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AN ACT IN AMENDMENT OF SECTION I AND SECTION 5
H 939. Approved
OF CHAPTER 39 OF THE GENERAL LAWS, ENTITLED April 13, 1923. "OF A STATE TAX UPON NET ESTATES OF DECEDENTS AND INHERITANCES, LEGACIES AND GIFTS." It is enacted by the General Assembly as follows:
SECTION 1. Section 1 of chapter 39 of the general laws, entitled "Of a state tax upon net estates of decedents and inheritances, legacies and gifts," is hereby amended so as to read as follows:
Tax to be net estate of decedent.
imposed upon resident and non-resident
"Section 1. A tax shall be and is hereby imposed upon the net estate of every resident decedent, and upon the net estate of every non-resident decedent consisting of real property located within this state, or any interest therein, or consisting of tangible or intangible personal property over which said nonresident decedent exercised or omitted or failed to exercise a power of appointment, which said power was derived from a resident decedent of Rhode Island, as a tax upon the right to transfer. It is hereby declared to be the intent and purpose of this act to retain jurisdiction over such property subject to such power of appointment, or other property acquired in substitution therefor, until the donee of such power exercises or omits or fails to exercise the same. Such tax shall be imposed at the rate of onehalf of one per centum upon the excess value of each exemption. said estate over five thousand dollars: Provided, that Additional tax. an additional tax shall be and is hereby imposed at the rate of two per centum upon all or any part of each said estate devised, bequeathed or conveyed in such manner that it becomes necessary to postpone the assessment of taxes imposed by section five of this
Exemption in case of nonresident.
Sworn statement to be filed.
Failure to file statement.
Tax on transfer of prop
erty by a resident.
By a nonresident.
under will, etc.
chapter until the person or persons entitled thereto shall come into beneficial enjoyment or possession thereof; and provided, further, that such additional tax shall not be assessed and collected, as hereinafter provided in section three of this chapter, in case a settlement of taxes is effected under the provisions of section nineteen of this chapter. In the case of the estate of a non-resident decedent only such proportion of said exemption of five thousand dollars shall be allowed as the value of said estate taxable under the provisions of this section bears to the value of the entire estate wherever located: Provided, that the executor, administrator or trustee of such non-resident decedent's estate shall file with the board of tax commissioners a sworn statement showing the full and fair cash value of the entire estate. If said statement is not filed as herein provided, no exemption shall be allowed."
SEC. 2. Section 5 of chapter 39 of the general laws, is hereby amended so as to read as follows:
"Sec. 5. A tax shall be and is hereby imposed upon any transfer by a resident of this state of any real property within the state, or any tangible or intangible personal property, or interest therein or income therefrom, and by a non-resident of this state of any real property within the state, or any interest therein, or any tangible or intangible personal property over which said non-resident decedent exercised or omitted or failed to exercise a power of appointment, which said power was derived from a resident decedent of Rhode Island, to any person or persons, in trust or otherwise, as a tax upon the right to receive, in the following cases:
"(1) When the transfer is under a will or by the statutes of descent and distribution of this state.
"(2) When the transfer is made by deed, grant, bargain, sale or gift, without valuable and adequate consideration, and in contemplation of the death of the grantor, vendor or donor, or intended to take effect in possession or enjoyment at or after such death. Such tax shall be imposed when any such person becomes beneficially entitled, in possession or expectancy, to any property, or interest therein, or the income therefrom by any such transfer, whether made before or after the enactment of this chapter.
deed, grant, gift, etc.
(3) Whenever any person shall exercise a power Transfer by of appointment, derived from any disposition of prop- appointment. erty made whether before or after the enactment of this chapter, such appointment when made shall be deemed a transfer taxable under the provisions of this chapter in the same manner as though the property to which such appointment relates belonged absolutely to the donee of such power and had been bequeathed or devised by such donee by will; and whenever any person possessing such a power of appointment so derived shall omit or fail to exercise the same within the time provided therefor in whole or in part, a transfer taxable under the provisions of this chapter shall be deemed to take place to the extent of such omission or failure, in the same manner as though the person thereby becoming entitled to the possession or enjoyment of the property to which such power related had succeeded thereto by a will of the donee of the power failing to exercise such power, and shall take effect at the time of such omission or failure.
(4) Whenever any person during his life shall appoint a trustee naming himself or others as beneficiaries, and providing for the administration of said trust after his death or providing for a termination of said trust and a distribution of the trust estate or any part thereof at his death, a transfer taxable under
Transfer upon certain trust.
death of creator of
Invalidity of any part of this act not to affect remainder.
April 14, 1923.
Interest in excess of 12
per cent, not
on loans of
$300 or less, except when.
the provisions of this chapter shall be deemed to take place upon the death of the creator of said trust.
"(5) Dower and curtesy in property located within the state shall be deemed to be interests in real property subject to the tax imposed by this section."
SEC. 3. If any clause, sentence, paragraph, section or part of this act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate any other portion of this act which can be given reasonable effect without the part so adjudged invalid.
SEC. 4. This act shall take effect upon its passage, and all acts and parts of acts inconsistent herewith are hereby repealed.
AN ACT TO REGULATE THE BUSINESS OF MAKING SMALL
It is enacted by the General Assembly as follows:
SECTION 1. That no person, co-partnership, or corto be charged poration shall engage in the business of making loans of money, credit, goods, or things in action in the amount or to the value of three hundred dollars, or less, and charge, contract for, or receive a greater rate of interest than twelve per centum per annum therefor, except as authorized by this act and without first obtaining a license from the bank commissioner.
Application for license from bank commissioner.
SEC. 2. Application for such license shall be in writing and shall contain the full name and address, both of the residence and place of business, of the applicant, and if the applicant is a co-partnership, of every member thereof, or if a corporation, of each
Fees to be the general
turned over to
officer thereof; also the town or city, with street and number, if any, where the business is to be conducted. Every such applicant at the time of making such application, shall pay to the commissioner License fee. the sum of one hundred dollars as an annual license fee and the licensee shall not be obligated to pay for any other expenses in connection with the administration of this act. If the license is issued for a period of less than twelve months the license fee shall be prorated according to the number of months that said license shall run; provided, however, that the minimum fee for a license shall be twenty-five dollars. All fees received under the provisions of this act shall be turned over to the general treasurer for use of the state. SEC. 3. The applicant shall also, at the same Applicant to time, file with the commissioner a bond in which the applicant shall be the obligor, in the sum of one thousand dollars with one or more sureties, whose liability as such sureties, in the aggregate, shall not exceed one thousand dollars, to be approved by the commissioner, which bond shall run to the state of Rhode Island for the use of the state, and of any person or persons who may have a cause of action against the obligor of said bond under the provisions of this act. Such bond shall be conditioned that said obligor will conform to and abide by each and every provision of this act and will pay to the state and to any such person or persons, any and all moneys that may become due or owing to the state and to such person, or persons, from said obligor under and by virtue of the provisions of this act.
SEC. 4. Upon the filing of such application and the approval of said bond and the payment of said fee, the commissioner shall issue a license to the applicant to make loans in accordance with the provisions of
License to be commissioner.
issued by bank