Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1919-01-23
CORPORATIONS TO
BE TAXED TO AID
STATES REVENUES
New House Bill Provides Way
to Close Gap Between Rev
enue and Expenditures.

Bismarck, N. D., Jan. 22.-(Spe-
cial.) = Every corporation, joint
stock company or association, now
or hereafter organized in the state
for profit and having a capital stock
represented by shares or issuing
bonds shall pay annually special
excise tax with respect to carrying
on or doing business in the state by
such corporation, ETC., during the
previous calendar year equivalent to
SO cents for each $1,000 of the fair
value of its capital stock or bonds
issued; and in estimating the value
of capital stock, the surplus and un-
divided profits of such corporation,
joint stock company or association
shall be included. The amount of
such annual tax shall in all cases be
computed on the basis of theti fair
average value of the capital stock
and bonds for the preceding year;
provided, that for the purpose of this
tax an exemption of $4,000 shall
be allowed from the capital stock
of any such corporation, joint stock
company or association
This opening section of House Bill
No. ~, introduced by the taxes and
tax laws committee Tuesday, reveals
one Of the methods by which the
present state administration hopes IT,
close the gap between revenues and
expenditures, which win be some
thing over $1,0OO,0OO for the ensu-
ing biennium.
Corporations organized under the
laws of other states or foreign coua-
tries but doing business in North
Dakota shall under this bill pay an
annual excise tax of so cents psr
thousand on capital actually invested
In the transaction Of business in the
state, provided, that in case OF a
corporatioiss.aasaged in business
partly without the, state. investment
within the state shall be held to
mean that proportion of its entire
stock and bond issues which its busi-
ness within the state bears to its
total business within and without the
state, and where such business with,
In the state is not otherwise more
easily and certainly, separable from
such entire business within and
without the state, business within
the state shall be held to mean such
such proportion of the entire busi-
ness within and without the state as
the property of such corporation
within the state bears to its entire
property employed in such; business
both within and without the state:
provided, that in the case Of rail-
road, telephone. telegraph, car or
freight line, express company or
other common carrier, or a gas.
light, power or heating company,
having lines that enter into, extend
out of. or across the state, property
within the state shall be held to
mean that proportion of the entire
property Of such corporation engag-
ed in such business which its mill
cage within the state bears to its
mileage within and without the
state.''
The bill specifically exempts from
this excise tax labor, agricultural or
horticultural organizations; mutual
savings banks not having capital
stock represented by shares; fra
ternal; benefit associations operated
under the lodge system; domestic
building and loan associations; CO.
operative banks, cemetery companies
owned and operated exclusively for
the benefit of its members; charit-
able. religious, scientific and educa-
tional associations; business leagues,
chambers of commerce, boards of
trades; civic leagues, recreation
clubs, mutual hail, cyclone, crop or
fire insurance companies, mutual
telephone, elevator, warehouse,
creamery, packing or canning COM
panies; cooperative selling organiza-
tions; the federal land bank and its
farm loan associations and corpora
tions owned and operated by the
state. .'fs.1 ..s
Evidently anticipating the intro
d1,ofinn5 NJ a hi11s rod ncin q <ho cfok ~