TAXATION OF CORPORATIONS. STATUTES AS TO IN GENERAL. EXEMPTIONS. AS TO ASSESSING STOCK. LISTING AND VALUING CORPORATE PROPERTY. EXEMPTIONS. ROAD AND BRIDGE TAX. TAXING COAL RIGHTS. TAXING BANK PROPERTY. TAXING STOCK-HOW-WHEN. Statutes as to-In general. 108. Board to assess capital stock of corporations except, etc.—Extension of tax.) § 108. The State Board of Equalization shall assess the capital stock of each company or association respectively now or hereafter incorporated under the laws of this State, and which by this act are expressly required to be assessed by the State Board of Equalization in the manner hereinbefore in this act provided. But the State Board of Equalization shall not assess the capital stock of companies and associations organized for purely manufacturing and mercantile purposes, or for either of such purposes, or for the mining and sale of coal, or for printing, or for the publishing of newspapers, or for the improving and breeding of stock. The respective assessment so made (other than of the capital stock of railroad and telegraph companies) shall be certified by the Auditor, under the direction of said board, to the County Clerk of the respective counties in which such companies or associations are located, and said clerk shall extend the taxes for all purposes on the respective amounts so certified the same as may be levied on the other property in such towns, districts, villages or cities in which such companies or associations are located. (As amended by act in force July 1, 1905. L. 1905, p. 353; Legal News Ed., p. 277. Western Union Telegraph Co. v. Lieb, et al., 76 Ill. 172. 109. Board to assess "railroad track" and "rolling stock”Distribution of values-Extension of tax.) § 109. Said board shall also assess the railroad property denominated in this act as "railroad track" and "rolling stock," and said board is hereby given the power and authority, by committee or otherwise, to examine persons and papers. The amount so determined and assessed shall be certified by the Auditor to the County Clerks of the proper counties. The County Clerk shall, in like manner, distribute the value, so certified to him by the Auditor, to the county and to the several towns, districts, villages and cities in his county entitled to a proportionate value of such "railroad track" and "rolling stock." And said clerk shall extend taxes against such values, the same as against other property in such towns, districts, villages and cities. 110. Capital stock of railroads and telegraphs-Distribution of value-Extension of tax.) § 110. The aggregate amount of capital stock of railroad or telegraph companies assessed by said board shall be distributed proportionately by said. board to the several counties in like manner that the property of railroads denominated "railroad track" is distributed. The amount so determined shall be certified by the Auditor to the County Clerks to the proper counties. The County Clerk shall, in like manner, distribute the value, certified to him by the Auditor, to the county and to the several towns, districts, villages and cities in the county entitled to a proportionate value of such capital stock. And said clerk shall extend taxes against such values the same as against other property in such towns, districts, villages and cities. 364. Seven per cent of the gross income.) § 18. In consideration of the grants, privileges and franchises herein conferred upon said company for the purposes aforesaid, the said company shall, on the first Mondays of December and June in each year, pay into the treasury of the State of Illinois five per centum on the gross or total proceeds, receipts or income derived from said roads and branches, for the six months then next preceding. The first payment of such percentage on the main trunk of said road to commence four years from the date of said deed of trust, and on the branches, six years from the date aforesaid, unless said road and branches are sooner completed, then from the date of completion. And for the purpose of ascertaining the proceeds, receipts or income aforesaid, an accurate account shall be kept by said company, a copy whereof shall be furnished to the Governor of the State of Illinois; the truth of which account shall be verified by the affidavits of the treasurer and secretary of such company. And for the purpose of verifying and ascertaining the accuracy of such account, full power is hereby vested in the Governor of the State of Illinois, or any other person by (*910) law appointed, to examine the books and papers of said corporation, and to examine, under oath, the officers, agents and employes of said company, and other persons. And if any person, so examined by the Governor or other authority, shall knowingly and wilfully swear falsely, or if the other officers making such affidavits shall knowingly and wilfully swear falsely, every such person shall be subject to the pains and penalties of perjury. (Pr. L. 1851, p. 71, Sec. 18. 365. Lands taxable when conveyed-Application of tax, etc.) § 22. The lands selected under said act of Congress, and hereby authorized to be conveyed, shall be exempt from all taxation under the laws of this State, until sold and conveyed by said corporation or trustees, and the other stock, property and effects of said company shall be, in like manner, exempt from taxation for the term of six years from the passage of this act. After the expiration of six years the stock, property and assets belonging to said company shall be listed by the president, secretary or other officer, with the Auditor of State, and an annual tax for State purposes shall be assessed by the Auditor upon all the property and assets of every name, kind and description belonging to said corporation. Whenever the taxes levied for State purposes shall exceed three-fourths of one per centum per annum, such excess shall be