Book Description

Excerpt from Annual Report of the State Tax Commission: 1918 The State Tax Commission makes to the Legislature the following report of the State Tax Department for the year 1918. Since the last report of this Commission, which was presented to the Legislature on January 9, 1918, the department has been chiefly engaged in administering all the tax statutes of the State and is able to report some progress toward better methods of assessment, especially with reference to the taxation of corporations. The Corporation Tax Bureau of the State Tax Department has assessed corporation taxes during the year from November 1, 1917, to November 1, 1918, of approximately $18,000,000. This work done under article 9-A of the Tax Law, which embodies the statute providing for the franchise tax on mercantile and manufacturing corporations, has occupied a large share of the attention of the Corporation Tax Bureau of this department. The special franchise tax of the State has felt the effect of the economic and social conditions of the past year, and as a result a considerable decrease is shown in the valuations of this property. The value of this class of property is somewhat determined by the net earnings rule and the net earnings of all companies affected by this law have been reduced by the great increase in wages and in the cost of material, as well as in the increased federal and State taxes. In the city of Buffalo the assessed valuation of the special franchise property in 1917 was $33,727,400; in 1918 it was $32,978,800, a decrease of $748,600. In the city of New York the assessed valuation of the special franchise property in 1917 was $494,231,250; in 1918 it was $488,631,850, a decrease of $5,599,600. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.