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tax of a foreign corporation is the same as that of a domestic corporation.

License taxes are imposed upon persons and corporations by the State; and similar taxes may be imposed by the local authorities, provided no greater license tax may be imposed than is imposed for State purposes. 121 The amount of license taxes imposed on manufacturing corporations by the State are as follows, 122 upon the annual gross receipts:

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Over $90,000 but not over $95,000,
Over $95,000 but not over $100,000,
Over $100,000 but not over $150,000,
Over $150,000 but not over $200,000,
Over $200,000 but not over $300,000,
Over $300,000 but not over $400,000,
Over $400,000 but not over $500,000,
Over $500,000 but not over $750,000,
Over $750,000 but not over $1,000,000,
Over $1,000,000 but not over $2,000,000,
Over $2,000,000 but not over $3,000,000,
Over $3,000,000 but not over $4,000,000,
Over $4,000,000 but not over $5,000,000,
Over $5,000,000 but not over $6,000,000,
Over $6,000,000 but not over $7,000,000,
Over $7,000,000 but not over $8,000,000,
Over $8,000,000 but not over $9,000,000,

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Over $9,000,000 but not over $10,000,000,

7,000 00

$10,000,000 or over,

8,000 00

121 Ibid. Art. 229.

122 La. 1898, No. 171, § 3, cl. 1,

Upon mercantile corporations the State license fee, based on the gross annual sales, is as follows: 123 (1) Wholesale dealers:

Where the amount is not over $250,000,
Over $250,000 but not over $500,000,
Over $500,000 but not over $600,000,
Over $600,000 but not over $800,000,
Over $800,000 but not over $1,000,000,
Over $1,000,000 but not over $1,500,000,
Over $1,500,000 but not over $2,000,000,
Over $2,000,000 but not over $2,500,000,
Over $2,500,000 but not over $3,000,000,
Over $3,000,000 but not over $4,000,000,
Over $4,000,000 but not over $5,000,000,
Over $5,000,000 but not over $5,500,000,
Over $5,500,000 but not over $6,000,000,
Over $6,000,000 but not over $6,500,000,
Over $6,500,000 but not over $7,000,000,
Over $7,000,000,

(2) Retail dealers:

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Over $300,000 but not over $400,000,
Over $400,000 but not over $600,000,
Over $600,000 but not over $700,000,
Over $700,000 but not over $750,000,
Over $750,000 but not over $1,000,000,
Over $1,000,000 but not over $1,500,000,
Over $1,500,000 but not over $2,000,000,
Over $2,000,000 but not over $2,500,000,
Over $2,500,000 but not over $3,000,000,
Over $3,000,000 but not over $3,500,000,
Over $3,500,000,

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550 00

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The license tax is a regular tax, and therefore cannot be laid upon a corporation which by its charter is exempt from all taxation.124

Where a corporation subject to a license tax does business in more than one place within the State, the combined local license fees must be no greater than the State license tax; and therefore when such a corporation has rightly paid local license fees at its branch offices, the amount of such fees must be subtracted from the full amount of the tax, equal to the State tax, levied at the main office. 125 The tax upon the gross receipts of a foreign insurance company, not exacted as a condition of entering the State, is a property tax, not a license fee; and as such it is unconstitutional as a special tax laid on one class of taxpayers.126

§ 529. Maine.

Domestic corporations pay a franchise tax, but foreign corporations do not. Corporations are taxed locally on all their property. "Such property, both real and personal, is taxable for state, county, city, town, school district and

124 Citizens' Bank v. Parker, 192 U. S. 73, reversing State v. Citizens' Bank, 52 La. Ann. 1086, 27 So. 709.

125 New Orleans v. Liverpool & L. & G. Ins. Co., 52 La. Ann. 1904, 28 So. 267.

126 Parker v. North B. & M. Ins. Co., 42 La. Ann. 428, 7 So. 599.

parochial taxes, to be assessed and collected in the same manner and with the same effect as upon similar taxable property owned by individuals." 127 The real estate is taxable at its situs. 128

The personal estate is taxable at the principal office of the company 129 except as provided in the following section: "Machinery employed in any branch of manufacture, goods manufactured or unmanufactured, and real estate belonging to any corporation, except when otherwise expressly provided, shall be assessed to such corporation in the town or place where they are situated or employed.13

Shares of stock are assessable; in assessing stockholders for their shares in any such corporation, their proportional part of the value of such machinery, goods and real estate, shall be deducted from the value of such shares.131

The value of the real estate to be deducted is the real value, not the assessed value.132 Non-resident shareholders are assessed at the place where the corporation is; and the town has a lien on such stock for the taxes. 133 No dividend must be paid to the holder of such stock until the tax is paid; but the corporation must pay the dividend to the town to discharge the tax.134

The value of a franchise cannot be included in the value of the property for local taxation. "No legislation of this state has authorized municipal assessors to impose a tax upon a corporation on account of its franchise,-the powers and privileges granted to it by the sovereign power of the state. The state may impose such a tax, as has been frequently done and upheld; or assessors, in placing the valuation upon the

127 Me. Rev. Stat. ch. 9, § 16.

128 Ibid. § 8.

129 Ibid. § 12.

130 Ibid. § 13.

131 Ibid. § 13.

132 Wheeler v. Comrs., 88 Me. 174, 33 Atl. 983.

133 Me. Rev. Stat. ch. 9, § 30.

134 Ibid. §§ 33, 34.

shares of a corporation, should take into account the value of the franchise, because the value of the franchise necessarily affects the value of the shares, which by statute, are taxable to the owner thereof." 135

The State imposes a franchise tax upon all domestic corporations, based on the amount of capital stock. "Every corporation incorporated under the laws of this state, except such as are excepted by [the following section], shall pay an annual franchise tax of five dollars, provided the authorized capital of said corporation does not exceed fifty thousand dollars, of ten dollars, provided said authorized capital stock exceeds fifty thousand dollars, and does not exceed two hundred thousand dollars, of twenty-five dollars, provided said authorized capital exceeds two hundred thousand dollars, and does not exceed five hundred thousand dollars, of fifty dollars, provided said authorized capital exceeds five hundred thousand dollars, and does not exceed one million dollars, and the further sum of twenty-five dollars per annum per one million dollars, or any part thereof, in excess of one million dollars."

1 136

"Every corporation incorporated under the laws of this state, excepting religious, charitable, educational and benevolent corporations, and excepting such corporations as may be organized under chapter fifty-five of the revised statutes, and such corporations as are liable to a franchise tax under some other law of this state, and such corporations as have been or may hereafter be excused from filing annual returns under the provisions of section thirty-six of chapter forty-six of the revised statutes, so long as its franchises remain unused, shall, on or before the first day of June, annually, file in the office of the secretary of state, a return signed by its president or treasurer, verified under oath, containing the names of its directors, president, treasurer and clerk, with the residence of each, the location of its principal office in this state, and

135 Wiswell, J., in Wheeler v. Comrs., 88 Me. 174, 33 Atl. 983. 136 Me. Rev. Stat. ch. 8, § 18.

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