New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-04-13
Further Waste of
Money Without
Tax Restriction
Real Estate Men and Civic
Organizations Look for
More Extravaganza if a
Set Limit Is Not Named
in the Proposed Bill

The programme for tax legislation at
Albany is still unsettled. Public hear
ings before the joint committee of the
Senate and Assembly, under the chair
manship of Senator Davenport on
Tuesday and Wednesday were we'll at
tended by representatives Of boards Of
trade, chambers of commerce. real es-
tate boards and other civic associa-
tons from all parts of the state.
In general the upstate people CON
fined themselves to simple ndorsc-
ment of the original Davenport-Ju dson
bills, apparently because, when they de-
bated and resoluted on these bills, they
did not have the Lockwood bill before
them, that measure not having been in
troduccd in time to get their attention.
Tell of Lockwood Bill Importance
representatives Of the New York
Real Estate Board, the New York Board
of Title Underwriters, the Advisory
Council Of Real Estate Interests and
other property owners organizations
from this end Of the city, in their ar
guments before the committee empha-
sized the importance of that feature of
the Lockwood bin which seeks to i'm
pose upon the taxing authorities a limit
of the amount to be levied on real
estate to twothrds of the total levy,
but in no year to exceed per cent.
Means Curb Against Extravaganza
The argument is that unless there
is some such restriction in the tax
law the provision of new sources of
revenue, as by the income, corpora
ton income and proposed business
taxes, will not only fail to curb the
ments, but will give them more money
to spend.
The Lockwood bill also sought to ex-
cmpt from the proposed income tax
the net income from rents and the in
come derived from interest on mort
cages. Some differences of opinion
were disclosed in the course of the
debate with reference to these points,
even among the leaders of the various
organizations represented.
Whether Senator Davenport and his
committee were much impressed by
what they heard at these hearings and
conferences will not be disclosed until
the bills are reported for passage.
That the arguments of the delega
tons from this city could have had
much weight with them is hardly to be
expected, because of the lack of unity
among them. Impressive as they were
in numbers and personnel, the delegates
from this city could have excrted a
pasitive influence in these matters if
they had not failed to agree among
themselves.
Want Tax Rate on Realty Inserted
Should Senator Davenport refuse now
to incorporate in his bill the restriction
upon the rate of the tax to be levied
on real property. many of the people
from this city declare that it would
be preferable that his bill should not
pass, since the mere establishment of
a new source of revenue would hardly
operate to relieve the burden on real
estate, or to check municipal extra
vagance, but rather to encourage such
extravaganza, since it would give the
tax eaters so much the more to spend.
Rather than have these bills fail or
be enacted without full and SUFFICIENT
Iteration, it would seem to be bet
ter that the Legislature should put
off its intended adjournment few
days. Otherwise it has been limited
here and there that Governor Smith
would be compelled to summon them
in special session for the sole purpose
OF enacting adequate tax legislation.