rate not exceeding one per cent. on its real estate (excluding the main track and passenger depot buildings), waterways, reservoirs, buildings, water tanks, waterworks, wharves and piers, and all other real estate not used for railroad purposes.98 A Board of Assessors assesses the property.99 Deductions are allowed for mortgage debt (the estate of the mortgagee being taxable in the State) and for other debts due to creditors within the State.100 The tax imposed by this act shall be in lieu of all other taxation upon the property subject to taxation under the provisions of this act.101

Telegraph and telephone companies pay an annual license fee of two per cent. of their gross receipts.102

§ 628. New Mexico.

Express companies pay a tax of two per cent. on their gross receipts within the Territory, in addition to the tax on their tangible property.103 Sleeping and palace car companies pay two dollars and a half on each hundred dollars of gross earnings within the State, 104

§ 629. New York.

All structures on the land and used in connection with it are assessed to railroads, telegraph and telephone companies as real estate; which also includes all special franchises connected with the use of land. 105 This property is assessed locally.1 Railroads, express companies, and telegraph and telephone companies are assessed an annual license fee of one-half of

98 N. J. Gen. Stat. p. 3327, § 220.

99 N. J. P. L. 1891, p. 165.

100 N. J. P. L. 1888, p. 269.

101 N. J. Gen. Stat. p. 3324, § 212.

102 Ibid. p. 3337, § 260.

103 N. Mex. Comp. L. § 3927.

104 Ibid. §§ 4119, 4120.

105 N. Y. Rev. Stat. p. 3525, § 2.

106 Ibid. p. 3542; Tax Law, § 39.

106

one per cent. on the gross earnings from business originating and terminating within the State.107

This does not apply to a railroad which terminates outside the State, and has a mere office for delivery and the sale of tickets within the State. Such business is exclusively interstate commerce.108

Corporations for supplying water or gas, or for electric or steam heating, lighting or power purposes pay annually onehalf of one per cent. on their gross earnings within the State and three per cent. of their dividends in excess of four per cent. of their paid-up capital. 10%

$630. North Carolina.

Every corporation operating a steam railroad in the State makes a return of its gross earnings, number of miles operated everywhere and number operated within the State, and the gross earnings per mile during the year.110 An annual license tax for operating the roads within the State is then exacted as follows: when gross earnings per mile are one thousand dollars, or less, per year, a tax of two dollars per mile; when gross earnings per mile exceed one thousand dollars per year, but do not exceed two thousand dollars, a tax of three dollars per mile; when gross earnings per mile exceed two thousand dollars per year, but do not exceed three thousand, a tax of four dollars per mile; when gross earnings per mile are in excess of three thousand dollars per year, a tax of five dollars per mile. The tax imposed by this section shall be paid to the State Treasurer at the time of making the report provided in section seventy-eight. No county, city or town shall be allowed to collect any tax under this section.111

"There shall be paid by every express company, telegraph and telephone company doing business in the State, an annual 107 N. Y. Tax Law, § 184.

108 P. v. Wemple, 138 N. Y. 1, 33 N. E. 720, 19 L. R. A. 694. 109 N. Y. Tax L. § 186.

110 N. C. Revenue Law of 1903, § 78.

111 Ibid. § 79.

license tax as follows: By each express company, an amount equal to two dollars on every mile of railroad in the State over which mile such company does an express business; by every telegraph company, an amount equal to twenty-five cents on each mile of wire such company operates within the State; by every telephone company, an amount equal to two per cent. of the gross receipts of such telephone company within the State, reckoning for the purpose of ascertaining the amount of such gross receipts the proportion of the interstate business done within the State, which is properly credited to North Carolina. Provided, that if any such company shall file with the Board of State Tax Commissioners a statement signed and sworn to by its principal officer in this State showing that at least one-quarter of the entire assets of his company, when his · company has assets, are invested in and are maintained in any or all of the following securities or property, viz.: bonds of this State, or of any county, city, or town of this State; or any property situate in this State and taxable therein, then the tax shall be one and one-half per cent. ; and if the amount so invested shall be one-half of its total assets, the tax shall be one per cent.; and if the amount so invested shall be three-fourths of its total assets, the tax shall be one-half of one per cent." Provision is made for a return of the gross receipts. "Provided, no county or corporation shall be allowed to impose any additional tax, license or fee except the ad valorem tax." 112