deducted from the gross receipts or income herein required to be paid by said corporation to the State, and said corporation is hereby exempted from all taxation of every kind, except as herein provided for. The revenue arising from said taxation, and the said five per cent of gross or total proceeds, receipts or income aforesaid, shall be paid into the State treasury in money and applied to the payment of interest-paying State indebtedness until the extinction thereof: Provided, In case of the five per cent provided to be paid into the State treasury, and the State taxes to be paid by the corporation, do not amount to seven per cent of the gross or total proceeds, receipts or income, then the said company shall pay into the State treasury the difference, so as to make the whole amount paid equal at least to seven per cent of the gross receipts of said corporation. (Pr. L. 1851, p. 71, Sec. 22. Ill. Cent. R. R. Co. v. Irvin, 7 Legal News, 286. AN ACT for the assessment of property and for the levy and collection of taxes. (Approved March 10, 1872. In force July 1, 1872. 1. § 1. That the property named in this section shall be assessed and taxed except so much thereof as may be in this act exempted: The shares of capital stock of banks and banking companies doing business in this State. The capital stock of companies and associations incorporated under the laws of this State, except companies and associations organized for purely manufacturing and mercantile purposes, or for either of such purposes, or for the mining and sale of coal, or for printing, or for the publishing of newspapers, or for the improving and breeding of stock. (As amended by act in force July 1, 1905. L. 1905, p. 353; Legal News Ed., p. 277. See Const., Art. 9, Sec. 1, Taxing Dogs, Ch. 8, Sec. 26 et seq. 2. Property exempt from taxation.) § 2. All property described in this section, to the extent herein limited, shall be exempt from taxation; that is to say: 1. All lands donated by the United States for school purposes, not sold or leased; all public school houses; all property of institutions of learning, including the real estate on which the institutions are located, not leased by such institutions or otherwise used with a view to profit. (Northwestern Univ. v. People, 80 Ill. 333; Baptist Theo. Union v. People, 8 Legal News 399; People v. St. Francis, etc., Academy, 233 Ill. 26; Bd. of Review v. Chicago Policlinic, 233 Ill. 268; Chicago Theol. Sem. v. Illinois, 189 Ill. 439, 188 U. S. 662. 2. All church property actually and exclusively used for public worship and all parsonages or residences actually and exclusively used by persons devoting their entire time to church work, when the said buildings and the land on which said buildings are located (said land to be of reasonable size for the location of said buildings) are owned by the congregation or authorities and not used for pecuniary profit. (Exempting parsonage from taxation unconstitutional. See People v. First Cong. Church, 232 Ill. 158. 7. All property of institutions of public charity, when actually and exclusively used for such charitable purposes, not leased or otherwise used with a view to profit; and all free public libraries. Rules for assessing stock.) "The capital stock of all companies and associations now or hereafter created under the laws of this State, except companies and associations organized for purely manufacturing and mercantile purposes, or for either of such purposes, or for the mining and sale of coal, or for printing, or for the publishing of newspapers, or for the improving and breeding of stock, shall be so valued by the Board of Equalization as to ascertain and determine respectively, the fair cash value of such capital stock, including the franchise over and above the assessed value of the tangible property of such company or association, such board shall adopt such rules and principles for ascertaining the fair cash value of such capital stock as to it may seem equitable and just, and such rules and such principles, when so adopted, if not inconsistent with this act, shall be as binding and of the same effect as if contained in this act, subject, however, to such change, alteration or amendment as may be found from time to time to be necessary by said board: Provided, That in all cases where the tangible property or capital stock of any company or association is assessed under this act, the shares of capital stock of such company or association shall not be assessed or taxed in this State. This clause shall not apply to the capital stock of banks organized under the general banking laws of this State or under any special charter heretofore granted by the Legislature of this State. (As amended by act in force July 1, 1905. Rules for listing and valuing property of certain corporations. § 32. Bridges, express, ferry, gravel road, gas, insurance, mining, plank road, stage, steamboat, street railroad, transportation, turnpike and all other companies and associations incorporated under the laws of this State and companies and associations organized for purely manufacturing and mercantile purposes, or for either of such purposes, or for improving and breeding of stock, shall in addition to the other property required by this act to be listed, make out and deliver to the assessor a sworn statement of the amount of its capital stock, setting forth particularly: First-The name and location of the company or associa tion. Second-The amount of capital stock authorized and the number of shares into which such capital stock is divided. Third-The amount of capital stock paid up. Fourth-The market value, or if no market value, then the actual value of the shares of stock. Fifth-The total amount of all indebtedness, except the inindebtedness for the current expenses, excluding from such expense the amount paid for the purchase or improvement of property. |