Sec. 12-255. Tax to be in lieu of certain other taxes.
Sec. 12-255. Tax to be in lieu of certain other taxes. The tax provided for in this
chapter upon the gross earnings of each corporation included in section 12-249 shall be
in lieu of all other taxes in this state for the year ended the thirty-first day of December
of the year for which such statement is required to be made on its rights, franchises,
funded and floating debt and property in this state, and on the property of each corporation, which property is operated in this state by any such corporation so liable to such
tax upon gross earnings, but the real estate in this state owned by such corporation, or
by a corporation whose property is operated by it, when not used exclusively for railroad
purposes, shall be assessed and taxed where it is located.
(1949 Rev., S. 1933; 1961, P.A. 517, S. 118; P.A. 85-562, S. 2; P.A. 87-124, S. 3, 18.)
History: 1961 act deleted exemption of stockholders and bondholders from taxation; P.A. 85-562 added Subsecs. (b),
(c) and (d) concerning administration and enforcement of the tax, which administrative and enforcement provisions are
similar in most aspects to those applicable with respect to other state taxes; P.A. 87-124 deleted Subsecs. (b) to (d), inclusive,
concerning determination of the amount of tax by the commissioner, effective January 1, 1988, and applicable with respect
to the tax imposed under chapter 210 on gross earnings in the calendar year ending December 31, 1987, and in each calendar
year thereafter.
Exemption of shares of stock issued to increase capital stock. 30 C. 290; of bonds in hands of holders; 33 C. 187. Under
former law, what property regarded as used for railroad purposes. 40 C. 498.