The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1916-03-20
THE EVENING BANNER
BENNINGTON VERMONT
Monday, March 20, 1916.
WHAT is TAXED IN VERMONT
Commissioners plumiey Issues Bulletin
For Use of Listers.

to listers and Others inter
ested, Bulletin No. from his depart
ment under the designation of Bulle-
tin No. 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 ex
empt when taxed in other states or
countries. Insurance corporation
stocks exempt under same conditions
as public service corporation stocks.
Stocks in Vermont manufacturing
corporations are taxable. Exempt I'M
der same conditions as public service
corporation stocks. Other Vermont
able and the same general rule OF eX-
emption applies to stocks of business
corporations outside the state. Stocks
in unincorporated associations are ex-
empt.
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 l, 1907, as evidence of obi
cations for money loaned to 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 Tor the purpose
of aiding in the construction of rail
road or for the purpose of refunding
a debt contracted for any of the
foregoing purposes, also except as to
those issued pursuant to the provis-
ions 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 it 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 n>preceding para
graph Deposits in National banks
taxable when rate exceeds per cent
and where bank files stipulation agree.
ing to pay tax. Deposits in state
banks and Vermont savings banks are
exempt. Deposits in banks outside
of state are taxable.
In referring to offsets, Commission
err Plumley says
by referring to Section OF No
81 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 for any part thereof of real es-
tate or tangible personal estate with
in this state, as evidenced by a promis-
sorry note, mortgage or bond for
deed bearing rate of interest not to
exceed per cent per annum, are
specifically included as coming within
the exemption accorded money
loaned You will also note that ordi-
nary charge OF book account repre-
senting 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
at becomes your duty to deduct
from the appraised value OF the per.
sonal estate ora taxpayer on offset
for debts found to be owing by the tax
payer on the Isl day OF April. You
will note first that this offset is to be
deducted from the appraised value of
the personal estate. Second. that 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 8 OF the Act, and failure on
the part of tie taxpayer to comply
with the provisions of Section 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
1st day of April for which an offset is
claimed. He must give the name Of
each creditor. with the postoffice ad-
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.
"1he taxpayer must also include
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 in charged
If the taxpayer is nonresident, and
such Indebtedness is included in his
inventory, he must furnish you with