The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1937-03-25
LAW REVISING TAX
PLAN VERY BROAD
Continued from page one)

(COutlHueu lTOH page one
Of Is cents per $100. Funds held
by fiduciaries in banks, and SUBJ
ject to the deposit tax, are ex-
empt.
All insurance companies, build
ing and loan associations, and
such fiduciariess must make re-
ports of'such sums ITO the revenue
departments aud are, allowed to
recover such sums from owners.
Taxes under this section do not
apply to loans rnads to such asso-
Citations by Federal Home Loan
bunks OF other banks.
BONDS AND NOTES
All bonds, except bonds or OBJ
legations, direct OF indirect, of
the federal government, state of
North Carolina. or counties, cit
les, towns, or other political sub
division Of the state, notes and
other evidences Of debt, including
bonds of other states, out Of
state counties, cities or munich
palities, railway. industrial, COM
mercial or other corporate bonds,
bonds of individuals, and all de-
mands and claims, however evil
denced, whether secured by mort
pape. deed of trust, judgment or
otherwise, or not so secured, but
not including current accounts re-
ceiyable, will be taxed at 40
cents per 500 of the fair mar
ket value in excess Of $500. Evil
dences of debt under this article
shall not apply to building and
loan associations, banks or insur-
ance companies.
In any suit for collection OF
such evidences Of debt, the plain
tiff must allege or prove before
final Judgment that such evil
dences have been assessed under
this article, not exceeding 5 years
prior to that in which suit Is
brought, or that such constituted
a part of capital employed in bus
mess and were taxed as such, that
sutton has not paid or is unable
to pay out Of the first recovery
on the evidence, or that the evil
dence sued on is not taxable in
hands of plaintiff. >,
But the title to real estate sold
under a deed Of trust shall not
be drawn in question on the
ground that the holder Of the
note secured did not list same
for taxation.
SHARES OF STOCK
All shares of stock of corpora
tions OF joint stock companies,
except in such corporations as
pay a franchise and property tax
and tax on the proportionate
part of their income, except stock
in banks, banking associations,
trust companies, insurance COM
panies, and building and loan as
sociations, will be taxed at the
rate of 80 cents per. $500 Of the
fair market value in excess OF
5000, Indebtedness incurred di-
rectly for the purchase Of stock,
for payment Of which the stock
is pledged, may be deducted.
Taxes levied in bill are due
and payable on March Is, 1888,
and annually thereafter. Persons,
firms. or corporations liable for
a tax under the article shall make
a report on March Is and psg the
tax at the time of making the re-
port.
Every nonresident person. for
eign corporation; and partner
ship consisting in whole or part
of nonresident persons doing
business in the state is declared
to have domicile in the state and
so much of taxable holdings un-
der this article acquired in the
conduct Of business in this state
shall be taxed in the same man
ner rs residents. .'.. 49,.
Any person. firm or corpora,
ton who converts intangible per-
sonal property to tangible, either
not taxable or taxable at a lower
rate, within 80 days Of any tax
year, shall be taxable as if the
conversion had not taken place.
No taxes in this article apply
to religious. educational, Chart.
able, or benevolent organizations
not conducted for profit. %,
Half of the tax collected under
this article shall be distributed to
the counties and cities of the
state. The amount distributable to
each county and the municipali-
ties therein from revenue money
on hand, accounts receivable, and
bonds and notes and other evi.
dences of debt shall be determin.
ed on the basis of amounts col
lected in the county. Amounts
collected from bank deposits and
matured insurance policies and
funds held by fiduciaries shall be
by population on the latest fed.
eral census. The amounts allocat.
ed each county shall be divided
between county and municipali.
ties in proportion to the total
amount Of ad valorem taxes lev.
led by each on real and tangible
property during the fiscal year
preceding distribution.
Amounts distributed to coun-
ties shall be used for the pay
mcnt of principal or interest on
indebtedness or, expense incurred
on account Of providing facilities
and equipment necessary for
maintenance of the six months
school term.