The bee., 1916-12-29
A SYNOPSIS
OF The Proposed
new KENTUCKY REVENUE
AND TAxATION LAW


went TO Section III Of the
Constitution authoTizins tire General As
ciasclfy property tor taxation.
Fix the rate Of taxation on each class.
Designate which classes shall be sub
leet 70 local taxation.
Permanent The nev. law provides for
state Tax permanent State Tax
Commission. Commission TO carry into
eject the provisi0ns and
exercise supervision over the enti e ques-
tion Of stass taxation. To devote its en-
tire time to the question and assume the
duties OF the various Boards and Commits.
sions now having authority to assess and
tax property for State purposes AZ Frank
fort.
Rate Of The new law hxes the rate
Taxation. OF taxation on al taxable
properly for State purposes at
forty cents on each 500 Of assessed value
instead OF hfty-hve cents, as at present.
on all classes Of property excepting de-
posits IN bank, which are 70 be taxed at
ten cents on each 500 for NE purpose
Of encouraging thrift and savings and the
circulation OF money now seQSestered be-
cause OF excessive taxation. : In other
respects taxation for State purposes will
be obsoluteiy uniform on an classes Of
property whether owned by the residents
or towns OF the country.
ApportIon- The apportionment for each
mentt of i,,sss * expense remains un-
Revenue. disturbed, and the General
Expense Fund = the School
Fund, the Sinking Fun, The kentucky
University and Road Tax will receive the
same exact proportion Of the revenue aa
heretofore
neal Estate. Real estate I'm ~ lg1sd
a. at present ana fleeorfing
20 its LEGALITY in tbs county o. tcWns
and cities fer State puTpoaes At the nni-
form forty-ceAt rate. AnS fes ses.ty,
taWn Or taxing districts at the local EatsE
axed By the local Authorities. The valut
% real estate s..Senas On its Aoeation and
Surrounding lnaprovsments ana should
naturally eontfibUte towards The mo1nis-
nance u aneh impFsvSmsntn-
Personal PeFusuas BrOpevty a saEFs-
Property. gated late elAsssB ana each
olAss viii ~ taHsa unifsTmly.
whether oWned ~ The FaaiAant-ut town
81 the country. ~ Ne purDosua for yhieh
Noasy aaa Gensy la hana, meter,
ceedlto. ezsda. accounts and shares
of stock IN foreign corpora
lions haYlnE lo1a thaa twenty-five per
cent. ~ their taxable properly n Ken
tucky win. ~ taEed for State purposes
emily. AT the uniform fOrty-cent rate In
Heu OF all other taxation. Shares o. stock
poratiOns having more than twenty -lve
per cent. Of their taxable property iC
Kentucky are exempt from taxation as
the taxes are paid by the oorporations.
Machinery. Farm implements and ma
chinery, the machinery Of
manufacturing establishments, including
raw material and product in course of
manufacture, win be taxed for State pur-
poses only at the uniform rate Of forty
cents in lieu Of an other taxation.
Mortgages. Mortgages win be taxed for
State purposes only at the
uniform rate Of forty cents, and If for a
period exceeding three years, a registra-
tion fee Of twenty-five cents on each 500
will be reuuire3 in order TO secure rev
enue from foreign money lenders on long
time loans, as this is the only Kentucky
tax they would have to pay.
Banks and Banks and trust com
Trust Com panies win be subject TO the
panies same taxation as at present,
but the State tax will be
only forty cents instead Of ffty-fve. as
AT present and the assessment win be
made by the permanent Tax Commission
instead OF the State Board OF valuation
Banks have heretofore been assessed on
a different basis OF valuation from other
property, and il is not proposed TO dis
turb this arrangement
Bank Bank deposits are placed IN
Deposits. separate class and depositOrs
win be taxed at the rate Of
ten cents on each S100 on money on de-
posit September l. which tax may, how
ever be paid by the banks for their de-
pOsitors or by the depositors themselves
and this nominal tax Is calculated 10
largely increase the deposits In banks. as
money not so deDnsited win be subject 10
The state tax rate Of forty cents.
Railroads and Railmads and pubic
Public Service service corporal tions wiz
Corporations. be assessed by the per-
manent Tax C0mraissioN
and the taxes on the various classes. OF
property the5 may own win be the same
as for individuals-forty cents for state
purposes on property taxed for State pur.
poses only ana such local taNes as the
local authorities fx on property subject
20 same. The value OF franchises will
also be Fixed by the State Tax Commis-
sion and the new la~7 dispenses with ell
othet State TaNing Boards ans t..xinF
privileges - other Commissions al Frank
fort
Merchants. MerchaEts will be taxed on
thelr real estate and tangible
personally a. heretofore. but at the lower
State tax rate OF forty cents and such
loeai rates as may he hzed by the local
authorities. Notes. aoc0ualts and oash IN
hand viii Be taxed for state purposes
only AZ the uniform forty rate IN
neu ~ other taxes and bank depoults
at ten cents on each 500,
MaaUfsetSrers Manufacturers viii hs
sabjected 70 tha pay
ment ot State taxes only On their ma
chinery and raw material aad prOdnci
in course OF manufacture. notes accounts
cash IN hand and other Intangible pel son
atty az the rate 81 forty cents. and banl
deposits az ten cents on each st00 Theh
real estate will be subject 70 Stats and
local taxes as az prescott
Farmers. Farmers wiz be SOLICITED 10
the present taxation on thelf
land and improvements. but the tax rate
for State purposes viii Be forty cents
fnstead, of hfty-five Agricultural imple.
ments aAd machinery will be taaed fOi
State purposes only az the uniform forty
cent rate. Crops grown within The yoat
are exempt from an tnzation. Hank De
posits will be taHed al ten cents on ths
hundred dollars. and this taH may bs
paid BY banks. Cash on hand. notes and
aceounta taxable bonds ana stocks viii
be taxed Tor State purposes only az the
inform forty cent rate.
llvsatoeh. Livestock win ~ tansd q
a pFsssnt. but the State taH
nate viii Be forty inateaa u nity-Avs