shall be in lieu thereof, and if less, the difference in amount shall be payable as herein provided. (P. L. 1906, p. 647.) 224. Sec. 8. The franchise tax and tax on the real and personal property of street railroad corporations imposed by this act shall be in lieu of all other taxes now assessed or assessable against street railroad corporations subject to taxation in pursuance of this act. (P. L. 1906, p. 648.)

An Act for the taxation of the gross receipts of street railway, traction, gas and electric light, heat and power corporations using or occupying public streets, highways, roads or other public places, in lieu of the taxation of the personal property of such corporations.

(P. L. 1918, p. 425.)

Taxes imposed under

this act in other taxes.

lieu of

225. WHEREAS, Every street railway and traction corpora- Preamble. tion is now subject to and pays a franchise tax of five per centum (5%) of its gross receipts each year, which is payable as apportioned to each of the taxing districts in this State where said taxpayer has property, in accordance with chapter 290 of the Laws of 1906; and

WHEREAS, Every gas and electric light, heat and power cor- Preamble. poration is now subject to and pays for the year nineteen hundred and eighteen a franchise tax of three per centum (3%) of its gross receipts for the year nineteen hundred and nineteen a franchise tax of four per centum (4%) of its gross receipts, and for the year nineteen hundred and twenty and each year thereafter a franchise tax of five per centum (5%) of its gross receipts, which is payable as apportioned to each of the taxing districts where such taxpayer has property, in accordance with the terms of chapter 195 of the Laws of 1900, as amended by chapter 17 of the Laws of 1917; therefore,

BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:

226. Sec. 1. In addition to the franchise taxes which are imposed under and by the acts hereinbefore recited, there shall be levied and assessed upon gross receipts of street rail

Annual tax ceipts of pub

on gross re

lic utility companies.

Apportioned among municipalities.

Tax in lieu of other taxes.

Apportionment of franchise taxes.

Basis of apportionment.

Boards of

taxes and assessment

to apportion.

way, traction, gas and electric light, heat and power corporations, an additional annual tax at the average rate of taxation of this State as computed and fixed by the State Board of Taxes and Assessment under the provisions of chapter 82 of the Laws of 1906, which additional tax shall be levied and assessed upon the same gross receipts upon which said franchise taxes are levied and assessed, and shall be apportioned, except as herein set forth, paid and collected in the same manner and at the same time as the said franchise taxes are apportioned, paid and collected, with the same rights of review and appeal, and subject to the same penalties, and with the same remedies for enforcement and collection as are by law made applicable to said franchise taxes; which additional tax hereby imposed shall be in lieu of all State, county, school and local taxation of any personal property, including machinery, apparatus and equipment, held or owned by any such corporation taxable hereunder. (P. L. 1918, p. 426.)

227. Sec. 2. For the purpose of apportioning to the several municipalities the franchise taxes imposed by the two acts hereinabove recited, the same valuations and returns shall be made by the assessor or board or body whose duty it is to make assessments in each taxing district, and such franchise taxes shall be apportioned in the same manner and upon the same basis, as though this act had not been passed. (P. L. 1918, p. 427.)

228. Sec. 3. For the purpose of apportioning to the several municipalities the tax imposed under and by this act, the assessor or board or body in each taxing district shall annually ascertain and value all the personal property, including machinery, apparatus, and equipment in such taxing district, of any corporation whose gross receipts are taxable under the provisions of this act and certify the same in the same manner and at the same time as is required for the apportionment of franchise taxes under the hereinabove recited acts, which valuations shall be subject to the same inquiry, equalization and revision in the same manner as is provided for the valuations required to be certified in and by said acts for the imposition of franchise taxes; and the State Board of Taxes and Assessment shall annually ascertain and ap

total

portion the tax hereby imposed on each corporation taxed hereunder to the various taxing districts in proportion to the value of the personal property, located in such taxing districts, of such corporation as shown by the statements filed with said board; such valuations of personal property Ascertaining in the respective municipalities shall, notwithstanding the valuations. exemption of such personal property from taxation by reason of this act, nevertheless be included in and considered a part of the total amount of valuations of such respective municipalities for all other purposes, except the computa- Exceptions. tion of the respective municipal tax rates and the computation of "average rate of taxation" under the provisions of chapter 82 of the Laws of 1906. (P. L. 1918, p. 427.) 229. Sec. 4. It shall be the duty of the collector or other officer having custody of collected taxes in each taxing district to pay to the county collector on each dollar of the value of the personal property in such taxing district of the corporations taxed hereunder as certified to said State Board of Taxes and Assessment the tax of one mill imposed by chapter 16 of the Laws of 1917 for State road purposes, and the tax of one mill imposed by chapter 51 of the Laws of 1918 for interstate bridge and tunnel purposes, the same as if this act had not been passed (a). (P. L. 1918, p. 428.)

