
entitled. The listers In the othel
= towns wherein such property Is 10
D Gated shall on or before April 20
o certify the amount of such taxable
2 personal estate in their RESPECTIVE
towns to the listers In the towr
where the taxpayer resides. Said las,
u named listers shall thereupon appor,
D ton the amount OF taxable persona
8 property in each town, and hail In
writing certify such apportionment
to the listers of the other towns. In
case on-residents. rships
. or corporations are thus taxable ir
o two or more towns, the listers OF the
4 town wherein their principal place OF
business in this state Is located shall
o determine the amount OF such indeht-
edness and certify the same as here
inbebore provided. The amount o
such deduction thus apportioned t
any town shall be taken from the ap'
> praised valuation Of the taxpayer
: taxable personal personal estate sub