Report of the Board of Tax Commissioners Made to the Governor of the State of Rhode Island

Report of the Board of Tax Commissioners Made to the Governor of the State of Rhode Island

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 edition. Excerpt: and the franchise tax equal to a tax of $2.50 on each $10,000 or fractional part thereof of authorized capital. All domestic corporations unless exempt must pay a tax at least equal to the minimum fixed by law. The act also provides, in case of failure to pay the tax for a period of three years, or failure to make the returns required, that the Attorney General, upon notification by the Board of Tax Commissioners of such failure, shall forthwith bring suit for the dissolution of such delinquent corporations in the Superior Court for Providence County. It was not anticipated that this law would, or intended that it should, produce any considerable amount of revenue. It was intended primarily to prevent over-capitalization and to bring about the dissolution of a large number of corporations which had been inactive for a long time, or had never been active at all. The provisions for the dissolution of a corporation under our General Laws make it somewhat troublesome and expensive to dissolve a corporation, and this law was intended to provide a convenient and economical means for accomplishing this end. Upon the passage of the act the authorized capital of many corporations was immediately reduced, and some corporations were dissolved under the provisions of the General Law. By far the greater number are allowing the law to take its course, and will probably be dissolved by decree of court at the expiration of the three years as provided by the law. A number of corporations for various reasons paid the tax and the amount received by the General Treasurer from this source for the use of the State was $16,650.31. The Board experienced considerable difficulty in discovering all of the corporations liable to the tax, and in many more

Product details

  • Paperback | 58 pages
  • 189 x 246 x 3mm | 122g
  • United States
  • English
  • black & white illustrations
  • 1236848748
  • 9781236848741