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BONUS, OR ORGANIZATION TAX

The Act of 1914, Chapter 324, changed the rate of the bonus or
organization tax from 1/8 of 1% to 20 cents on each $1,000 of author-
ized capital, but in no case less than $20.00, and prorided that

"the amount of such bonus tax shall he deposited with the
State Tax Commissioner,* in cash or in such other form as
shall be acceptable to him, when the certificate of incorpo-
ration or the articles of amendment increasing the capital
stock are filed."

The unalterable policy of the Commission has been to refuse to
accept an abstract of a certificate of incorporation from the Secre-
tary of State, or to accept any amendment of a charter increasing
the authorized capital unless accompanied by the proper amount
of bonus tax.

The section should be amended and it should provide that no
charter should be received for recording unless the proper amount
of bonus tax be tendered, and, further, that no corporate rights are
acquired until the actual payment of the proper tax to the State
Tax Commission.

*Now the State Tax Commission.

BUILDING OR HOMESTEAD LOAN ASSOCIATIONS

Much attention has been directed by the Commission to the
assessment of this class of corporations, and efforts have been made
to present information heretofore not compiled. Prior to 1915 it
appears that 222 associations reported to the Commissioner, and for
1915 the number which reported was 513. In addition, 52 associa-
tions failed to report, and against them the Commission placed a
net aggregate assessment of f 5,000 each. In addition to the above,
27 associations have asked leave to file amended reports.

The form of report was new and many building associations
did not furnish all of the statistical information which the form
called for. Three hundred and twenty-eight (328) building associa-