824 



VERMONT. 



by the lessee of such railroad, or holder of such con- 

 tract, as the case may be ; and the said tax shall be 

 charged against and deducted from any payments due 

 or to become due the lessor of such railroad, or per- 

 son, persons, or corporation granting such contract, 

 as the case may be, on account of such lease or con- 

 tract, unless in the provisions of such lease or contract 

 it is stipulated otherwise. 



SEC. 15. Every home or foreign insurance company, 

 or association doing insurance business in this State, 

 or guarantee company doing business in this State, 

 shall pay a tax to the State, which is hereby assessed, 

 at the rate of two per cent per annum, on the gross 

 amount of premiums and assessments collected hi 

 their business in this State. 



SEC. 16. Every life-insurance company incorporated 

 by this State shall, in addition to the tax assessed by 

 the preceding section, pay a tax to the State, which is 

 hereby assessed, at the rate of one half of one per cent 

 annually, on all surplus over and above the necessary 

 reserve, computed at four per cent on all existing poli- 

 cies. The value of the real estate owned by such in- 

 surance companies shall be deducted from the sur- 

 plus. 



SEC. 17. In determining the amount of tax to be 

 assessed under the provisions of section 15, there shall 

 be deducted from the full amount of premiums and 

 assessments, unused balances on notes taken for pre- 

 miums on open policies, all sums paid for return pre- 

 miums on canceled policies, dividends to policy-hold- 

 ers, and sums actually paid to other insurance com- 

 panies incorporated under the laws of the State ; or to 

 the agents within this State of foreign companies for 

 reinsurance on risks, for which a tax on the premium 

 would be due had no re-insurance been effected : Pro- 

 vided. That nothing in this section shall be so con- 

 strued as to allow dividends hi scrip, or otherwise in 

 stock, mutual or mixed companies, to be considered 

 return premiums. 



SEC. 18. Every savings-bank and savings institution 

 incorporated by this State, and doing business herein, 

 shall pay a tax to the State, which is hereby assessed, 

 at the rate of one half of one per cent annually, upon 

 the average amount of its deposits and accumulations, 

 deducting therefrom the average amount of its assets 

 invested in real estate owned by such corporation, and 

 also the amount, if any, of individual deposits in ex- 

 cess of fifteen hundred dollars each, listed to deposit- 

 ors in towns in this State where such depositors re- 

 side. 



SEC. 19. Every trust company and "savings-bank 

 and trust company" incorporated by this State, and 

 doing business herein, shall pay a tax to the State, 

 which is hereby assessed, at the rate of one per cent 

 annually upon the average amount of its deposits, in- 

 cluding money or securities received as trustee under 

 order of court or otherwise, deducting therefrom such 

 percentage as such institution pays to the United 

 States Government so long as such tax is paid, and 

 also the average amount of its assets invested in real 

 estate owned by such corporation, and also amount, if 

 any, of individual deposits in excess of fifteen hun- 

 dred dollars each, listed to depositors in towns in this 

 State where such depositors reside. 



SEC. 20. No other tax shall be assessed on such de- 

 posits or accumulations in case of savings-banks, or 

 on such deposits in case of trust companies and "sav- 

 ings-banks and trust companies," or against the de- 

 positors on account thereof, except individual deposits 

 exceeding in the aggregate fifteen hundred dollars. 



SEC. 21. Every corporation, joint-stock company, 

 person or persons doing express business in this State 

 shall pay a. tax to the State which is hereby assessed at 

 the rate of three per cent annually on the gross receipts 

 of their business transacted in this Stated 



SEC. 22. Every corporation, joint-stock company, 

 person or persons doing telegraph business in th'is 

 State shall pay a tax to the State which is hereby as- 

 sessed at the rate of three per cent annually on the gross 

 receipts of their business transacted in this State. 



SEC. 23. Every corporation, joint-stock company, 

 person or persons doing telephone business in this 

 State, shall pay a tax to the State which is hereby 

 assessed at the rate of three per cent annually on the 

 gross receipts of all their business in this State, in- 

 cluding sums received for rental of instruments. But 

 there snail be deducted from such gross receipts the 

 amount paid by such corporation, company, or per- 

 sons to any telegraph company with whom they are 

 connected. 



SEC. 25. Every steamboat, car, or transportation 

 company incorporated under the laws of this State 

 shall pay a tax to the State, which is hereby assessed, 

 at the rate of two per cent annually on the gross receipts 

 of all their business. 



SEC. 26. The Commissioner of State Taxes may ex- 

 amine upon oath any officer, agent, or clerk of a cor- 

 poration or persons operating a railroad or doing ex- 

 press, telegraph, or telephone business in this State, 

 or of an insurance company doing business in this 

 State, or of a savings-bank, savings institution, or 

 trust company incorporated by this State, and doing 

 business herein, or of a steamboat, car, or transpor- 

 tation company incorporated under the laws of this 

 State, and may examine any book of accounts kept bv 

 such corporation, company, or persons, concerning all 

 matters as to which information is required to carry 

 out the purposes of this act. 



SEC. 29. Keal and personal estate used in operating 

 a railroad, or used in carrying on express, telegraph, 

 or telephone business in this State, and real and per- 

 sonal estate owned by steamboat, car, and transporta- 

 tion companies taxed by this act, also stock in steam- 

 boat, car, and transportation companies, which com- 

 panies are taxed by this act, shall not hereafter be set 

 in the grand list, and shall not be required to be stated 

 in the inventories required to be returned to listers by 

 section 324 of the revised laws. And listers in mak- 

 ing annual grand lists hereafter shall omit from the 

 last quadrennial appraisal all real estate mentioned in 

 this section. But this act shall not be construed to 

 take out of the grand lists of 1882, or of any previous 

 year, any property included in such lists, or to dimin- 

 ish the liability of any person to the payment of taxes 

 assessed or to be assessed on such lists. 



SEC. 43. So much of the charter of a corporation or 

 company organized under the laws of this State as 

 exempts such corporation or company from taxation, 

 BO far as it conflicts with this act, is hereby repealed. 



A bill abolishing the district-school system, 

 and establishing a town system, failed to pass. 



FINANCES. The following is an abstract of 

 the report of the Auditor for the sixth biennial 

 term, covering the transactions for the two 

 fiscal years ending July 31, 1882 : The orders 

 drawn at the Auditor's office for the year end- 

 ing July 31, 1881, amount to the sum of $277,- 

 585.24, and to $280,619.38 for the year ending 

 July 31, 1882. The orders drawn at the offices 

 of the county clerks to settle the accounts of 

 county clerks, sheriffs, jailers, justices of the 

 peace and judges of municipal courts, amount 

 for the year ending July 31, 1881, to the sum 

 of $43,714.88, and to $39,968.29 for the year 

 ending July 31, 1882. 



Auditor Powell says that the change in the 

 method of accounting for fines and costs by 

 requiring from each justice a sworn statement 

 of all business done and the disposition of each 

 case, before the allowance of bills, with other 

 legislative acts of the last session, has wrought 

 a great saving to the State. 



The comparative table given below shows 

 the fines and costs collected biennially for the 



