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Relating to the Revenues of the Comuonwealth and Taxos on
Corporations. Al laws, or parts of laws, now in force in this ('ommonwealth, under and by virtue of which taxes for State purposes are levied and assessed upon horses, mares, geldings, mules and cattle, shall be and they are hereby repealed, so far as they give authority to impose State taxes on the sane: Proriled, That this section shall not take effect ultil the next meeting of the Board of Revenue Commissioners of this Cominonwealth.
That so much of the sixth section of the act, entitled "An Act to revise, amend and consolidate the several laws taxing corporations, brokers and bankers,'' approved May first, Anno Domini one thousand cight hundred and sixty-eight, as imposes a tax upon the net earnings or income of incorporated companies liable to the tax on capital stock under the fourth section of said act, be and the same is hereby repealed, said repeal to take cffect from and after the first day of November,
Anno Domini one thousand eight hundred an! seventy-two: Proridcel, That this act shall not be construed to release any taxes which acerliecl prior to the first day of November aforesaid, nor in any way to affect suits heretofore or hereafter brought in the name of the ('ommonwealth, for the collection of such taxes, and the penalties and interest
attached theret), nor to release private bankers, brokers or incorporated companies having no taxable capital stock, but for such purposes the section hereby repealed shall continue in full force and effect.
That so much of the cighth sertion of the act last aforesaid, as imposes a tax upon the gross receipts of railroal, canal and transportation companies, be and the same is herehyrepealed, said repeal to take effect from and after the first day of july next: Provider, That any company which has been exempt froin the tax on tonnage by any specia! law, shall be liable to pay the tax of three-fourths of one per centum upon their gross receipts; and that this act shall not be construed to release any taxes upon gross receipts accruing prior to the first day of July next, nor in any way to affect suits heretofore or hereafter instituted in the name of the ('ommonwealth for the collection of such taxes, and the penalties and interest attached thereto,
That every company, except bank or savings institutions incorporated under the laws of this c'ommonwealth, and authorized to issue bonds or other (-vidences of indebtedness, and which pays interest to its bondholders or other creditors, shall pay to the State Treasurer, for the use of the ('ommonwealth, semi-annually, on the first days of July and January in each and every year, beginning with the first day of July, Anno Domini one thousand eight hundred and seventy-three, a tax equal to five per centum iipon every dollar of interest paid as aforeSidl; and it shall be the duty of any company aforeSid to make semi-annual reports to the Auditor General, under oath, showing the total amount of
the indebedness of said company, and the amount of interest paid to their bondeliers or other credito's.
That the eleventh section of the act approved Var first, cighteen hundred and sixty-eight, entitled "In lot to revise, amend and consolidate the sereral laws taxing corporations, brokers and bankors,” is hereby repealed, said repeal to date from und after the first day of July next, saving, however, to the Commonwealth the right to collect any taxes accruing under said sertion prior to the date of repeal aforesaid.
TAXATION OF CORPORATIONS.
TIereafter no institution or company incorporated by or under any law of this ('omnionwealth, general or special, or of any other State, and authorized to do business in this Commonwealth, shall go into operation without first having the name of the institution or company, the date of incorporation, the act of Assembly under which incorporated, the place of business, the amount of capital paid in, and the names of the president and treasurer of the same, registered in the office of the Auditor General; and any such institution or company which shall neglect or refuse to comply with the provisions of this section, shall be subject to a penalty of five hundred dollars, which penalty shall be collected on an account settled by the Auditor General and State Treasurer, in the same manner as taxes on stock are settled and collected.
That hereafter it shall be the duty of the presiilent or treasurer of every company now or hercarter incorporated by or under any law of this ('ommonwealth, except banks and savings institutions, and of every company now or hereafter incorporated by any other State, and doing business in this Commonwealth, which is taxable under the laws of this State, to make report in writing to tlie Auditor General annually in the month of November, stating specifically the amount of capital paid in, the date, amount and rate per centum of each and
every lividend declared by their respective corporittions during the year ending with the first Monday of said month; and in all cases where any such company shall fail to make and declare any dividend, upon either its common or perferred stock, during the year ending as aforesaid, the treasurer and serretary thereof, after being duy sworn or allirmed to do and perform the same with fidelity, according to the best of their knowledge and belief, shall, letween the first and fifteenth lays of Yoveinber, of each year in which no dividend has been declared, as aforesaid, estimate and appraise the capital stock of such company upon which no dividend has been macie or declared at its value, not less than the average price which said stock sold for during said year; and when the same shall have been so truly estimated and appraised, they shall forthwith forward to the Auditor General a certificate thereof, acconipanied by a copy of their said oath or allirmation, by them signed, and attested by the magistrate or other person qualified to administer the same: Proviled, That if the Auditor General or State Treasurer, or either of themi, is not satisfied with the valuation so made and retuned, they are hereby authorized and empowered to make a valuation thereof, and to settle an account upon the valuation so lytiem made, for the taxes, penalties ansi interest due Commonwealth thereon; and any corporation dissatisfied with such settlement, may appeal tlierefron, as is now provided by law for appeals from the settlement of accounts but the India tor General and State Treasurer.
That if the said officers of any suoi company or corporation shall neglect or refuse to finish thie