The Board of Corporation Commissioners, acting as a Board of State Tax Commissioners, shall have the right to examine books, papers or accounts of any corporation . . . owning property liable to assessment for taxes, general or specific, under the laws of this State.113

Every telegraph, telephone, express, sleeping car, refrigerator and freight car, street railway, waterworks, electric light and power, gas, ferry, bridge and canal company, association or corporation, and every other firm, association or 112 N. Car. Machinery Law of 1903, § 80. 113 Ibid. § 4.

corporation exercising the right of eminent domain, whether incorporated under the laws of this State or under the laws of some other State, or country, shall annually, between the first and twentieth of June, make out and deliver to the Corporation Commission a statement verified by the oath of the officer or agent making such report, with reference to the 31st day of May, showing the value of the property of all kinds owned by such company, association or corporation. 114

The president, secretary, superintendent, or other principal accounting officers within this State of every railroad, telegraph, telephone, street railway companies, whether incorporated by the laws of this State or not, shall at such dates as real estate is required to be assessed for taxation return to the said Commissioners for assessment and taxation, verified by the oath or affirmation of the officer making the return, all the following described property belonging to such corporation within this State, viz.: The number of miles of such railroad lines in each county in this State, and the total number of miles in the State, including the roadbed, right of way, and superstructures thereon, main and side tracks, depot buildings and depot grounds, section and tool houses, rolling stock and personal property, necessary for the construction, repairs or successful operation of such railroad lines, including also, if desired by the North Carolina Corporation Commission, Pullman or sleeping cars or refrigerator cars, owned by them or operated over their lines: Provided, however, that all machine and repair shops, general office buildings, storehouses and also real and personal property outside of said right of way and depot grounds, as aforesaid, of and belonging to any such railroad companies, shall be listed for purposes of taxation by the principal officers or agents of such companies with the list-takers of the county, where the real and personal property may be situated, in the manner provided by law for the listing and valuation of real and personal property. It shall be the duty of the list-takers,

114 Ibid. §§ 40 to 45.

if required so to do by the said Commissioners, to certify and send to the Commissioners a statement giving a description of the property mentioned in the foregoing proviso, and showing the assessed valuation thereof; the Register of Deeds shall also certify to the Commissioners the local rate of taxation for county purposes as soon as the same shall be determined, and such other information obtained in the course of the performance of the duties of their office as the said Commissioners shall require of them, and the Mayor of each city or town shall cause to be sent to the said Commissioners the local rate of taxation for municipal purposes.115

A schedule shall also be returned to the Commissioners of all the movable property of the railroad company "which shall distinctly set forth the number of locomotives of all classes, passenger cars of all classes, sleeping and dining cars, express cars, horse cars, cattle cars, coal cars, platform cars, wrecking cars, pay cars, hand cars, and all other kinds of cars and the value thereof." Also the amount of capital stock authorized and paid up, number and market or actual value of shares, length of line operated in each county and in the whole State, the total assessed value of all tangible property in the State, etc. 116

The Corporation Commissioners, acting as a Board of Appraisers and Assessors, examine these statements and from them and such other information as they may obtain assess the property of such corporations.117

The value of railroad property is assessed as follows:

(a) The said Commissioners shall first determine the value of the tangible property of each division or branch of such railroad, of rolling stock, and all other physical or tangible property. This value shall be determined by a due consideration of the actual cost to replace the property, with a just allowance for depreciation on rolling stock, and also of other

115 Ibid. § 53.

116 Ibid. § 54.

117 Ibid. §§ 47, 52.