Norwich bulletin., 1916-02-24
FORMS ARE OUT
FOR LATEST TAX.
Over 7,0oo Corporations in the State Are Required to Report to the Tax Commissioner.


 Over 7,ooo Corporations in the State
 Are Required to Report to the Tax
 Gonmissioner.
 The office of the tax commissioner, which since the last sessions of the legislature has been at work prepar- ing to collect the corporation tax of 2 per cent. on the net income, which was laid at that session. is now at work forwarding the blanks on which the income will be reported, to the 1,500 corporations in the state. It will be two weeks more before all the blanks are mailed, and they must be filled out. sworn to and returned to the tax commissioner by April 1. The bills for taxes will then be sent out and are payable on or before Aug. l.
 The information which the officers of the corporation are required to send to the tax commissioner is in part identical with that furnished the Unit ed States collector of internal revenue for the collection of the federal income tax, but some additional facts will prove very helpful to the state author ftles, who in case of doubt may apply to the federal authorities for data to aid in the collection of the tax
 The Information Required.
 The information required to be filled in upon the blanks is as follows:
 O1 COIPOIdllCu.
 Kind of business.
 Location of principal office.
 State in which corporation was or ganized.
 List of subsidiary companies.
 Amount of paid up capital stock out standing at close of year; if no capital stock, the capital employed in the business at close of year.
 Total amount of bonded and other indebtedness at close of year.
 Gross income from operations, from rentals, from interest, from dividends received. from other sources, total gross income.
 Deductions: Expenses, general, in cludlng rentals, payments in lieu of rent, losses sustained. depreciation depletion, interest paid, taxes domes- tic, taxes foreign, total deductions
 Net income.
 Was the amount of the annual net income as last returned by this cor poration changed or corrected by an official of the United States?
 Is business carried on outside of Connecticut? If so, are the profits principally from ownership. sale or rental of real estate, sale or use of tangible property, or holding or sale of intangible property?
 Companies deriving profits princi- pally from ownership, sale or rental of real estate or sale or use of tangible personal property are required to give a fair cash valuation of real estate and tangible property located inside and outside the state.
 Finally, the gross receipts of com panies deriving profits principally from the holding or sale of intangible property. both from business carried on within Connecticut and from busi- ness carried on outside the state, must be given.
 Returns must be sworn to or af flTma6 hW two officers nf 17p fsfaT, that is, by the president vice presi- dent or other principal officer, and the treasurer or assistant treasurer, and must be sworn to before an officer au- thorized to administer oaths, and the seal of the attesting officer must be impressed on the return in the space required for that purpose.
 Returns are required to be filed on or before April 1 of each year and no provision is made for extension of time in cases of neglect to file returns on the date required.
 Two Per Cent. Tax.
 The tax of per cent. on the net in- come as determined is payable on or before Aug. l in each year A state ment of the amount of tax due will be mailed to each corporation in July, but failure to receive the statement will not excuse non-payment of the tax
 me WOTQ company as used In the blank, includes every corporation, joint stock company and association. The following are exempted from making returns; Insurance and trust compa- nies state banks, savings banks organ ized under laws of this state, banking of the United States and located in this state, express companies carrying on business on steam or electric rail- roads or. street railways, steam or cleo itric railroad or street railway corpora tions, companies whose principal busi- ness is furnishing. leasing or operating dining, sleeping. chair, parlor, refrig- orator, oil, stock, fruit or other cars corporations whose principal business is manufacturing. selling and distrib- uting illuminating or heating gas, or electricity to be used for heat. light or motive power or water for domestic or poweU purposes, telegraph, cable and telephone companies.
 To Be Treated as Confidential.
 Reports are treated as absolutely confidential by the officers and em- ployes of the state and fine or inn prisonment is provided for violation of provisions concerning disclosure of in- formation by such persons.
 The amount of the annual net income as returned on the state blank must be identical with that given on the last return made to thetcollector of internal revenue and as subsequently, corrected by. any authorized official of the United States.
 The Tax Law.
 Certain provisions of the law gov- erning the payment of. this new tax are as follows. being qtbted from part 4. chapter 2s2, public acts of 1915: or before the first day Of July in each year. shall nuke a list of companies