The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1915-02-18
It Follows Out the Plan OF
Governor Hatfield To
Raise Revenue.
wouLplpLAcE oRE.HALF OF ONE:
PER CENT ON CORPORATION
INCOME.


PER CENT ON CORPORATION
INCOME.
CHARLESTON, Feb. 1S.-In keep.
Ing with one OF the Recommendations
of Governor Hatfeld's special mes
sage to the legislature on the matter
Of revenue. q bill 10 now before the
house, imposing q special license tax
on corporations. Joint stock compan.'
les. associations. insurance companies
for the privilege OF doing business In
the state.
The bill proposes a rate Of one-half
Of one per cent. on the income OF the
corporations subject to Its provisions.
This is estimated to bring into the
state treasury about 100000 q year.
Because Of its importance, the pro-
visions Of the bill are given below al.
most In their entirety:
Special: Excise Tax.
The first section provides that every
corporation, Joint stock company or
association organized for profit and
having a capital stock represented by.
shares. and every insurance company
now or hereafter organized under the
laws Of this State. or under the laws
Of any other government. and engaged.
In any business whatsoever In the
state Of West Virginia, shall pay an.
annual special excise tax for the priv.
lege Of carrying on or doing business
In the state ofsWest Virginia equiva.
lent to one-half OF one per centuni
upon the entire net income OF such
company over and above $500 re.
ceiyed by 1t from all sources during
the year, exclusive OF amount re.
ceiyed by It upon stocks OF other cor.
porations, Joint stock companies or as.
%sociations or insurance companies.
subject to the tax hereby imposed; or
II organized under the laws OF any
government other than the state OF
West Virginia. upon the amount Of
net income over and above $2,50o re.
ceived by 1t from business transacted
and capital invested within the state
OF West Virginia during such year,
exclusive OF amounts so received by
It as dividends upon stock OF other
corporations, Joint stock companies
or associations or insurance compan.
los, subject to the tax hereby i'm.
posed; provided. however, that moth
ing In this section contained shall up
ply to labor, agricultural or horticul.
tural associations Incorporated or un-
Incorporated. O to 1fraternal bene.
ficlary societies operating under the
lodge system, and providing for the
payment Of life, sick, accident or other
benefits to the members Of such sooie.
ties. orders or associations and de.
%pendents OF such members, nor to do
nestle building and loan associations
organized and incorporated exclusive.
ly for the mutual benefit Of their mem.
bers, nor TO any corporation or asso
citation orEsnized and operated exclu-
siyely for esligious. charitable or edu.
cational purposes, no part Of the net
income Of which inurest to the benefit
Of any private stakeholder or indi-
vidual.
: To Make Return.
The second section provides that
all corporations subject to the tax
imposed by the act shall on or before
the first day OF April. 1915. and in
each year thereafter. deliver to the
state tax commissioner a return in
writing, which shall be signed and
sworn to by its president, vice presi.
dent or other principal accounting
officer, In the form prescribed by the
board Of public works Of the state,
for the year ending December 81 next
preceding.
Such return shall accurately and
fully set forth:
First. The total amount Of paid
up capital stock Of such corporation,
Joint stock company, association or in.
surance company outstanding at the
close Of the year.
Second. The total amount Of its
bonded indebtedness ct the close Of
the year.
Third. The gross amount OF its In.
come received during such year from
all sources, and II organized other.
wise than under the laws OF. this
state the gross amount OF Its income
received within the year from bust.
ness transacted and capital invested
within the state Of West. Virginia;
also the amount received by such cor
poration, joint stock. colnapny, asso.
citation or insurance company within
the year by way Of dividends upon
stock of other corporations, Joint
stock companies. associations or IN.
surance companies subject to the tar
imposed by the act.
Fourth. The amount of all ordinary
and necessary expenses actually paid
out Of the income In the maintenance
and operation OF the business aud
proprieties thereof within the year,
stating separately all charges such
as rentals or franchise payments re.
quired to be made o q condition to
the continued Use or possession or the
property. and II Organized otherwise
than under the laws OF this state the
amount so paid in the maintenance
and operation Of It's business within
the state Of West Virginia.
Amount OF Lossea.
Fifth. The total amount OF oil loss.
actually sustained during the year
and not compensated BY insurance
or otherwise, stating separately any
amounts allowed Tor depreciation OF
property. and Ia tho case Of insurance