Kankakee Valley Post, Volume 2, Number 47, DeMotte, Jasper County, 6 April 1933 — INTANGIBLE TAX IS EXPLAINED [ARTICLE]

INTANGIBLE TAX IS EXPLAINED

OTHER REVENUE RAISING LAWS ARE POINTED OUT. John A. Rothrock, of Monticello, special representative of the state tax board is traveling over the state explaining the operation of the new intangible tax law which went into effect on April 1st. Mr. Rothrock stated “that no intangible can be recorded, nor can the same be enforced through suit or otherwise, unless tax on account thereof is paid.” Each year a stamp must be attached to the instrument at the rate of 5 cents for each $20 (or fraction, of actual value. Taxable intangibles are subject to tax as of the value of March 1, 1933. “Intangibles” subject to the stamp are promissory notes, stocks of foreign corporations, bonds (other than tax free public bonds) debentures, final judgments, certificates of indebtedness other than those representing deposits in banks; brokerage or trading accounts with brokers; deposits or loans of money excepting deposits in banks and trust companies; corporate securities; written instruments, mortgages, chattel mortgages, bills of sale, conditional sales contracts, etc. The tax does not apply to stocks of banks, trust companies, building and loan associations, domestic corporations, nor to life, health or accident intangibles may have them valued by the county assesor. Penalties for failure to attach stamps shall be four times the tax plus 10 per cent of the tax and the remaining 90 per cent is to be distributed to local communities on the basis of the assessed valuation of real property. Intangibles are exempt from prop"I am authorized by the state board of tax commissioners to announce that “hoarded” money; including money in safety deposit boxes, on the person, etc., will be taxed at the regular property tax rate unless same is placed in banks, building and loan associations. or otherwise converted into intangibles, before April 10, 1933. If so deposited or converted, it will be considered as having been done as of March 1, 1933, and will be taxed under the new law as intangible property, at a rate which is on the average ten times less than the property tax rate.”