Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-01-24
INCOME TAX BILL
IS UP IN SENATE
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paid within the year on taxpayers in
debtedness taxes paid within the year
imposed by the authority of the Unit
ed States; losses actually paid dur
ing the year. incurred in business or
trade, or arising from casualties;
losses actually sustained in transact
tions entered into for profit, but not
debts due to the taxpayer actually
ascertained to be worthless and
charged off during the year; a reason
able allowance of the exhaustion,
wear and tear. and the obsolescence
of property: and all income from
sources without the state.
The following exemptions, in the
amount of the total net income from
all sources are allowed:
To the married head of a family
$1,000.
To a married man with wife liv-
ing with him. or a married woman
with husband living with her, $4,000.
To a guardian or trustee. $1,000 for
each unmarried Or $4,000 for each
married ward.
Each taxpayer is required to make
a return on Or before the first day
of March each year as to his or her
gross income from all sources, and
from the total must deduct the items
of allowance. All fiduciary agents
are required to make the same re-
turn for every person when they
represent, and all AGENCIES are au-
employees or others connected with
them a sum that shall be equal to the
income tax. Persons carrying on
business in partnership are liable for
income tax only in their individual
capacity.
All returns are to be made to the
tate tax commissioner. He must GER
treaurer on or before May Is, each
year.
To undertake the collection of
payments of interest, rent, or profits
or dividends by means of coupons,
checks or bills of exchange, or other
wise for persons, companies or cor
porations without the state" one must
get a license from the tax commits
sioner. 1t is a misdemeanor to do so
without a license. and a fine not to
exceed $4,000 or a prison term not
to exceed n year, or both, is pro-
vided for.
Corporations, joint stock compan-
les or associations organized within
the state are to be taxed 3 per cent
flat upon their incomes, while such
organizations without the state are
W OC ldAVo . pSl SShS AAo APoiA GA
incomes received within the state. In
addition to the income tax of 3 per
cent, an additional tax of 5 per cent
upon the amount remaining undis-
tributed six months after the end OF
each calendar or fiscal year, of the
total net income of every corpora
ton, joint-stock company or associa-
ton, received during the year, as de-
termined for the purpose of the ta1
imposed.
The bill then provides:
There shall not be taxed under
this act any income received by any
First. labor, agricultural, or hor'
iticultural organization.
Second, Mutual>Savings bank no
having a capital stock represented b,
shares.
Third. fraternal beneficiary so
ciety, order, or association. operating
under the lodge system or for the ex'
elusive benefit of the members of {
fraternity necessarily operating under
a lodge system. /and providing for the
payment of life, sick. accident or 9th
or benefits.
Fourth, domestic building ant
loan association, or cooperative
banks, organized and operated 70
mutual purposes and without profit
>Fifth, cemetery company owne'
and operated exclusively for the ben