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Peoples Bank and Trust Co. v. Passaic County Board of Taxa. tion, 100 Atl. Rep. 155.

Deduction.-A county board of taxation, having assessed stock of a bank, as required by section 4 of the bank stock tax act of 1914 (P. L. 1914, p. 141), superseded by P. L. 1918, p. 997, a deduction of the value of certain shares of stock in other banks taxable elsewhere was erroneous. Id.

Constitutionality.-The fourth section of P. L. 1914, p. 141, superseded by this act, provides that the tax imposed upon the shares of stock of banks, banking associations and trust companies, by the act, should be in lieu of all other State, county or local taxation upon such shares; and the fact that a given savings institution has capital stock issued does not violate the uniform rule of the constitution because such savings bank, by reason of its shares of capital stock, is either within the act or else it is subject to the general laws relating to the taxation of such institutions provided by the act approved March 26th, 1888 (P. L. 1888, p. 264). Commercial Trust Co v. Hudson Co. Tax Bd., 87 N. J. L. 179.

Road Tax.-The shares of the capital stock of banking associations and trust companies are also within the classification provided by the statute (the Road Tax Act of 1917) under con. sideration. Gillen v. Essex County Board, 102 Atl. Rep. 676.

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Annual ascertain

87. Sec. 5. The tax hereby imposed shall be subject to the same proceedings for review, correction and equalization as are applicable to the assessment and levy of other taxes, pursuant to the provisions of the general tax law of the State and the supplements thereto, and amendments thereof, except as the same may be modified by the provisions of this act or are inconsistent therewith. (P. L. 1918, p. 999.)

88. Sec. 6. The county board of taxation of each county ment pertain- shall, on the first day of August, in the year one thousand

nine hundred and eighteen, and thereafter on the fifteenth day of January of each year, ascertain from an inspection of the statements filed, and from any other sources of information which may be open to them, the names and places of business of all banks, banking associations and trust companies in the county, the number of shares of capital stock of cach issued and outstanding, the aggregate amount of the capital, surplus and undivided profits of each, the assessed

alue of its real property, the true value of all the capital stock of eachi issued and outstanding and the true value of a single share of each, determined in accordance with the provisions of section two of this act, and the amount of tax levied

ing to banks, as to capital, stock, value per share, and tax levied

share.

county and

of taxes

table of

by county

upon the capital stock of each at the uniform rate. The Tax per amount thus ascertained to be dne upon the shares of stock of each bank, banking association and trust company shall be the tax levied and to be paid in accordance with the provisions of this act, subject to review, correction and equalization, as hereinbefore provided. The county board of taxation shall amount due also estimate the amounts of such taxes which will be pay- taxing able to the county and to any taxing district therein under the provisions of this act, and in fixing the respective tax rates for the current year such sums shall be deducted from the amounts to be raised by taxation. The county board of Tabulation taxation shall attach to the table of aggregates required to attached to be transmitted to the county collector a tabulation of the aggregates. taxes so assessed and levied, which tabulation shall not be included among the ratables of any county or taxing district for any purpose other than the collection of the taxes imposed according to the provisions of this act. The tax im- Tax collected posed in accordance with the provisions of this act shall be collector. collected by the county collector from the bank, banking association and trust company against the capital stock of which the same is levied, in the same manner and at the same time as the general taxes are collected. (P. L. 1918, p. 999.)

89. Sec. 7. The shares of stock of every bank, banking Stockholders association and trust company shall be assessed against the stockholders in the taxing district within which the principal place of business of such bank, banking association or trust company is located, and the tax assessed against such stock- Tax a lien. holders shall be a lien upon their stock from the twentieth day of May, in the year one thousand nine hundred and eighteen, and thereafter from the first day of January in each year, and said stock may be levied upon and sold by the collector on default of payment, and moreover, it shall be the duty of said bank, banking association and trust Bank to pay company to pay said tax assessed against such shareholders to stockon demand, and said bank, banking association or trust company shall have a lien upon the shares for such payment and may retain the amount so paid out of the dividends thai may be declared on such shares. The tax so paid to the One-half each county collector shall be apportioned at the rate of fifty per and tax

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Bank to pay tax assessed

holder.

to county

district.

Bank may assume and pay tax.

centum to the county within which such bank, banking association or trust company is located, and fifty per centum to the taxing district within which its principal place of kusiness is located, and the amount so due to any taxing district shall be paid forthwith by the disbursing officer of said county, setting forth, in detail, the amount of such tax received, the institutions by which it is paid, the aggregate amount thereof, and the basis of apportionment. (P. L. 1918, p. 1000.).