Tax paid to lector for bridge

county col

road and

purposes.

230. Sec. 5. All acts or parts of acts inconsistent with the Repealer. provisions of this act to the extent of such inconsistency be

and the same are hereby repealed. (P. L. 1918, p. 428.)

1919, etc.

231. Sec. 6. This act shall take effect October first, one Act effective. thousand nine hundred and eighteen, provided that the provisions of this act shall not be applicable to any taxes assessed Applies year for the year one thousand nine hundred and eighteen, but shall apply to taxes for the year one thousand nine hundred and nineteen and every year thereafter. (P. L. 1918, p. 428.)

(a) For the acts referred to in this section, see pars. 95-96 and pars. 97-100, ante.

Franchise

tax on certain public utility corporations.

Rate and classification.

Proviso.

Franchise Tax on Miscellaneous

Corporations

An Act to provide for the imposition of State taxes upon certain corporations and for the collection thereof.

(P. L. 1884, p. 232.)

232. Sec. 1. All corporations incorporated under the laws of this State, other than those which are subject to the payment of a State franchise tax assessed upon the basis of gross receipts, shall make annual return to the State Board of Assessors on or before the first Tuesday of May in each year, and shall state therein the amount of the capital stock of such corporation issued and outstanding on the first day of January preceding the making of said return, together with such other information as may be required by said board to carry out the provisions of this act, and shall pay an annual license fee or franchise tax of one-tenth of one per centum on all amounts of capital stock issued and outstanding up to and including the sum of three million dollars; on all sums of capital stock issued and outstanding in excess of three million dollars and not exceeding five million dollars, an annual license fee or franchise tax of one-twentieth of one per centum, and the further sum of fifty dollars per annum per one million dollars, or any part thereof, on all amounts of capital stock issued and outstanding in excess of five million dollars; and any shares of stock either fully paid or partially paid in cash or by property purchased whether issued or otherwise shall be deemed to be shares of stock issued and outstanding until such shares or any substitute therefor shall have been retired and actually canceled; provided, that this act shall not apply to railway, canal or banking corporations, or to savings banks, cemeteries or religious corporations, or purely charitable or purely educational associations not conducted for profit,

or manufacturing or mining corporations at least fifty per centum of whose capital stock issued and outstanding is invested in mining or manufacturing carried on within this State, and which mining or manufacturing corporations shall have stated in the annual return to the State Board of Assessors where the mine or manufacturing establishment of such corporation or corporations is or are located, the character of the ores mined or the goods manufactured, the total amount of its capital stock embarked in the business of mining or manufacturing and the amount of capital stock actually employed in New Jersey in carrying on such mining or manufacturing business. If any manufacturing or mining company carrying on business in this State shall have less than fifty per centum of its capital companies. stock, issued and outstanding, invested in business carried. on within this State, such company shall pay the annual license fee or franchise tax herein provided for companies. not carrying on business in this State, but shall be entitled. in the computation of such tax, to a deduction from the amount of its capital stock issued and outstanding of the assessed value of its real and personal estate so used in manufacturing or mining (a). (Supplement of 1906, P. L. 1906, p. 31, to P. L. 1884, p. 232.)

Construction and operation in general.-A franchise tax, imposed upon a company as the price of the right and privilege of being a corporation, may be exacted by the State granting the franchise, no matter how the corporate property may be invested or employed or where it may be situate. Honduras Commercial Co. v. Assessors, 54 N. J. L. 278.

What constitutes a corporation.-A partnership association organized under the law of Pennsylvania and which has a name of its own under which it holds, owns and conveys real and personal property, transacts business and sues and can be sued, and which can adopt and use a common seal and which can make by-laws and appoint officers for the management of its affairs and which limits the responsibility of its members to the extent of their unpaid subscriptions to the capital, is invested with the essential characteristics of a corporation and

(a) This section apparently covers sections 1, 2 and 4 of the original act of 1884 (P. L. 1884, pp. 232, 233, 234), as amended by P. L. 1891, p. 150; P. L. 1892, pp. 136, 137; P. L. 1901, p. 31; and lastly by P. L. 1906, p. 31, of which act this is the first section.

In case of manu

mining or

facturing