Metzger, 081933 PAAGO, AGO 87
Case Date | August 19, 1933 |
Court | Pennsylvania |
"Section 17. That all scrip, bonds, certificates and evidences of indebtedness issued, and all scrip, bonds, certificates and evidences of indebtedness assumed, or on which interest shall be paid, by any and every private corporation, incorporated or created under the laws of this Commonwealth or the laws of any other State or of the United States, and doing business in this Commonwealth, and all scrip, bonds, certificates, and evidences of indebtedness issued, and all scrip, bonds, certificates, and evidences of indebtedness assumed, or on which interest shall be paid, by any county, city, borough, township, school district, or incorporated district of this Commonwealth are hereby made taxable in the year one thousand nine hundred and nineteen, and annually thereafter, for State purposes, at the rate of four mills on each dollar of the nominal value thereof: * * * ”and by adding at the end thereof, the following paragraph:
"It is the intent of this act that all scrip, bonds, certificates, and evidences of indebtedness made taxable under) section one (1) of the act to which this is an amendment, and that only such scrip, bonds, certificates, and evidences of indebtedness which cannot be made taxable under this section are to be taxed under section one (1) of said act."In Commonwealth v. Jacob Reed's Sons, Inc., 25 Dauphin, 117 (1922), affirmed 275 Pa. 20, (1922) Judge Hargest reviewed at some length the history of our legislation taxing personal property, showing exactly how the distinction between the "personal property tax" and the "tax on loans" came to he made. As it gradually...
To continue reading
Request your trial