| Show TAX BALANCE IS 18 SEEN UNDER NEW STATE LAW in spits spite ot of the tho tact fact that the state tax lovy levy will undoubtedly be higher this year than it was waa last year tho the new state etota income tax laws will lower it it Is asserted at the office of 0 the state tax commission the apparent anomaly Is explained by the fact that due to the expected reduction in assessed valt mation and the taking effect ot of new laws calling tor for increased aid to the tha schools tile the itale tax levy la is increased considerably over what it was last year alit walh h levy iteli was a substantial increase over tho ova corresponding levy of the year before the increase from these causes la Is expected to be greater than the decrease which will automatically result from the meager revenues provided tills this year by the gincomo tax laws the levy tor for the state government proper will accordingly decrease it lias has been at the constitutional maximum ot 24 mills for or many years this y year ear it must be reduced i by a few hund ot of it ft mill or such auch an amount na will raise something in excess of on an assessed valuation which will possibly run wound around school fund stands the levy for the state high school fu fund nd will remain the same 2 of a mill as n fixed by the constitution and tile legislature I 1 the levy for the state district school fund must this year be sufficient with funds funda from other sources to ralsa the usual 25 26 per pea capita for wi an increasing achrol population tor for the tha state district school fund and also 1 per capita ou cm the samo same population or tor for a state school equalization fund the state district school fund will be returned to the school districts in proportion to school population which benefits some districts at the expense ox penso ot of others last year this levy wm waa 55 mills the year before it livas was 46 mills and it had stood tit nt at 47 mills for a number of years this year on the expected would run I 1 pretty close cloae to 6 mills but it will bo reduced about 2 mill belmy tha 1 leure by reason of reveies from the come taxes in on an amount in excess of filing fee grows prom from the tiling filing too teo of tho the In divid ial income tax law and the minimum ax ot of the ho cop corporation oration franchise tax aw the state geneal fund has haa already ec alved elved the state tax commission report shows this Is additional dit ional revenue to the state general ge fund though it Is offset by the fact that it replaces revenue that formerly came from froin the corporation license tax and also by the increased expense sot the state tax commission tor for the ad ministration ot of the new income taxes total receipts from the two now new taxes to date have been in cash the report which Is made to A E Chrls christansen strite treasurer in addition franchise taxes have horn been reported and anal are being paid la in erly installments sufficient to billig the total collect collections lowi to lo ot of the receipts to date has awn placed in reserve funds as required by law tor for payment of it refunds that may bo be found due another has haa been paid under protest and must be held hald untouched for six months mant hsi when it becomes state revenue unless court action has been filed in the and Is re for carrying on the busi business nees ot of tile the commission and particularly to claims that corporations have made to the effect that their license axes for tills this year exceeded the amounts due under the franchise tax law by urns aggregating that amount I 1 to general fund j the remainder ot of tho cash ca sh receipts receipt a haxe 10 vo been turned over to the state general fund and the state district tuna by mr air christensen Chrls the general fund receives from uie the filing fees and from tile tho minimum tax which Is direct revenue and also from the irk in income tax and front from the franchise tax malting a total 0 ot f which must be offset by a reduction in tho the property tax lwy levy when that la Is flord fiyod by the commission the state district school schol fund receives front from the income tax and front from the tax or a total of all of which must io be offset by a reduction in the tangible property tax levy another year higher revenues may be expected from th corporation tran fran celse trix because there will be little or no corporation license tax to be repaid since nono none will be collected next november about was deductible this year having been paid in ht the form of license taxes last november thero there will be somo some variation in incomes tor for both corporations and in it livi duals between 1031 1931 and 1932 and the legislature of 1932 may possibly mako some changes in tile the law rates tangible property tax offsets rud tiling filing fees are moot points but there Is sonie doubt that any changes cli anges affecting these will bo be effective by march 15 1933 Trl tribune bune |
