How to use Capital-stock in a sentence
A savings bank is taxed on its deposits, and a state bank is taxed on its capital-stock.
The first private state bank was opened in 1817; an act of 1831 provided for a safety fund guaranteeing bank circulations and derived from a 41% tax on capital stock and a 1 o% tax on profits; but this law was modified in 1842, the tax being removed from banks giving specie guarantees; and a free banking act was passed in 1851.
During practically the entire period before the Civil War their note issues constituted a smaller proportion of the capital stock than those of any other state.
During the period from 1890 to 1901 twenty national banks retired from business, and the total capital stock was reduced from about twenty millions to about thirteen millions of dollars.
The taxing system of Iowa embraces a general property tax, corporation taxes (imposed on the franchises or on either the capital stock or the stock in the hands of shareholders), taxes on certain businesses and a collateral inheritance tax.Advertisement
The tax on corporations, originating as a capital stock tax in 1880 and extended through succeeding years, is administered by the state comptroller.
In 1829 the Safety-Fund Act was passed, which required each bank thereafter chartered or rechartered to pay into the state treasury 3% of its capital stock other than that owned by the state, and from this fund the debts of insolvent banks were to be paid.
The present banking law provides that the capital stock of a state bank shall be not less than $20,000 in a city of not more than 1500 inhabitants, not less than $25,000 in a city of not more than 5000, not less than $50,000 in a city of between 5000 and 20,000, not less than $100,000 in a city of between 20,000 and 110,000, and not less than $250,000 in all larger cities.
The expenses of the state government are met chiefly by special taxes on railway and canal corporations, a franchise tax on the capital stock of other corporations, a collateral inheritance tax and leases of riparian lands.
Other domestic corporations are taxed on the amount of their capital stock.Advertisement
The rate of this tax decreases as the amount of capital stock increases, thus favouring large corporations.
On all capital stock up to $3,000,000, the rate is one-tenth of 1%; on all amounts between three and five million dollars, the rate is one-twentieth of 1%; and on all above five million dollars, thirty dollars per million, or 3/1000 of 1%.
Nearly all the capital stock of the water-works company is owned by the municipality.
The state banking board, which is composed of the governor, lieutenant-governor, president of the board of agriculture, state treasurer and state auditor, levies against the capital stock of each state bank and trust company, organized or existing, under the laws of the state to create a fund equal to 5% of average daily deposits other than the deposits of state funds properly secured.
In 1835 the state agreed to subscribe one-third to the capital stock of companies organized to lay out turnpikes, railways, &c., and four years later the proportion became one-half.Advertisement
Some would argue that the pool of resources for equal division should also include the capital stock that one generation inherits from past generations.
The result was that finance capital came to control the potential for growth and the renewal of the existing capital stock.
Nevertheless, they can be a useful cross-check of the National Accounts based measures of the UK capital stock.