The herald and news. [volume] (Newberry S.C.) 1903-1937, 1922-01-24
BILLS EXPECTED
TO REDUCE LEVY
TWO NEW REVENUE MEASURES
INTRODUCED
Hydro-eic Tax and Cooperation
License Tax Bill Reported
Out

Tie S;..e, 20.
/ Two rev tax + Is. calculated 10
bring into The Golfers If the state a
total of between $4,000 and S400,-
OC0 annually, yesterday made their
appearance cn the floor of the house.
These measures, the corporation IL
cense bill ard the hydroelectric bill,
both Of which are sponsored by the
ways and means committee, are ex-
pected to ccme up for consideration
today.
! The corporation license tax pro-
i.v.des for the levying of direct tax
on the capital stock of corporations,
the tax being applied according to a
graduated scale. The measure, it is
estimated, viii produce revenue total
inc approximately 100000 annually.
The tax is modelled very closely upon
the present corporation license tax
law, the rates being increased, how
ever.
The ways and means committee
places the estimate Of the revenue TO
be brought in by the hydroelectric
tax at S175,O00 annually, but repre-
sentatives Of various hydroelect~ic
companies operating in the state con-
s;der this an understatement Of the
facts and place the estimated return
from the proposed tax at $3OO,O0O
annually.
| These measures, with the other new
revenue Ills now being considered IN
the house and senate. it is argued by
their proponents, will so reduce the
portion of the states revenues to be
derived from the Y;s;ble property tax
as to permit cut in the levy to FIVE
and a half mills or lower.
The hydro-electric tax till, which is
!one Of divers new tax measures urged
by Gov. Robert \. Cooper IN his an
nual address to The legislature this
wear, would provide for the levying OF
= tax Of one-third Of a mill Cor each
kilowatt hour of electric power pro
duced by water companies in the state
on all individual companies or corpor-
ations producings electricity from wat
cr power. This tax, under the pro
visions of the bill, would be paid in
quarterly ins.allments, falling due on
or before tne las. day Of March, June,
September and December annually.
TO make possible these quarterly as
sessments every hydro-electric plant
in the state will be required by the
bill to report to the state tax comGnis-
sion on the power produced during
each quarter, these reports to be made
to the commission within 80 days at
ter the last day Of February, May,
August and November. Companies
reporting less than $500 klIowatt
hours for any quarter would be eX-
empted frcm the payment OF the tax
and the tax commission is authorized
to excuse all plants incapable of pro-
ducing 5000 kilcwatt hours a month
from making quarterly reports. The
tax commission, in whose hands the
administration of the tax is placed,
under the provisions Of the proposed
measure, will he given authority to
. examine the books and records of any
hydro-electric plant in the state to de-
ternline the accuracy Of the reports
made.
A penalty of S. a day for each
day the company or individual or cor
fpoYat:on fails to make is quarterly
report after the report is due is car
RED in the bill, the tax commission
being empowered, however, to relieve
the tax-paying individual or concern
, OF the penalty should It be proven
that ne delay IN the fling Of the re-
port was not cccasioned by negligence
or al attempt to evade the tax. A 5
per cent penalty would also be lmpos-
ed for each month that the tax re-
mains unpaid after falling due.
The .ax would be used in defraylng