Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1916-03-17
LISTERS INSTRUCTIONS
PIumIey Issues Booklet Showing
What Is Taxable Property
Offset Deduction Fully Explained -
Bonds Commercial Paper, Bank Stock
and Other Securities Defined.

tribution to listers and others inter
ested, Bulletin No 3 from his depart
ment under the designation of Bulle-
tin No. Z in which he has incorporated
new matter under the heading "Tax.
Exempt and Taxable Securities. - He
has also incorporated in the bulletin
new matter relating to the general tax
law and offsets.
The syllabus on securities shows
concisely what stocks, bonds and
notes are taxable and exempt. The
stocks of national banks in Vermont
and state banks are taxable; stocks in
banks of other states and countries ex-
empt when taxed in such states or
country. Stocks in Vermont public
service corporations exempt; other than
Vermont corporation stock exempt
when taxed in other states or cOun
tries. Insurance corporation stocks
exempt under same conditions as pub
lie service corporation stocks.
Stocks in Vermont manufacturing
corporations are taxable. Exempt UNI
der same conditions as public service
corporation stocks. Other Vermont
business corporation stocks are taxable
and the same general rule of exemption
applies to stocks of business corpora
tons outside the state. Stocks in I'M
incorporated associations are exempt
U. S. bonds are exempt but income
and interest may be taxed. Vermont
state bonds are taxable. Vermont
municipal bonds, state and municipal
bonds of other states or countries and
corporation bonds are taxable, except
Vermont municipal bonds issued after
February !, 1907, as evidence of obi
cations for money loaned to a county,
town, village, incorporated school or
fire district, at a rate of interest not
exceeding per cent for the purpose
of constructing, purchasing or repair
ing, water, sewer, or lighting system,
permanent highways, bridges, walks, or
public buildings, or for the purpose
of aiding in the construction of rail
road or for the purpose of refunding
debt contracted for any of the
foregoing purposes; also except as to
those issued pursuant to the provisions
of No. SO of the Acts of 1912.
Notes secured by real estate mort
cages are taxable, unless written at
5 per cent or under, when loan is made
on Vermont real estate; taxable at
whatever rate they may be written,
provided loan is not made in Vermont,
and the real estate is situated else
where.
Commercial paper is taxable unless
brought under Act "a of 1915 which
embodies provision in preceding para
graph. Deposits in National banks tax
able when rate exceeds per cent and
where bank files stipulation agreeing
to pay tax. Deposits in state banks
and Vermont savings banks are ex-
empt. Deposits in banks outside of
state are taxable.
In referring to Offsets Commission
er Plumley says;
"By referring to Section l of No.
"a of the Acts of 1915, which is effec-
tive as of January /, 1916, you will
see that the provisions of the money
/ loaned law have been somewhat eX-
tended and defined. You will notice
that credits representing the purchase
price of any part thereof of real es-
tate or tangible personal estate within
this state, as evidenced by promis-
sorry note, mortgage or bond for q deed
bearing a rate of interest not to
exceed 8 per cent per annum, are
specifically included as coming within
the exemption accorded money loaned.
You will also note that ordinary
; charges of book account representing
the purchase price of tangible personal
property on which no interest is
charged are exempted from taxation.
These are the substantial additions to
the law as it existed prior to the pas
sage of this Act in so far as it refers
to money loaned
cit becomes your duty to deduct
from the appraised value of the per-
sonal estate of a taxpayer an offset
for debts found to be owing by the tax
payer on the LIST day of April. You will
note first, that this offset is to be de-
Quoted from the appraised value of the
personal estate. Second, that l per
cent of the reminder, if any, is to be
taken as the personal list of the tax
payer. Before any deduction is made
or allowed by you, the taxpayer must
have complied with the provisions of
Section of the Act, and failure on
the part of the taxpayer to comply
with the provisions of Section 3 de-
prives him of all right to any offset and
renders you liable, provided you allow
him any offset.
"The taxpayer who claims an off.
set must include in his inventory a
statement of his Indebtedness on the
lst day of April for which an offset is
claimed He must give the name of
, each creditor, with the postoflice adj
| dress of the creditor; the amount of
the Indebtedness owed by the taxpayer
; to this creditor; and the date when the
debt was contracted, and the rate of
interest thereon, if any, on each debt.
"The taxpayer must also include a
statement of the amount of his stocks,
bonds and loans which are exempt
from taxation by the laws of this
state; he must include the amount of
his savings deposits in all savings
banks, savings institutions and trust
companies, and savings departments of
national banks in this state; he must
also include his ordinary charges of
book account representing the pur'
, chase price of tangible personal prop
erty on which no interest is charged
If the taxpayer is nonresident, and
such Indebtedness is included in his
inventory, he must furnish you with
a statement from each one of the per
, sons whom he owes, subscribed and
, sworn to by the party to whom the tax
, payer is indebted and the form of this
, , statement must be satisfactory to you
"a taxpayer claiming an offset must
further, submit himself to examination