Bank of Commerce in New York is to provide all of the provisions of law which relate to the income tax in as usable and convenient a form as possible, and at the same time to maintain the authoritative rendering of the text of the law. For this purpose, the text of the law as amended is printed, with supplementary footnotes containing the provisions of the War Income Tax Law levied by Title I of the War Revenue Act, and also pertinent administrative provisions of Title IX of the War Revenue Act. NOTE The present Income Tax Law was enacted September 8, 1916. The War Revenue Act, printed in the preceding pages, affects the Income Tax Law in two ways. Title XII of the War Revenue Act provides for the amendment of the Income Tax Law in a number of important particulars. The precise changes made are indicated in marginal notes to Part I, Title XII, of this book. Title I of the War Revenue Act levies income taxes in addition to those levied by the existing law; it constitutes, not an amendment of, but a war supplement to, the Income Tax Law. In order to enable the reader to determine his exact status under these various provisions, the National Bank of Commerce in New York presents the official text of the Income Tax Law of of September 8, 1916, with the amendments contained in Title XII of the War Revenue Act properly inserted. In addition, the supplementary or additional taxes contained in Title I of the War Revenue Act are presented in the form of foot-notes below the appropriate sections of the Income Tax Law. The reader, therefore, can determine at a single glance his exact status under both the Income Tax Law of September 8, 1916, and the War Income Tax Law, contained in the War Revenue Act of October 3, 1917. Complete text of the Income Tax Law approved September 8, 1916, with amendments to October 3, 1917 inserted. (PUBLIC NO. 271-64TH CONGRESS) (H. R. 16763) Being Title I of the Act of Congress of September 8, 1916, entitled "An Act to increase the revenue, and for other purposes." PART I.-ON INDIVIDUals. individuals Normal Tax rate, 2% (See below, War Income Tax, Sec. 1) Sec. 1. (a) That there shall be levied, assessed, Income Tax on collected, and paid annually upon the entire net 1. Rates income received in the preceding calendar year from all sources by every individual, a citizen or resident of the United States, a tax of two per centum upon such income; and a like tax shall be levied, assessed, collected, and paid annually upon the entire net income received in the preceding calendar year from all sources within the United States by every individual, a non-resident alien, including interest on bonds, notes, or other interest-bearing obligations of residents, corporate or otherwise. WAR INCOME TAX. (The provisions below are supplementary to those of the Income Tax Law of September 8, 1916, as given above. The supplementary normal tax of 2% is in addition to the regular 2% normal tax. The supplementary surtax rates are in addition to the regular surtax rates. The total surtaxes are to be obtained by combining those of sec. 2 below with those of sec. 1 (a) above. The personal exemption (sec. 3 below) of $1,000 and $2,000 is for the war income tax of 2%. The exemption of $3,000 and $4,000 continues for the regular normal tax of 2%.) individual Sec. 1. That in addition to the normal tax im- Supplementary posed by subdivision (a) of section one of the Act normal tax, 2% entitled "An Act to increase the revenue, and for other purposes," approved September eighth, nineteen hundred and sixteen, there shall be levied, assessed, collected, and paid a like normal tax of two per centum upon the income of every individual, a citizen or resident of the United States, received in Additional or surtax rates Income Tax, Sec. 2) (b) In addition to the income tax imposed by (See below, War subdivision (a) of this section (herein referred to as the normal tax) there shall be levied, assessed, collected, and paid upon the total net income of every individual, or, in the case of a non-resident alien, the total net income received from all sources within the United States, an additional income tax (herein referred to as the additional tax) of one per centum per annum upon the amount by which such total net income exceeds $20,000 and does not exceed $40,000, $20,000 to $40,000 to $60,000 to Supplementary individual surtax rates $5,000 to $7,500 to $10,000 to two per centum per annum upon the amount by which such total net income exceeds $40,000 and does not exceed $60,000, three per centum per annum upon the amount by which such total net income exceeds $60,000 and does not exceed $80,000, the calendar year nineteen hundred and seventeen and every calendar year thereafter. Sec. 2. That in addition to the additional tax imposed by subdivision (b) of section one of such Act of September eighth, nineteen hundred and sixteen, there shall be levied, assessed, collected, and paid a like additional tax upon the income of every individual received in the calendar year nineteen hundred and seventeen and every calendar year thereafter, as follows: one per centum per annum upon the amount by which the total net income exceeds $5,000 and does not exceed $7,500, two per centum per annum upon the amount by which the total net income exceeds $7,500 and does not exceed $10,000, three per centum per annum upon the amount by which the total net income exceeds $10,000 and does not exceed $12,500, $100,000—4% four per centum per annum upon the amount $80,000 to by which such total net income exceeds $80,000 and does not exceed $100,000, $150,000-5% five per centum per annum upon the amount $100,000 to by which such total net income exceeds $100,000 and does not exceed $150,000, $200,000-6% six per centum per annum upon the amount $150,000 to by which such total net income exceeds $150,000 and does not exceed $200,000, seven per centum per annum upon the amount by which such total net income exceeds $200,000 and does not exceed $250,000, $200,000 to $300,000-8% eight per centum per annum upon the amount $250,000 to by which such total net income exceeds $250,000 and does not exceed $300,000, $300,000 to nine per centum per annum upon the amount $500,000-9% by which such total net income exceeds $300,000 and does not exceed $500,000, $15,000-4% four per centum per annum upon the amount $12,500 to by which the total net income exceeds $12,500 and does not exceed $15,000, $20,000-5% five per centum per annum upon the amount $15,000 to by which the total net income exceeds $15,000 and does not exceed $20,000, $40,000-7% seven per centum per annum upon the amount $20,000 to by which the total net income exceeds $20,000 and does not exceed $40,000, $60,000-10% ten per centum per annum upon the amount $40,000 to by which the total net income exceeds $40,000 and does not exceed $60,000, |