OCR Text |
Show military service of the United States or the state of Utah were killed in action or died as a result of such service may be exempted as the Legislature may provide. f 101 Intangible property may be exempted from taxation taxa-tion as property or it may be taxed as property in such manner and to such extent as the Legislature may provide, but if taxed as property the income therefrom shall not also be taxed. Provided that if intangible property is taxed as property the rate thereof shall not exceed five mills on each dollar of valuation. (11) The Legislature shall provide by law for an annual tax sufficient, with other sources of revenue, to defray the estimated ordinary expenses of the state for each fiscal year. For the purpose of paying the state debt, if any there be, the Legislature shall provide for levying a tax annually, sufficient to pay the annual interest and to pay the principal of such debt, within twenty years from the final passage of the law creating the debt. Sec. 3. QJ The Legislature shall provide by law a uniform and equal rate of assessment and taxation on all tangible property in the state, according to its value in money , and , except as otherwise provided in Section 2 of this Article. The Legislature shall prescribe by law such rogulationo provisions as shall secure a just valuation for taxation of such property, so that every person and corporation shall pay a tax in proportion to the value of his, her, or its tangible property, provided that the Legislature may determine the manner and extent of taxing transient livestock and livootock being fed for slaughter to bo uood for human consumption. (2J Land use for agricultural purposes may, as the Legislature prescribes, be assessed according to its value for agricultural use without regard to the value it may have for other purposes. Intangible property may bo oxcmptod from taxation as property or it may bo taxed in ouch manner and to ouch oxtont as the Legislature may provide. Provided that if intangible property bo taxod as property the rate thereof shall not exceed five mills on each dollar of valuation. When exempted from taxation as property, tho taxablo incomo thorefrom shall bo taxed undor any tax based on incomes, but when taxed by tho state of Utah ao property, tho incomo therefrom shall not also bo taxed. Tho Legislature may provide for deductions, exemptions, andor offooto on any tax based upon incomo. Tho personal incomo tax ratoo shall bo graduated but tho maximum rato shall not exceed six per cont of not income. No oxciso tax rato based upon incomo shall exceed four percent of not income. The rato limitations heroin contained for taxes based on incomo and for taxes on intangible property shall bo effective until January 1, 1037, and thereafter until changed by law by a vote of tho majority of tho members oloctod to each house of the Legislature. All revenue received from taxes on incomo or from taxes on intangible property shall be allocated to tho support of tho public school system ao defined in Article X, Section 2 of this Constitution. Sec. 4. All metalliferous mines or mining claims, both placer and rock in place, shall be assessed as the Legis lature shall provide; provided, but the basis and multiple now used in determining the value of metalliferous metalli-ferous mines for taxation purposes and the additional assessed value of S5.00 per acre thereof shall not be changed before January 1, 1935, nor thereafter until otherwise provided by law. All other mines or mining claims and other valuable mineral deposits, including lands containing coal or hydrocarbons and all machinery used in mining and all property or surface improvements upon or appurtenant to mines or mining claims, and the value of any surface use made of mining claims, or mining property for other than mining purposes, shall be assessed as other tangible property. Sec. 5. The Legislature shall not impose taxes for the purpose of any county, city, town or other municipal corporation, but may, by law, vest in the corporate authorities author-ities thereof, respectively, the power to assess and collect taxes for all purposes of such corporation. Notwithstanding anything to the contrary contained in this Constitution, political subdivisions may share their tax and other revenues reve-nues with other political subdivisions as provided by statute. Sec. 6. An accurate statement of the receipts and expenditures of the public moneys, shall be published annually in such manner as the Legislature may provide. Sec. 7. The rate of taxation on tangible property shall not exceed on each dollar of valuation, two and four-tenths mills for general State purposes, and such additional levy as the Legislature may provide for the State's share of the support of a portion of the public school system as defined in Article X, Section 2 of this Constitution, such portion consisting only of kindergarten schools, common schools and high schools. The State shall contribute not more than 75 of the total cost of operation and maintenance of a minimum school program in tho State ao such program shall from time to time bo determined upon by the Legislature. ? Not more than 75 of the State's portion of trie revenue necessary to finance tho operation and maintorV anco of ouch minimum school program shall be raised by a State property tax levy and the remainder thereof shall bp raised from other State sources. The Legislature shall determine by law the method of allocation of the State's contribution to the various school districts. Sec. 8. The making of profit out of public moneys or using the same for any purpose not authorized by law, by any public officer, shall be deemed a felony, and shall be punished as provided by law, but part of such punishment shall be disqualification to hold public office. Sec. 9. No appropriation shall be made, or any expenditure expend-iture authorized by the Legislature, whereby the expenditure expend-iture of the State, during any fiscal year, shall exceed the total tax then provided for by law, and applicable for such appropriation or expenditure, unless the Legislature making such appropriation, shall provide for levying a sufficient tax, not exceeding the rates allowed in section seven of this article, to pay such appropriation or expenditure expend-iture within such fiscal year. This provision shall not apply to appropriations or expenditures to suppress insurrec- 11- |