Mount Vernon signal. (Mt. Vernon, Ky.) 18??-current, 1917-04-13
KY. BANK STOCK
TO Be ASSESSED
ON BASIS OF FAIR Cash VALUE
BILL EMBoDYiNG PRoVIs-
IONS PASSED.
PASS TAX ON BANK DEPOSITS
Victory of Administration Complete
Measure Requiring All Males Be-
tween 16 and As To Register for Pos
sible Military Duty Killed.
Frankfort.

Frankfort.
Bank stock, surplus and undi-
vided profits, will be assessed on
basis of so per cent of its fair cash
value in the future in this state. The
Senate passed the State Bankers AS
sociation bank deposit bill taxing bank
deposits 10 cents on each 800. The
bill had already passed the House and
its passage in the Senate makes the
victory of the administration complete,
as the measure is the last advocated
by the State Tax Commission.
The proposition of taxing the banks
on 60-per-cent basis came up in an
amendment proposed by Senator Scott.
The amendment provides that, "in adj
dition to paying an annual tax at the
same rate which may be fixed by law
on other personally for state purposes.
the local rate of taxation of shares of
hanks, trust companies and combined
banks and trust companies, represent
ing their capital, surplus and undi-
vided profits, shall not exceed so per
cent of the rates which are respective
ly imposed on other property subject
to taxation within the territorial linz
its of the authority levying such tax"
The amendment also repeats Section
1882 of the Kentucky statutes.
The bill passed by the vote of 81 to
26. The Senators voting for the bill
Clay, Combs, Biehl, Ford. Frost, Helm,
Hildreth, Hiles, Knight, Littrell, Mont,
gomery, Moore, Moreys, Overstreet,
Peak, Rayburn, Rogers, Scott, Strick-
lett, Taylor, Thompson, Trigg, Will
liams; total, 81.
The Senators voting against the bill
were Brock, Leach, Lewis, Sanders,
Zimmerman, Porter; total, 6.
Those not voting were Evans, Glenn,
Huffaker, Huntsman, Salmon.
The Senate adopted the report of the
Conference Committee, receding from
the amendment providing that the
deeds must show the true considera-
ton, which had been put in the State
Tax Commission bill by Senator San
ders.
The report of the committee was
adopted by the vote of six. The bill
then was put on it's passage, and pass
ed by the vote of "a to -.
The bill of Representative Green to
require all males between the ages of
16 and As to register with the Ad-
1utant General by June 1, 1917, and to
Fay fee of so cents for the creation of
an emergency military fund, was kill
ed by the House. Speaker Duffy held
the bill was not germane to the call for
the extra session. The House of Rep
resentatives, by the vote of SO to %,
refused to consider the bill. Repre-
sentative Lyon raised the point of or
der that the bill is not germane to the
call of Governor Stanley for the extra
session for the purpose of considering
revenue and taxation measures. Rep
resentative Green contended that IL
was germane because it sought to raise
revenue and that a situation had
arisen whereby 1t undoubtedly was
necessary 10 raise this fund.
Measured by the call of Governor
Stanley, Speaker Duffy held that the
bill is hot germane, but left the ques-
ton as to whether the contingency
which has arisen since the call de-
mands such legislation. The question
then was put to a vote.
The bill of Representative Hutch
craft, which increases the franchise
tax of corporations, excepting banks
and trust companies, building and loan
association and foreign insurance COM
panies from 80 cents on the $1,000 of
authorized capital stock to so cents,
was adopted as a substitute to the
Harvey excise bill and passed by the
House, II to 8.
Representative Spurrier introduced
bill fixing a license tax of 20 cents
the barrel on malt liquor