Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-03-11
NEW |NTANC|BLEs RATE
OPPOSED BY TAX BOARD
Governor Davis Asks General As
sclnbly to Kill Goolrlck
Bill.
FEARS LOSS OF REVENUES
Measure Provides Lower Tax on
Short form Notes and Bonds II
Voluntarily Brought Out for Taxa
ton.

governor Davis, as chairman of tho
state Tax Board. sent yesterday on
oehaif OF that body i message to
the General Assembly recommending
that the Goodrich bill, reducing the
tax rate on short-tcrm bonds, notes
and other evidences OF debt from an
aggregate or sl.10 on tho 500 for
the State and localities to SIS cents.
provided they are stamped by court
clerks for year or more. DO not
passed.
Auditor of Public Accounts c. Leo
Moore. member OF tho board by vir-
Tue OF his office hs the States chief
v Y.cs. oin r4rs did not concur in the
BESIDES tho Governor and Mr.. Moore.
Judge William T.. Rhca. chairman OF
tho State Corporation Commission, is
member Of the board.
The measure, referred to has passed
inc inc senate and is nov on the caicn-
The communication to the General
AssGmbly from the board follows:
mittee substitute for Senate bill
number 37s. which is pending your
action. The board is advised that the
present tax rate on bonds. notes and
other evidences OF debt. the due date
OF which Is ten years or less from
the date or execution.
The Tax Beard Boa estimates that ap-
p pIroaim1tely 900: 100000 worth Of this
BY the state. Which. at the Ap preseni
TAI rate OF eighty cents OH tho 800
or the assessed value, yields the State
Dually.
,o, This ,E amo oan Is Distributed as fol-
eehools. 100000 for roads and $4,000
s sII,, 1gb, ere Ths comm!stes sub
SSnfe
nve cents on tho ,Ioo. " - 'O'' .
Is adopted and no additional property
annual revenue collected by the state
ALPHABETICALLY s4soooo. ' Which Viii Viii be
distributed as follows: 100000 for
tho ms Int oaG OF the state govern
roads and nothing for tuberculosis.
This would mean an annual loss In
T rerenue Of $4,000 for the msin,e3
for schools. $4,000 for roads and
10000 for tuberculosis. or a total an
$4,000. HN Of these figures arc an
PRESENTATIONS. but tho board believes
that they reflect the situation with
The board Is advised that propo-
Dents OF the bill are of tho opinion
that the increase in the amount OF
tho bill will be sufficiently great 20
cover tho loss OF revenue which will
result from the proposed decrease in
rate. To accomplish this result, II
will be necessary for tho State TO tax
annually sso.Ooo.ooo moro of this class
OF property than is now being reported
for taxation. or total Of $4,000. 900
annually. Any estimate or the amount
OF increase which would result from
tho decreased rate would necessarily
DO nero speculation, but the Tax Board
holicvcs that such increase woo1d he
Ear too small to make UP the loss or
revenue.
The State at the present time. is
entering upon an extensive program
tor tho IMPROVEMENT OF elementary
schools and roads and is appropriat!ng
large sums for other purposes. II
needs. therefore, every dollar avail
able.
Under these circumstances. the Tax
BOARD Is convinced that. however de-
sirablc a reduction in tho tax rate
may be. II would be grave mistake
to hazard an experiment at tho prcscnt
time. which might jcopardizc the in
forests OF the Commonwealth. The
board. therefore. recomne nds that the
committee substitute for Senate Dill
No. 37S should not be passed
This action was taken at fuli
meeting Of the board but Honorable
c. Lee Moore. tho Auditor OF Public
Accounts. not concurring in the recon-
rnendation or the views herein cS.
prcgscd requested to be so recorded