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not affect any of the provisions of article nine of subchapter one of chapter fifty-six of the Consolidated Statutes (originally chapter fifty-six of the public laws of one thousand nine hundred and fifteen), except those provisions which prescribe methods of procedure for borrowing money or issuing bonds or other obligations, and said article shall apply to all municipalities in this state, notwithstanding any inconsistent, general, special, local or private laws: Provided further, that this act shall not affect any acts or proceedings heretofore done or taken for the issuance of bonds or other obligations under the Municipal Finance Act, as it stood prior to the ratification of this act or under any other act, and every municipality is hereby authorized to complete said acts and proceedings pursuant to the acts under which they were done or taken, and to issue said bonds or other obligations under such acts in the same manner as if this act had not been passed: Provided further, that this act shall not render invalid any bonds or notes or proceedings for the issuance of bonds or notes in cases where such bonds, notes or proceedings have been validated by any other act.

Ex. Session 1921, c. 106.

TAXATION.

Subchapter One. Taxation in General.

ART. 1. TAXATION OF CORPORATIONS BY THE STATE.

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ART. 3. TAXATION UPON ORGANIZATION OR ADMISSION INTO STATE.

ART. 4. ANNUAL TAX ON CONTINUED EXISTENCE; SCHEDULE "C," REVENUE ACT.

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Subchapter Two. Income Tax or Tax on Profits.

ART. 5. SHORT TITLE AND DEFINITIONS.

Short title .

Purpose of act; when effective

Definitions

Section

896

897

898

899

900

ART. 6. IMPOSITION OF TAX.

Tax on individuals

901

Tax on corporations

902

Railroads and public-service corporations; basis of ascertaining net

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Subchapter Three. Tax on Property or the Ad Valorem Tax.

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Department created; power and duties transferred from State Tax

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This chapter is based on The Tax Laws prepared by the Department of Revenue.

SUBCHAPTER I. TAXATION IN GENERAL.

ART. 1. TAXATION OF CORPORATIONS BY THE STATE.

Upon all corporations, not exempt, the state imposes four taxes the tax on organization, if local, and on domestication, if foreign; the annual tax on continued existence, commonly called the franchise tax; the tax on profits earned or realized in any manner, called the income tax; and the tax on the value of the corporation, including its capital stock, its good will, and all of the property of every character, whether tangible or intangible and all choses in action.

Besides these, a corporation will be required to pay any license or inspection tax for carrying on business which an individual. would be required to pay for carrying on the same business. But as these taxes will be the same, and will be collected in the

same manner from corporations and individuals, they will not be discussed here. They can be found in Schedule "B" of the Revenue Act, and under the chapters in the Consolidated Statutes relating to fertilizers, oil, gasoline, fish and oysters, private hospitals for the insane, insurance and building and loan associations, sale of certain weapons, sale of seeds, and probably others.

ART. 2. ADMINISTRATION OF TAX LAWS.

The Legislature of 1921 enacted a law transferring all the taxing powers, both as to assessment and supervision of the collection, to a department created by it called the State Department of Revenue, administered by an officer called the Commissioner of Revenue. In consequence of this enactment, all the authority formerly possessed by the State Tax Commission over taxes of corporations and individuals has been transferred to the Department of Revenue and will be administered by the Commissioner of Revenue. This law is chapter 40, laws of 1921, section 1 of which is as follows (herein 976):

"From and after the first day of May, 1921, all the powers and duties imposed by any act of law, including Revenue and Machinery Acts, enacted by the present session of the General Assembly, upon the State Tax Com mission, shall be transferred to and imposed upon a department to be known as the State Department of Revenue, created by this act, to be administered by the Commissioner of Revenue, to be appointed as provided in this act. All such powers and duties, except as otherwise provided herein, shall devolve upon the Commissioner of Revenue, and wherever in the revenue laws of the state the words 'State Tax Commission' are used such words shall, after May first, 1921, be held to mean Commissioner of Revenue, except as otherwise provided in this act."

ART. 3. TAXATION UPON ORGANIZATION OR ADMISSION INTO STATE.

The organization or charter taxes are set out in section 150. They are for organization, or for extension or renewal of corporate existence, 40c for each $1,000 of the total amount of authorized capital stock, but not less than $40.00 in any case. For increase of capital stock, 40c for each $1,000 of the total increase authorized except the minimum is $40.00. For other amendments to certificate of incorporation, including change of name or change of business, decrease of capital stock, increase or decrease of par value or number of shares, $40.00. For dissolution, or change of principal place of business $5.00. Corporations issuing shares without par value, under chapter 116, Laws of 1921, (here

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