The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-01
M'NUTT SIGNS
BILL TO TAX
INTANCIBLES
Small Levy, Heavy Penalty
Expected to Increase
States Revenue.

Another step in the McNutt adj
ministration financial program was
taken Tuesday night, when the
Governor signed three intangibles
tax bills which the assembly rushed
through SO they might become laws
before today, when all property is
assessed for taxation.
Purpose of the bills, in which
scent tax is levied on each $40 or
fraction of actual value, is to bring
wealth out of hiding through the
lure of small tax and heavy pen
alties. The latter are four times
the tax, plus 10 per cent.
Market exchange prices of today
are to decide valuations for this
year on stocks and bonds. Bank
stocks and money on deposit, how
ever, will not be assessed until Jan.
/, 1884.
Bill Is Amended
The conference committee amend
ed the ALLEGATION bill to provide that
10 per cent shall go to the state
general fund and the remaining 80
per cent to the counties in the same
ratio as the county's total assessed
valuation bears to the states to-
tai valuation.
Of the 90 per cent going to the
counties, IS per cent will go to the
county general fund and rs per cent
to the township, town and city
school corporation in the ratio the
corporations assessed valuation
bears to the countys total Valua-
ton.
Under provisions of the bank tax
bill, the banks would pay monthly
on stock, deposits, capital and I'M
divided surplus. q The average
monthly balance will be the basis
for the deposit tax and the levy will
be at the rate of IS cents on every
500 of valuation.
Stamps Will Be Used
Legal stamps, to be purchased
from the county treasurer or the
state tax board, arc to be fixed on
Intangible instruments and without
stamps, the instrument would not
be valid in Indiana and could not
be sold or transferred. New COL
ored stamps are to be issued an
nually.
Administration forces encountered
opposition in the house when they
sought to transfer to the state gen.
eral fund the half share of the mo-
tor license fees now distributed to
counties, cities and towns.
Consequently, compromise was
adopted with the house. The Cor
man senate bill was amended to
provide that cities, counties, and
towns shall retain one-fourth of the
fees. One-fourth will be transferred
to the state fund and the highway
commission will get half, if the sem
ate concurS in the house amend
ment.
Would Wreck Budgets
Representative John M. Cantley
Dem., Logansport), led the insur-
rection by pointing out that many
towns and cities have prepared their
budgets in anticipation of the half
share and these budgets would be
thrown out of line.
Faced by the possibility of being
unable to forge what is one of the
principal links in their financial
chain, administration leaders ac-
coded to the compromise.
The state will obtain about ST.
100000 more revenue, counties, cities
and towns retaining a like amount,
and the highway commission will
get its customary $2,500,000
Contract motor carriers are put
under jurisdiction of the public
service commission through a bill
which became law Tuesday without
the Governors signature.
The bill was validated auto
matically when the Governor failed
to sign or veto within three days
after receiving it. Trucks used in
newspaper distribution, farm pro-
ducts and household goods trans
portation, school BUSES, vehicles
used only for occasional hire, and
taXicabs are exempt.