The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1921-03-04
TEXT OF LAW FOR
ASSESSMENTSON
SHARES OF STOCK
AMENDMENT THAT WOULD TAX
THIS PROPERTY IN HANDS OF
THE SHAREHOLDERS.
RADICAL CHANGE IN SYSTEM
Heretofore Most of This Class OF Prop
erty Has eeen Assessed Direct to
the Corporation, But Now Proposed
to Tax Individual Owner.


shares of stock in corporations who
are interested in the proposed assess
ment of such stock for taxes The Her.
aid publishes the full text OF the |
amendment that has been offered in |
the senate. 1t makes radical change |
in the existing method OF taxing this
character of property. The following |
is the amendment
That Chapter COZ of the acts of the
general assembly for the year 1907,
passed April II, 1907, and approved
April Is 1907 and known as the gen
eral assessment law of Tennessee, and
the caption of which said act is cop
led in the caption hereof, be, and
the same is hereby amended by strik-
!, ing out or emitting from subsection 4
OF section 5 the following words or
group -of words: not assessable by
the railroad commissioners" and fur
: Their amended by emitting the words
/, or group of words at the end of the
first sentence of said section, which
read as follows: las hereinafter pro
, yided in section pertaining TO the
I same" and substituted for the last
: group of words the expression, "aA
!: prov ided in this act so that said sec
!: ZION S, subsection 4, as amended by
. tbs act shall in its first sentence read
z as follows: "All stock in banks, say
\ ings banks, or banking associations,
+ loan companies, trust companies, in
& surance companies, investment compa-
1: MES and all other corporations shall
1. be assessed as provided in this act
q Section 2, That section 8, class =
2 of said act be amended by STRIKING oct
, or emitting therefrom the following
= words or group of words: except
e when the corporate property or capital
<: stock is assessed in lieu of the shares
Z: of stock as herein after provided N
" Section 90 of this act" SO that as
4 amended said section S,4class 6 VIII
read as follows: All bonds. excep;
United States bonds, and al shares
of stock"
Section 3. That section - CT said
act be amended by striking ont OF
I emitting theYeffom all of the frs'
/ sentence in said section, which sen
tence reads as follows: THE share:
u of stock of stockholders of any Lank
" or banking association, savings oanK
or loan company, or insurance com
~ pany, or investment company, or Gem
etery company, or company Or moor
poration (other than such rs ara de
fined and assembled under seton!
q and % of this act), LONG busl
- ness in this state. whether domesti
or foreign, shall be.assessed and taxe'
bp for state, county and municipal pun
IRE noses as the personal property of tn
OF Stockholders. whether they fes,u
within or without the state OF Ten
nessee, provided however, the as
sessment of such shares of stock
ks the property of the stockholders, shal
ed be inlieu of any assessment or taxa
nd ton of the capital stock or corporal
op- property of such corporation, comp;
ere nv, or association" and substitutn
I'd for said sentence Just quoted and iii
I'M sertins in its place at the first So
tence of said section, the following
ma ..All shares of stock of stockholders
mp any and all corporations, includin
at newspaper companies, banking assoc
q ations savings banks, trust comp
de- MES, loan companies, insurance con
INK panles, investment companies, Gem
"a, iery companies, light companies, wat
Co. companies. electric light companie
IN power companies, street railway cor
81 panies, railroad companies, telephof
OF companies, telegraph companies, e
an PRESS companies, pullman car comp
OF mes, mercantile companies, ana
nks shares of stock in all other comp
sits MES and in all other corporation
lns whether doing business in this sta
3D. or not and not enumerated herei
hat whether same be domestic or fore.g
les and whether the same be private
y ouasi-pubfic or other corporation
TED shall be assessed and taxed for stat
OK county and municipal purposes as u
OF personal property of the owners. Il
'un- stockholders, whether they resi-
n. within or without the state of TIE
nessee.'
Section 4. That section "a OF sa
act be further amended by striki
llo out that part of said section viii
Mo reads as follows: "Asse sments
shares of stock under this sectl
We a shall be made ct the place. ward
Their district of the town or county in viii
,wn. 1.-THE cooperation, association or COM
the nv is located and inserting in S;
I to act ami in said section in the pld
this Of the sentence thus stricken fr'
tho said act the following: "Assessmel