Wo. 6. DEPARTMENT OF AGRICULTURE. 125 



2. Tax, as above stated, reduced to two per cent. 



Act June 1, 1889, section 24. (P. L., page 433); act June 28, 1895, section 

 1, (P. L., page 409). 



0. One-halt the net amount received from tax on piemiums of 

 foreign insurance companies is required to be paid the treasurers 

 of cities and boroughs. vSuch payments to be based upon the return 

 of lax received from companies doing business in cities and bor- 

 oughs, as shown bj the report of the Insurance Commissioner. War 

 rants for such payments are to be drawn by the Auditor General, 

 payable to the treasurers of the several cities and boroughs entitled 

 to receive the tax. 



Act June 28, 1895, section 2, (P. L., page 409). 



TAX ON LOANS.* 



1. All public loans, except those issued by the Commonwealth, are 

 taxable for State purposes. Act April '29, 1844^ section S2, {P. Z., 



page 497); all public loans except those issued by the Common- 

 wealth or the United States are made taxable for State pur- 



I'.oses, at the rate of four mills on each dollar of the value thereof. 

 Act June 8, 1891, section 1, (P. L., page 231).t 



2. Treasurers of counties, incorporated cities, districts and bor- 

 oughs, on payment of dividends or interest to any holder or agent 

 claiming the same, on any scrip, bond or certificate of indebtedness 

 issued by said city, district and borough are to assess the tax pro- 

 vided for State purposes upon the noujinal value of each and every 

 evidence of debt.t This tax is to be deducted by said treasurers 

 on the payment of the interest or dividend, as aforesaid, and to be 

 held by them until paid over to the State Treasurer; and the said 

 treasurers to be subject to the same penalties and liabilities as 

 are prescribed b}- laws in relation to tax on bank dividends. 



Act April 29, 1844, section 42, (P. L., page 501). 



3. Treasurers of counties and cities, and burgesses or other chief 

 oflflcer of boroughs and incorporated districts to make return, on 

 oath, to the Auditor General, of the amount of scrip, bonds or certifi- 

 cates of indebtedness outstanding by counties, cities, boroughs and. 



*This tax is upon the nominal or par value of the loan. Loans held by non- 

 residents are not taxable. — State Tax on Foreign Held Bonds, (15 Wall., 

 page 300, 326). 



fAct June 30, 1885, section 1, {P. L., page 193) and act June 11, 1889, section 

 1, (P. L., page 420), made such loans taxable at the rate of three mills on the 

 dollar, but the act of June 8, 1S91, as aforesaid, increased the rate of taxation 

 to four mills on the dollar. 



JThis does not relate to school districts. — See case of Wharton vs. School 

 Directors, 42 P. S. R., page 358. 



