The Washington times., 1917-02-07
STERLING AMENDS
INTANGIBLES' BILL
Reduces Rate 0ne,Tenth of One
Per Cent and Makes Note
Exemption

Senator SterllnE OF Souln DakOIa
today introduced in the Senate an
amendment to the District appropria-
tion bill intended to modify the in
tangible tax law.
The amendment would reduce the
rate OF tax from four-tenths of 1 per
cent to three-tenths of per cent.
1t specifically exempts building
and loan associations and relief. and
beneficial associations and societies.
1t provides that the tax shall not ap-
ply to business companies incorpo-
rated, but not getting any special
privileges or franchise by reason OF
or in addition to Incorporation. They
are not to be taxed on capital stock,
but taxed as individuals.
Exemption For Notes.
The amendment provides the tax
shall not apply to bank notes or notes
discounted by q bank, savings insti'
tuition or trust company.
The intangible tax law, as it would
stand II amended by Senator Ster-
ling's amendment, would provide:
THAT the moneys and credits, in
cluding moneys loaned and invested,
bonds and shares OF stock texcept the
stocks Of banks and other corpora
tions within the District OF Columbia
the taxation OF which banks and cor
porations is herein provided for) OF
any person, Arm, association, or cor
poration resident or engaged in bust
ness within said District shall be
scheduled and appraised in the man
ner provided by paragraph one OF
said section six for listing and ap-
praisaI OF tangible personal property
and assessed at their fair 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 there
Of: Provided, That savings deposits
Of individuals in a sum not in excess
of $500 deposited in banks, trust COM
panies, or building associations, sub
ject TO notice or withdrawal and not
subject to check, shall be exempt from
this tax: Provided further, That such
tax or moneys and credits shall not
apply to bank notes or notes dis
counted or negotiated by any bank
or banking institution, savings insti-
tuition, or trust company. nor
TO savings Institutions having
no capital stock, building as
sociatIons, firemen's relief associa-
tions. secret and beneficial societies,
labor unions. and labor union RELIEF
associations, nor to beneficial orsani'
zations paying sick or death dement's,
or either ordboth, from funds received
from voluntary contributions or as
sessments upon members OF such as
sociatfons. societies, or unions; nor
shall the provisions OF this act apply
to life or fire insurance companies
having no capital stock, nor to
business companies which by
reason OF or in addition to in
corporation receive no special fran
chisc or privilege, but all such cor
norations shall be rated, assessed, and
taxed as individuals conducting bust
ness in similar lines are rated, as
sessed, and taxed: And provided fur
there, That corporations, limited part
nerships, and joint stock associations
within said District liable to tax un-
der the laws OF Sdiu Ol
Ings Of capital stock shall not be re-
quired TO make any report or pay any
further tax under this section on the
mortgages. bonds, and other securities
owned by them in their own right.
but such corporations, partnersarpS.
and associations holding such securi
ties as trustees, executors, admins
traitors, guardians, or in any other
manner shall return and pay the tax
imposed by this section upon all Sc
curities so held by them as in the
case OF individuals: And provided
further, That a joint committee con
sisting Of the Committee on the Dis
trict Of Columbia of tho Senate and
the Committee on the District OF Co
Iunbia of the House OF Representa-
tives is hereby appointed to make, by
subcommittee or otherwise, a careful
and exhaustive study OF the tax laws
OF the District of Columbia, including
license taxes, with a view OF recon-
mending such changes in the law as
the joint committee may deem fair
and equitable, report to be made to
the Congress during next session"