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assessed for local or state taxation, including in the deduction the value of any such property exempt from taxation by local authority.
“(4) Said board shall also make such allowance Property for such property as is exempt from taxation, or is taxation de not taxable in this state, by deducting the fair cash be deducted. value thereof from the entire value ascertained under the first clause of this section, or from the portion assigned to this state, or from the portion assigned to other jurisdictions, as the circumstances make equitable: Provided, that in making such allowance for bonds and other securities of the United States or of this state the par value thereof shall be deducted.
‘(5) The remainder shall constitute the value of the 'corporate excess,' for the taxation of said corporation. Said board, on the first business day of Tax commisJune in each year, shall make up a list of all corpora- annually on tions subject to tax upon their corporate excess, with corporations the amount of the corporate excess of each, and shall corporate assess, as of December thirty-first next preceding, and of Decem tax upon each such corporation at the rate of forty preceding; cents for each one hundred dollars of the amount of its corporate excess, determined as aforesaid, and enter the amount of the tax against the name of each such corporation. Said board shall certify to the cor- List to be cerrectness of such list and deliver a duly attested copy urer; general thereof as a public record to the general treasurer, collect tax. who shall receive and collect the taxes so assessed in the same manner and with the same powers as are prescribed for, and given to, collectors of taxes by chapter sixty-two of the general laws and by any acts in amendment thereof or in addition thereto. Said board shall also forthwith mail a notice of the Notice to be amount of the tax to each such corporation, but the corporation. failure to receive such notice shall not excuse the non-payment of said tax. The tax assessed as afore
make up a list
excess tax; tax
rate of tax.
mailed to each
Tax to be payable July 1st; unpaid taxes to bear interest.
Unpaid tax to constitute a lien on real estate.
said shall be payable on the first day of July next after its assessment as aforesaid, and if not paid by the fifteenth day of such July shall bear interest from the first day of such July at the rate of eight per centum per annum until paid, if such payment is made before the commencement of legal proceedings for the recovery of the tax, and at the rate of ten per centum per annum if made after the commencement of such proceedings. Such tax, if unpaid, shall constitute a lien upon the real estate of such corporation within this state for the space of two years after the assessment thereof, and, if such real estate be not aliened, then until the same is collected."
Sec. 2. This act shall take effect from and after its passage, and all acts and parts of acts inconsistent herewith are hereby repealed.
AN ACT IN AMENDMENT OF SUB-SECTION (3) OF SEC
TION 5 AND SECTION 19 OF CHAPTER 39 OF THE
“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. Sub-section (3) of section 5 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:
“(3) Except as otherwise provided in section nineteen of this chapter, whenever any person shall exercise a power of appointment, derived from any dis
Transfer by exercise of power of appointment.
position of property made whether before or after the Same subject. 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."
SEC. 2. Section 19 of chapter 39 of the general laws is hereby further amended so as to read as follows:
“SEC. 19. The board of tax commissioners, with Settlement of the approval of the attorney-general, may effect such tarce by settlement of the amount of any taxes imposed by refund, etc. this chapter as they shall deem to be for the best interest of the state, and the payment of the amount so agreed upon shall be a full satisfaction of such tax. Whenever any will or other instrument creates a power of appointment, the board of tax commissioners, with the approval of the attorney-general, may, notwithstanding the provisions of sub-section (3) of section five of this chapter, presently effect the settlement of and assess a tax upon the future interests subject to such power of appointment in the same manner as if such interests had not been subject to
such power, and the payment of the amount so agreed upon shall be a full satisfaction of such tax; provided, however, that such settlement and assessment shall be made only with the consent of the executor of such will or the trustee under such other instrument, or, in the case of a transfer by will of real estate, of the persons entitled thereto, or, if the real estate passes to a trustee for such persons, then of such trustee. The agreement relating to such settlement and assessment may, with the approval of the attorney-general, further provide for a refund, upon such terms and conditions, if any, as may be stated in said agreement, of any tax so settled and assessed, or any part thereof, in case the donee of such power shall die a non-resident of this state in such circumstances that had such donee died a resident of this state a tax would have been imposed, under section five of this chapter, upon the right to receive the property subject to such power as a portion of the estate of such donee; and if such agreement shall so provide for a refund, the board of tax commissioners shall notify the general treasurer of the happening of such event and of the correct amount of such refund, and upon such notification the general treasurer shall make such refund, with interest thereon at such rate and for such period as may be provided in such agreement, without any further act or resolution making appropriation therefor. In case the board of tax commissioners (1) shall neglect or refuse to notify the general treasurer of the correct amount of such refund, or (2) shall notify him of an incorrect amount, or (3) shall for a period of thirty days after written demand made upon it to so notify the general treasurer of the correct amount of such refund fail to do so, the executor, administrator, trustee, legatee or other person aggrieved by such refusal, improper notification or failure may, within Same subject. three months after such refusal to notify or such improper notification or within four months after such written demand, apply to the superior court in and for the county of Providence by a petition in equity against the general treasurer for the refund of said tax, or any part thereof; and, if said court adjudge that said tax, or any part thereof, should be refunded it shall order the refund thereof. Such order allowing or disallowing said refund shall be subject to appeal in the same manner as other equity causes. Upon a final decision ordering a refund of said tax, or any portion thereof, the general treasurer shall pay the amount of such refund to the person named in the order of refund, with interest at such rate and for such period as may be provided in said agreement, without any further act or resolution making any appropriation therefor. The settlement, in accordance with the provisions of this section, of a tax upon any transfer of property subject to a power of appointment, shall, if the agreement of settlement so provides, preclude the assessment under this chapter or under any act hereafter passed of any further tax, with respect to either the right to transfer or the right to receive, upon or with respect to the transfer of any property at any time subject to such power, either as a part of the estate of the donor of such power or as a part of the estate of the donee of such power. The agreement of settlement may also provide for the deposit of money or securities by an executor or trustee with the general treasurer, in which case he shall receive and hold said money or securities upon such terms and conditions as may be stated in said agreement. The agreement of settlement may also contain such other provisions and conditions and such reservations of rights by any party thereto as the