The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-01-24

An interesting feature of the bill is
that it does not do away with the
tax on personal property. AS in the
WISCONSIN law, the income and per-
sonal property taxes run concurrent
ly, so that the income tax can be paid
with personal. property tax receipts.
If the personal property tax is great
er than the income tax, the taxpayer
will not be required to pay an income
tax.
The bill provides for the following
income exemptions:
1.-THE proceeds of life insurance pol
icies paid to individual benefciaries
upon the death Of the insured; the
amount received by the insured as
return of any premium or premiums
paid by him under life insurance, en-
dowment or annuity contract, either
during the term or at maturity of the
term mentioned in the contract, or
upon the surrender of the contract,
the value of any property acquired
by gift, bequest, or descent; lbut the
income from all the above enumer-
ated property shall be taxable) in
terest upon the obligations OF the
United States or it's possessions; Sc
curities issued under the provisions
Of the Federal Farm Loan act of July
18th, 1916, and amendments thereto;
and the compensation of all officers
and employees of the United States,
except such part thereof as may be
paid by the state
In computing the income tax, al
lowance is made for certain deduca-
tons, such as the necessary expenses
actually paid if carrying OH any bust
ness or trade, not including personal,
living or family expenses; all interest
paid within the year on taxpayers
Indebtedness taxes paid within the
year imposed by the authority of the
United States; losses actually paid
during the year, incurred in 'busl-
ness or trade, or arising from casu-
alties; losses actually sustained in
transactions entered into for profit,
but not connected with business or
trade; debts due to the tax payer
actually ascertained to be worthless
and charged off during the year; a
reasonable allowance of the exhaus.'
ton, wear and tear, and the obsQl-
from sources without the state. =
The following exemptions, in the
nature Of deductions, from the amount
of the total net income from all
sources are allowed:
To the married head of q family
$1,000 x
TO a married man with wife living
with Min, or married woman with
husband living with her, $4,000. -;
To a guardian or trustee 81 900 for
each unmarried or $4,000 for each
married ward. '"f r.
, Each tax payer 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 return for.
every person whom they represent,
and ali agencies are authorized to
withhold from payment to employees
or others connected with them a sum
thatpshall be equal TO the income tax.
Persons carrying on business in part
.nership are liable for income tax only
in their Individual capacity. 81
All returns are to be made to the
State Tax Commissioner, and all as
sessments are to be made by him.
He must certify the assessments to
the state. treasurer on or before Nay
i15;S each year. '4a5 -" HA'... sss'it
TO undertake the collection of pay,
ments of interest, rent, orr profits or
dividends by means of coupons, checks
or bills Of exchange, or otherwise for
persons, companies or corporations
without the state" one must get a
license from the tax commissioner
u is z misdemeanor to do SO without
q license, and q fine not to- exceed
5000 or a prison term not to exceed
one year, or both. he provided for. Is
Corporations, joint stock compapies
or associations organized within the
state are to be taxed three per cent
fat upon their incomes, while such
organizations without the state arc to
he taxed three per cent fiat upon all
ipcOmses received within the state. In
addition to. the income tax OF three
per cent, an additional tax OF five
percent upon the amount remaining
undiStributed six months after the end
of each calendar or fiscal year; Of the
total net income OF severy corporaticn;;
Joint -stock company or association.
received during the year as deter
mined for the purpose OF the tax i'm
posed 9.a1 s'3sf III ,fs @es ltst9ss e.
The bill then, provides: w go
There shall not be taxed under
q - = nN