Pennsylvania Act 1870-22 — TAXATION OF BANK SHARES PROVIDED FOR

Act text

TAXATION OF BANK SHARES PROVIDED FOR
                  Act of Mar. 31, 1870, P.L. 42, No. 22               Cl. 72
                                  AN ACT

     Providing for the taxation of bank shares.

        Section 3.  Tax on bank stock
        All the shares of national banks located within this State,
     and of banks and savings institutions incorporated by this
     State, shall be taxable for state purposes at the rate of three
     mills per annum upon the assessed value thereof; and for county,
     school, municipal and local purposes, at the same rate as now is
     or may hereafter be assessed and imposed upon other moneyed
     capital in the hands of individual citizens of this State.
     1870, March 31, P.L. 42, Sec. 3.
        Section 4.  Shares exempt from taxation in certain cases;
     compensation of cashier
        In case any bank or savings institution aforesaid shall elect
     to collect annually, from the shareholders thereof, a tax of one
     per centum upon the par value of all the shares of said bank or
     savings institution, and pay the same into the State Treasury,
     on or before the twentieth day of January in every year, the
     said shares, capital and profits shall be exempt from all other
     taxation under the Laws of this Commonwealth; and the law
     regulating the compensation of County Treasurers for receiving
     moneys for the use of the Commonwealth, and paying over the
     same, is hereby extended to the cashiers of said banks and
     savings institutions.  1870, March 31, P.L. 42, Sec. 4.