90. Sec. 8. If any bank, banking association or trust company shall, by resolution of its board of directors filed as Tiereinafter provided, request the county board of taxation to assess to and in the name of the bank, banking association or trust company the entire taxable value of all the shares of stock therein, instead of assessing the same to and in the name of the individual shareholders owning the same, and if such bank, banking association or trust company shall promise and agree that it will pay the taxes levied against such shares at the time when due and payable, then the total amount of capital, surplus and undivided profits shall be assessed to and in the name of the bank, banking association or trust company, and no list of shareholders shall be required; all other provisions of this section shall apply, and the tax shall

be a lien against the property and assets of the bank or trust Proviso.

company and collectible as other taxes are collected; provided, that nothing herein contained shall be construed as a taxation of property as distinguished from capital stock. A certified copy of any such resolution shall be filed with the county board of taxation of the county at least thirty days before the twentieth day of May, in the year one thousand nine hundred and eighteen, and thereafter at least thirty days before the first day of January in any year and an additional copy shall be filed at the same time with the Commissioner of Banking and Insurance; such resolution shall be binding and in force until revoked; notice of revocation to be valid must be similarly filed at least thirty days

before assessment day in any year. (P. L. 1918, p. 1001.) Penalty for 91. Sec. 9. In case of neglect, refusal or failure on the ing with act. part of any bank, banking association or trust company to

comply with the provisions of this act, with reference to the

Resolution to be filed with county tax board.

not comply

Penalty for delinquents.

filing of the statements herein required to be made, on or before the time herein provided for the filing of the same, or to submit to the inspection of any officer or agent of the county board of taxation the list or statement herein required to be kept in the office of such company, and submitted to inspection, the company so neglecting, refusing or failing shall be liable to a penalty of one hundred dollars, and an additional sum of ten dollars for each day during which such neglect, refusal or failure continues. (P. L. 1918, p. 1002.)

92. Sec. 10. Taxes imposed under this act which are not paid on on before the time herein limited for the payment of the same shall be subject to the same penalty by way of interest, and proceedings for collection of the same, as apply to other taxes levied under the provisions of the general tax laws of the State, the supplements thereto and amendments thereof. The penalty imposed by this act shall be collected by suit Collection

of penalty. in the nature of an action for debt, instituted by the county collector of the county within which such bank, banking association or trust company has its principal office or place of business, and the proceeds thereof shall be divided between the county and the taxing district within which such bank, banking association or trust company has its principal office or place of business, in the same manner as the taxes contemplated to be assessed, levied and collected by this act are apportioned. (P. L. 1918, p. 1002.)

93. Sec. 11. Savings banks incorporated as such under Savings the laws of this State relative thereto, as distinguished from exempt. other banks, banking associations and trust companies, shall te exempt from taxation under this act. (P. L. 1918, p. 1002.)

94. Sec. 12. All acts and parts of acts inconsistent with Repealer. the provisions of this act be and the same are hereby repealed, and this act shall take effect immediately. (P. L. 1918, p. 1003.)

banks

Road Tax

Annual
State tax
assessed and
collected.

Procedure.

An Act to provide for the taxation of real and personal property in this State for State road purposes.

(P. L. 1917, p. 41.) 95. Sec. 1. There shall be annually, for a period of five years from the date of the passage of this act, assessed, leviec and collected in each of the municipalities of the counties of this State, a tax of one mill on each dollar of the value of all the real and personal property in every such municipality upon which municipal taxes are or shall be assessed, levied and collected. Such tax shall be assessed, levied and collected in the same manner and at the same time as other taxes upon real and personal property are now assessed, levied and collected, and the county board of taxation shall compute the amount of such tax to be raised by each municipality in the county, according to the valuation shown in the revised and corrected tax lists and duplicates on file with said board, and shall add the amount of such tax to the other amounts to be raised. It shall be the duty of the collector or other officer having the custody of the collected taxes, on or before the fifteenth day of December in each year, out of the first moneys collected, to pay to the county collector of the county such State tax required to be assessed in his taxing district, and the county collector shall pay the said State tax, which he shall have so received from the taxing districts, to the Treasurer of the State on or before the twenty-sixth day of December, and the said State Treasurer shall place the same in the State road fund. (P. L. 1917, }). 41, as amended by P. L. 1918, p. 507.)

Duty of municipal and county collectors.

For act providing for payment into road fund of the increase in railroad and canal taxes due to road tax act, see pars. 1750 and 175e (P. L. 1917, p. 785), post.

The statute of 1917 (P. L. 41), superseded by this act, which imposes for State road purposes a tax of one mill on the dollar on all real and personal property upon which municipal taxes are assessed, levied and collected, is not unconstitutional be

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