New York amends the law in relation to the organization tax on corporations by providing that such organization tax shall be five cents for each share authorized to be issued without par value.

This state also amends the law in relation to a franchise tax on certain corporations by defining the term "corporation" as used in this connection to include any business conducted by the trustee wherein interest or ownership is evidenced by the certificate or other written instrument. It is also provided that such corporations shall pay a minimum tax of not less than $10 nor less than 1 mill on each dollar of such a portion of the net value of this capital stock which net value shall be deemed to be not less than $5 a share. If dividends on the par value of any kind of capital stock amount to six or more than six per cent, the tax upon such kind of capital stock shall be at the rate of one-quarter of a mill for each 1 per centum of the dividends. The dividend rate for a corporation having stock without nominal or par value shall be determined by dividing the amount distributed as a dividend during the year by the net value of its assets as of December 31st. The report year for such corporations is changed from the year ending October 31st to the calendar year and time of payment of tax to March 15th. The law relating to license tax on foreign corporations is changed by defining such corporations to include a joint stock company or association, and any business conducted by a trustee or trustees wherein the interest or ownership is evidenced by a certificate or other written instrument. The powers of the New York state tax commission in the matter of the franchise tax on business corporations are increased by giving such commission authority to require the filing of a combined report when all the capital stock of two or more corporations is owned by the same interest. It is also required of a corporation which has been permitted by the tax commission to change the period for filing its report to include in the next report the corporation's entire net income not before used or included in measuring a franchise tax to the state, whether such income arose over a period of more or less than one year, and the corporation shall be taxed upon its entire net income as if earned within one year. Penalties for failure to make such report are to be assessed and collected in the same manner as the original tax. The tax commission is further given power, if the original tax was less than should have been exacted, to increase or make such other changes as may be necessary. Provision is also made for the credit or re-payment of any excess tax paid by any corporations and also for re-audit and filing of reports.

The law relating to taxation of bank shares is changed by New York by eliminating the provision that the assessment and taxation of such shares shall not be at the greater rate than is made or

assessed upon other moneyed capital in the hands of individual citizens of the state.

North Carolina eliminates the provisions in the law taxing banks which relate to the deduction of insolvent debts and investments in bonds of the state from the items of undivided profits and surplus, and, in lieu thereof, provides a deduction from the items of surplus and profits of not to exceed five per cent of bills receivable to cover bad or insolvent debts and a deduction of investment in bonds of the state, United States, federal farm loan bonds and joint stock land banks at the actual cost price of such bonds to the bank.

The section relating to building and loan associations is amended so as to provide that the annual privilege tax of ten cents shall be paid on the $100 paid into and held by such association on account of shares. Formerly the tax was 10 cents on each share. Insurance companies which pay a tax on their gross premium receipts shall be permitted to deduct net additions to the reserve fund, payments made to policy holders, and income taxes which have been paid.

South Carolina amends its law relating to the license tax on corporations by increasing such license fee from one-half mill to that of one mill on its paid-up capital stock and also increases the annual license fee from one-half mill to that of one mill on each dollar of the value of the property of such corporation. The penalty for failure to file the proper reports or pay the license fees is reduced from $500 to $50 and the additional penalty reduced from $100 to $10 a day.

Virginia amends the revenue law as to local taxation of bank stock, the effect of which is to reduce the local tax on bank stock from one dollar to eighty-five cents.

FOREST TAXATION

Massachusetts repeals the old law relating to the taxation of forests which was rather complex and voluminous, being twentyseven sections in length, and enacts a new and much simpler law of six sections.

The new law provides that an owner of forest land valued for taxable purposes for land and growth at not more than $25 an acre and which does not contain more than twenty cords per acre on the average, but is so stocked with trees as to promise a minimum prospective yield per acre of 20,000 board feet for soft woods, or 8,000 board feet for hard wood, or a combination of the two, may make application to the town assessors to have such land listed as classified forest land. The assessors decide whether the property fulfils the requirements for classification and notify the owner of their decision, giving their valuation of the tract as

land alone. If owner accepts decision the assessors give him a certificate describing the land, which is recorded by the owner in the registry of deeds for the county. Each parcel of land so classified to be each year designated in the annual valuation list of the town as classified forest land.

The valuation and tax annually assessed upon land classified as forest land shall not include the value of forest trees growing thereon, and the standing growth on classified forest land shall not be taxed, but the owner shall pay a products tax of six per cent of the stumpage value upon all wood or timber cut there from, and one-tenth of such taxes collected by the town shall be paid to the state treasurer.

The owner of classified forest land may annually cut, free of tax, wood or timber from such land not to exceed $25 in stumpage value, such wood to be for his own use or that of his tenant, and the owner shall make a sworn statement annually before May 1st to assessors of amount of all wood and timber cut the preceding year. It is also provided that buildings on classified forest land shall be taxed as real estate with the land on which they stand, and such land shall be subject to special and betterment assessments.

