Evening journal., 1917-03-07

tons or other associations shall make
q report, under oath, on or before the
first day of February. TO the assessors
or TO the Levy Court, OF the value OF
the different classes of investment
taxable under this new provision, and
the taxes shall be paid to the receiver
or collector OF taxes OF the district in
which the investments are recorded
Provisions are made to secure prop
er returns on the investments to be
taxed and punishments TO be imposed
for failure to comply with the require
ments Of the law regarding afIidavits,
failure TO make returns and the like.
Also For State Purposes.
House Bill, No. 257 introduced by
| Representative WEIGH, provides for
tax on investments for state purposes.
IL requires all investments, such as
are set forth In the Investment tax bill
for county purposes, to be assessed at
two-thirds OF their actual value. The
tax rate shall be thirty cents on the
$500 OF assessed valuation of assess
ments, and tho county treasurers are
required to turn such taxes over to the
State treasurer.
resentatiye Buckingham. provides for
a tax at the rate Of thirty cents on the
I 800 OF valuation of investments and
securities for county purposes.
Inheritance Tax.
Tax on Incomes.
Representative Connelly's bill would
require the payment of an income tax
for the exclusive use OF the free pub
lie schools OF the State.
The bill provides that there shall
( be levied, assessed, collected and paid
annually upon the entire net income
received in the preceding calendar
year from all sources by every taxable
a tax OF one-half OF one per centum
upon such income, beginning with the
net income received by every taxable
for the year 1917
The following income. however. is
exempt from this tax: THE proceeds
OF life insurance policies paid to in
diyidual benehciaries upon the death
OF the insured; the amount received
by the insured. as a return of prem
ium or premiums paid by him under
life insurance. endowment. or annuity
contracts, either during the term or
at the maturity OF the term mentioned
i'm the contract or upon the surrender
OF the contract; the value OF property
acquired by gift, bequest. devise or
descent; interest upon the obligations
OF State or any political subdivision
thereof or upon the obligations o; the
United States or it's possessions; the
salary of the present governor during
the term for which he has been elect
ed and the compensation of other pub
lie officers OF this state, now in Office
= during their present terms Of Office
p respectively; rentals OF real estate and
4 gains or profits derived from agri
+ cultural operations, and the sum Of
$1,000, out Of the income of each tax
Z able"
= Deductions are allowed on account
Of actual business expenses: interest
on indebtedness; federal taxes; bust
: ness losses; worthless debts owed the
taxable; allowance for wear and tear
on property.
I The returns must be made on oi
before the first day OF March OF eact
year for the preceding year. to the
State treasurer. who shall assess the
tax and notify each taxable by June
of the amount he owes. which must bC
paid 10 the state treasurer by June
Is. A penalty of per cent is TO b'
added after June 10.
The bill provides for the appoint
ment by the State treasurer, of an
income tax collector at $1,000 a year
who is to look after the collection Of
this tax. He will have tho right e
| cause taxables, when requested. e
produce books. records. sc, bearing
on their incomes, refusal on the part o
the taxable causing the latter TO be
liable to a fine OF $500 or six months
Imprisonment. or both. Corporations
stock companies. &C.. are required to
furnish any information sought by the
7 collector.
Provision is also made for another
assistant, at 1900 year. TO help tho
collector, this appointment to be made
by the Governor at the request OF the
treasurer. Refusal to make return
renders a taxable liable 10 a penalty
OF $500 or six months imprisonment.
or both. though the treasurer can
compromise on a money basis. Refu-
sal to pay after notification makes the
amount Of the tax a lien on any prop
> elN OF the taxable. Suit can be
brought for the tax.
ne act would become effective i'm.
ruula.ely upon being signed hy The