Show THE corporation LAW one of the most beneficial measures to the state that the incoming legislature could consider and act upon would be the repeal of the corporation tax law enacted by the legislature at its last session notwithstanding the fact that th the e bany law bas has been upheld by a decision of the court we believe it to be unconstitutional and that the law embraces both special and class points such as would and should render it unconstitutional and we believe that if these points had been properly presented to the court the law would not have been upheld from fierri a minin mining 9 standpoint it is an unjust law and in all probability its sponsor ca came me from one of the cow counties the arguments advanced by those who favorit tavo rit that it if will increase inc rease the revenue of the state and that it will prevent wildcatting wild are fallacious to avoid the ne law as much as possible and reduce the tax to the minimum it is a vary very simple matter for a company to amend its articles of incorporation by reducing the par value of its stock say from 1 to ten cents a share maintaining the original number of shares which would place the value to the limit of the lowest lowes t tax under the present law the tendency with new nev companies will be to organize with a large lir ge number of shares at a low value and this action is now being taken by some of the new in corporations thus avoiding a heavy organization tax and this materially reduces the income to the state the injustice of the law is well exemplified exe epli in the matter of where the rate ceases as a ten million corporation i is s not taxed any more than is a million dollar concern in the best interests of the state t the he legislature cannot act too promptly in repealing this obnoxious and unjust measure for in equity and in law wis itis a mistake 0 |