When in the judgment of the assessors classified forest land contains on the average per acre 25,000 board feet for soft woods or 10,000 board feet for hard woods or a combination of the two, they shall notify the owner that two years from date of such notification the forest products tax of six per cent of the value of the standing timber based on the above volumes will be levied and that the land and timber will at that time be taken from the classified list and placed in the general property tax list. If the owner within two years reduces volume of timber below volume above noted, the land shall remain classified, but if at the end of five years from time of cutting, the growing stock on the tract does not meet the requirements of 2,000 feet of soft wood and 8,000 feet of hard wood the tract may be taken from classification by the

assessors.

The owner may withdraw his land from classification any time by payment of land tax and forest products tax of six per cent on estimated value of standing timber. When in the judgment of assessors classified forest land becomes more valuable for other use than the production of trees, they may after 30 days' notice withdraw such land from classification, and the taxes due must be paid. The owner, however, may appeal from such withdrawal to tax commissioner, whose decision is final.

In case of dispute as to eligibility of land for classification or as to volume of wood or timber on such land either party may appeal to state forester, who shall examine such property, give a hearing to both parties, and his decision shall be final. The owner of classi

fied forest land failing to comply with the requirements of the law is punishable by a fine of not less than $10 nor more than $500, and, in addition, the land may be withdrawn from classification.

MISCELLANEOUS LICENSE TAXES

Kentucky requires shows, exhibitions and concerts where a fee is charged, and when not performing in a licensed hall, to pay a license fee of five dollars. Shows on county or state fair grounds and where proceeds used for benevolent purposes are exempt from payment of fee.

Louisiana in special session September, 1921 provided for a license tax of one cent per gallon on gasoline sold by dealers or distributors. Retailers are not required to pay the tax. The supervisor of public accounts administers the tax. The receipts from this tax are paid into the state highway fund. For any delinquency in payment of the tax the penalty is two per cent per month on the amount of tax due and ten per cent attorney's fees on both the tax and the penalties.

Louisiana in special session September, 1921 imposed an annual graded license tax upon all motor vehicles. Such license tax is based upon the actual horsepower of motor vehicles of the first class and upon the rated carrying capacity plus the actual horsepower rating of motor vehicles of the second and third class. The rate per horsepower for each class is sixty-eight cents with the addition of a graded rate per thousand pounds for freight-carrying vehicles, and a flat rate per passenger, for passenger-carrying vehicles, the rate increasing with the number of passengers carried. There is also an annual chauffeur's license of five dollars. The license on horse-drawn vehicles in commercial use, except log wagons, is twenty-five cents per one hundred pounds. All fees collected are paid into the general highway fund of the state.

Mississippi enacts a new law providing for an excise tax of one cent a gallon upon all gasoline sold by any distributor in the state. Retail dealers are not required to pay the tax when paid by a distributor. The tax collected is apportioned, 40% to the state auditor and 60% to the county from which the tax is received. Both state and county tax to be used for highway construction. A penalty of 5% is added to the amount of the tax due for failure to pay.

South Carolina imposes a license tax of two cents a gallon on all gasoline sold or distributed by oil companies doing a domestic or intra-state business. Oil companies are required to file monthly reports with the state tax commission showing the number of gallons of gasoline sold or distributed in the state. The tax is not to be imposed upon any selling agent, consumer or retailer who purchases from oil companies which have paid the tax. The state assesses one-half of the tax collected for the general fund, the

remaining half being distributed to counties for the construction or maintenance of roads. Companies failing to make the report required have an additional amount of ten per cent added to the amount assessed as a penalty.

New York takes over the licensing of billiard and pocket billiard rooms, and no such billiard rooms conducted as a public place of business for profit shall be permitted in any town, village or city. of the state, unless such business has a license issued by the state tax commission. The amount of the license is five dollars for each billiard or pocket billiard table, and such license shall be taken out annually. One-half of the license fees shall be paid into the state treasury and one-half shall be remitted by the state tax commission to the chief fiscal officer of the town, village or city in which the business is carried on.

POLL TAX

Georgia amends the general tax law so as to exempt women from the payment of a poll tax in certain cases.

Massachusetts provides that any of its inhabitants, who were engaged in the military or naval service of the United States during the world war and who are still in such service or who can exhibit to the board of assessors an honorable discharge, may receive an abatement of the poll tax.

Mississippi amends its poll tax law in order to have it conform to the constitutional provision by eliminating students and teachers, members of the national guard and sea-faring men. These classes, formerly exempt, thus become subject to a poll tax.

Rhode Island by an amendment to its poll tax law extends the principle of the poll tax to every person, male or female of the age of twenty-one years or over who has had a residence within the taxing jurisdiction for six months next preceding June 15th, annually, and whose other taxes do not amount to one dollar.

ASSESSMENTS AND TAXES

Georgia provides for the election of a maximum tax of five mills for school purposes. This measure is in harmony with the constitutional amendment.

Louisiana in special session September, 1921 made provision for the collection of taxes on movable property which may be moved from one parish or municipal corporation to another. Duty of tax collector in whose district property was last located to collect the tax.

Louisiana in regular session this year, enacted two measures relating to rate of tax. One measure provides for the levy of a tax for state purposes at the rate of five and one-half mills on the dollar of assessed value of all taxable property in the state. There