Evening journal., 1923-02-08
TAX
ON INVESTMENTS

Continued From First Pagel
cept such as are given for goods
sold. articles OF agreement and ac-
counts bearing interest; public loans.
except those issued by the Federal
government or the State; bonds Of
other securities; payment Of money
issued by any corporation. shares OF
stock in any bank. corporation. part
nership or other unincorporated as
socistion: money loaned or invested
| elsewhere than within this state.
annuities: all other moneyed capi-
/ tai.
The PROPOSED tax would not ap-
ply to: Bank notes or commercial
paper discounted or negotiated
by any bank. savings insti-
tuition or trust company; invest
mepts made by any building and
loan association. or savings institu-
tion having no capital stock; invest
ments held by any fire company.
firemen's relief association. secret
or beneficial society. labor union or
labor union relief association or
other beneficial association paying
sick or death benefits from funds
received by volunteer contributions
or assessment upon members. char
table or religious associations;
shares OF capital stock in a corpor-
alton created under the laws OF this
state and owned by a person or an
unincorporated association without
the State or within the State il such
corporationo is already paying a tax
under article II Of chapter ., volume
80, laws of Delaware shares of stock
in building and loan association
when pledged to the association to
secure a loan TO the owner OF such
shares
The responsibility for assessing
this tax is placed upon the county .
assessors in each county and that /
board, will furnish a blank report
TO all those persons or corporations .
in the county who are believed 10
be subject 10 the tax. Each such
person or corporation shall annual
ly before February I, beginning
February /. 1924. make a return to
the Levy Court in each county
which return must be sworn TO by
the person making IL. II any tax
able fails or refuses 10 make such
return the county assessors shall
make such return from the best an
formation obtainable and the Levy
Court shall assess the value Of such
investments upon the basis Of such
return and shall add so per cent. to
the total Of such assessment.
The bill provides that no recorder
or prothonotsry shall enter any
mortgage. assignment, judgment or
other evidence Of an investment
taxable under this act unless there is
attached thereto a list of names and
addresses Of all the persons concern
I'd in such record. The bill speci-
ies in detail the duties OF recorders
and prothonotaries in the recording
pr papers showing evidence Of tax !
able investments.
For the purpose OF obtaining the ,
necessary Information for the assess
ments the officers whose duty II will
be 10 make such assessment shall
have the powers they now have TO
assess real and personal property
and shall also have access free TO !
the records OF the office OF the re-
,order and prothonotary or any 9TH
sr county officer.
The Levy Court will make the as
,essment on the returns Of the as ,
;essors. No discount will be Al ,
owed as an inducement for prompt :
payment OF the tax.
=
or each OF the fve years immedi- !
Itely preceding is imposed by the Z
iii upon the appraised inventory 7
.aiue OF taxable investments upon 2
which the tax has not been paid n
Turing the year Immediately pre-
eding. No final settlement OF the 2
ccount OF any executor, administra- Il
or. guardian or trustee shall be al b
owed until the tax and penalties. II I
ny. have been paid and the collec- il
ors' certificate to that effect filed d
nth the court. G
A fine of $50 to $1,000 is pro
ided In case OF false affidavit. The J
i'll further provides fines for any
iolation Of the act on the part OF s,
nose connected with its enforce II
lent or those who have to pay the "
k s
Provision is made in the act for n
le Levy Courts TO deduct a sufi- It
ent sum to defray the costs OF the
ssessment and collection OF the n
ssessment and collection of the tax Y
the salaries of whatever
Stra force shall be deemed neces-
Try to handle the assessing and
,llecting.
Il provides the tax shall be paid
the State Treasurer each year by p
IN deposited in the state school CO
lilding fund" and in the special ~
hool districts bonds fund" to be RI
Dportioned by him to said funds le
directed by the State Board Of z
ducation and to be used under the z
ate school sS,OOO.OOO building pro-
am bill should it become a law. p'
EEC C00D WEAR Sc