Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-02-07
STERLING MOVESTO
CUT |NTANG|BLETAX
Senator Offers Amendment
Reducing Levy to Three
Tenths of One Per Cent.
ADDS TO EXEMPTION LIST

Senator Sterling OF South Dakota To-Day
proposed an amendment to the District
appropriation bin, now pending in the
Senate, proposing to reduce from four
tenths of one per cent to three -tenths OF
one per cent the tax on intangible per-
sonal property, and to exempt from the
tax certain property taxed under the
existing law
The exemptions from the tax on in
tangible personal property proposed in the
Sterling amendment, and in addition TO
those in the existing law, are as follows:
THAT such tax on moneys and credits
shall not apply to bank notes or notes
discounted or negotiated by any bank or
banking institution, savings institution,
or trust company. nor to savings
institutions having no capital stock,
building associations, firemens relief as
soclatIons, secret and beneficial societies.
labor unions and labcr-union relief as
sociations, nor to beneficial organiza-
| tons paying sick or death benefits,
or either or both, from funds received
from voluntary contributions or as
sessments upon members of such as
sociations, societies or unions; nor shall
the provisions of this act apply to life
or fire insurance companies having no
capital stock, nor to business compa-
10 incorporation receive no special
franchise or privilege, but all such
corporal tions shall be rated, assessed
and taxed as individuals conducting
business in similar lines are rated, as
sessed mad taxed
THAT corporations. limited partner
ships and joint stock associations with
in said District liable to tax under the
laws of said District on earnings or
capital stock shall not be required to
! NV ~
tax under this section on the mort
cages, bonds and other securities
owned by them in their own right. but
such corporations, partnerships ana as
sociat ations holding such securities as
trustees, executors, administrators,
guardians or in any other manner shall
return and pay the tax imposed by this
section upon all securities SO held by
them, as in the case of individuals"
As Law Would Read.
The language of the existing law,
amended so as to reduce the tax to
three-tenths of one per cent, which
Senator Sterling retains in his amend
ment, is as follows:
'eThat the moneys and credits. includ-
ing moneys loaned and invested, bonds
and shares of stock texcept the stock
of banks and other corporations with
in the District OF Columbia, the iaXa-
tion of which banks and corporations
firm. association or corporation resi-
dent or engaged in business within said
District shall be scheduled and ap-
praised in the manner provided by par
aeraph 1 of said section for list
ing and appraisal of tangible personal
property and assessed at their falr cash
value, and as taxes on said moneys and
credits there shall be paid to the tax
collector of said District three-tenths
of one per centum of the value thereof:
Provided, That savings deposits of in
dividuals in sum not in excess of $500
deposited in banks. trust companies or
building associations. subject to notice
of withdrawal and not subject to check'
shall be exempt from this tax
senator Sterling added TO his amend
ment also the provision in the exist
ins. law which calls for al. investiga-
ton by joint &c sSn,mitsee m ts istIn, af GGnEreIf
into the TAX laws OF lAe i'iSt.tc'. IL
follows:
That a joint committee. consisting
of the committee on the District of Co
lumbia of the Senate and the commit
tee on the District of Columbia OF the
House OF Representatives, is hereby ap-
pointed to make, by subcommittee or
otherwise. q careful and exhaustive
study of the tax laws of the District Of
Columbia. including license taxes, with
a view of recommending such changes in
deem fair and equitable. report to be
made to the Congress during the next
session
Inquiry Not Yet Started.
This provision is carried in the current
act but so far nothing has been done
by either the Senate or House committees
as a joint committee or separately, in
the matter, and in view of the short time
remaining before the close of the present
session of Congress 1t will be necessary
to make the investigation later and re-
port to Congress at the next session. it
was said today.
Senator Gallinser of New Hampshire
proposed an amendment to the District
bill which would increase from $500. 900
to $400, 900 the amount carried in the
bill for the reclamation Of Anacostia flats
When the Senate met the District bill
still was awaiting action on the agricul-
tural appropriation bill.