The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1926-03-10
FLORIDA LAWS DRAW
CAPITAL TO STATE

eAt0 sV0~5 A0o NGPAS0A anu SUI !
plus of 2,000,0 900 and deposits of
21,000,000. The Exchange Ma
tional Bank was organized with
capital of 500, 900; today it has
capital and surplus of 81, 500. 900
and deposits of $40. 10000 The
Citizens Bank and Trust Com
pany started with 100000 in
capital; its capital and surplus to-
day amounts to 100000 its de-
posts to $28.000,0 900.
State Of Conservative
To show that this remarkable
growth was not by any means con-
fined to banks, Colonel knight
told of business concern organ
ICED twenty-four years with a
capital of $4,000. Its stock
holders have since that time TAX
en- out approximately $250,000 in
dividends and the capital and sur
plus of the corporation today
stands at above 100000. An
other corporation shows monthly
gross earnings at present as great
as the original purchase price of
the corporation twenty-seven
years ago. A newspaper which
was started little more than a
quarter century ago with $500 in
cash and a handful of type re-
Gently sold for $1,200,000.
Next to its climate and its soil
Colonel Knight ranks the con-
servatism of Florida citizens as
the States greatest asset. The
welcome that is extended to
tourists and prospective farmers
is extended as well to business. 1t
is widely known that by an amend
ment to its constitution Florida
last year prohibited the levying
of State income and inheritance
taxes. The fact that there is no
severance tax, no franchise tax,
no corporation tax and no cor
poration stock tax in Florida,
Colonel Knight pointed out, is less
widely known.
Following the adoption Of tie
constitutional amendment relat.
ing to inheritance and income
taxes" Colonel Knight added,
"the Legislature of 1925 formu-
lated a general corporation law
which is the most attractive and
the best in the Union. Under il
three or more men, with a mini
mum capital of $500, can incor-
porate under the laws of Florida
to do business anywhere. The
Secretary of States office has
been swamped with applications
for incorporation, and the law has
already begun to bring an enor-
NOUS revenue to the State.
Taxation in Florida =
The conservatism of the States
citizens, Colonel Knight went on
to say, has been reflected in its
government. Florida is one OF
the few States of the Union to
be free from debt. Gov. Martin
recently announced that there
would be a reduction of % per
cent in State taxes this year.
That State taxes bear lightly
on the residents of Florida is In
dicated, as Colonel Knight point
ed out, by the fact that the real
property of the State, conserva-
lively valued at $4,000, GOO, 900,
is assessed for taxation purposes
at $3.50, 900, 900. The gasoline tax
is bringing in approximately ST.
000,00 a month at the present
time and furnishing the State
with a constant supply of fresh
capital to support its ambitious
road building program.
The conservatism of the State,
as reflected in the constitutional
amendment prohibiting the levy
ing of inheritance and income tax
es, in Colonel Knights opinion,
has been the direct Inspiration OF
the recent successful fight against
the Federal inheritance tax in the
United States Senate, leading
part in which was taken by Sem
ators Fletcher and Trammell Of
Florida.
eff Florida can set the pace for
the other States in an effort 70
make the State attractive to CAPT
tai" Colonel knight declared,
'.thens She is performing a real
service"
Members OF the New Bruins
a