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1953—Session Laws Ch. 1030-1031
H. B. 1266 CHAPTER 1030
AN ACT TO AUTHORIZE THE NORTH CAROLINA WILDLIFE RE-SOURCES
COMMISSION TO EXAMINE THE WATERS OF CLAY
COUNTY WITH A VIEW OF ESTABLISHING A MODERN WARM
WATER FISH HATCHERY AND REPORT ON SAME TO THE NEXT
GENERAL ASSEMBLY.
The General Assembly of North Carolina do enact:
Section 1. That certain Act enacted at the 1953 Session of the General
Assembly formerly entitled H. B. 420 and ratified on March 20, 1953, is
hereby repealed.
Sec. 2. The North Carolina Wildlife Resources Commission is hereby
authorized and empowered to make a survey, study and analysis of the
waters of Clay County, and to do any and all things technically necessary
to determine whether or not such waters would be proper for the estab-lishment
of a warm water fish hatchery, and with a view of establishing
and maintaining a modern warm water fish hatchery in Clay County to
supply the streams and waters of the western counties of the State with
sufficient fish. The North Carolina Wildlife Resources Commission is auth-orized
and empowered to make such survey and compile a report on same
and submit said report to the next General Assembly, to be held in the
year 1955.
Sec. 3. All laws and clauses of laws in conflict with this Act are here-by
repealed.
Sec. 4. This Act shall be in full force and effect from and after its
ratification.
In the General Assembly read three times and ratified, this the 24th
day of April, 1953.
S. B. 144 CHAPTER 1031
AN ACT TO AMEND G. S. 105-147 SO AS TO ADOPT THE FEDERAL
RULE FOR DEPLETION ALLOWANCES FOR INCOME TAX PUR-POSES
IN THE CASE OF CERTAIN MINES, SULPHUR DEPOSITS,
GAS AND OIL WELLS, AND NATURAL DEPOSITS.
The General Assembly of North Carolina do enact:
Section 1. Subsection 8 of G. S. 105-147 is hereby amended by adding
at the end thereof the following:
"Notwithstanding any other provisions of this Section, the allowances
for depletion under this Section in the case of certain mines and other
natural deposits listed below shall be a certain per centum of the gross
income from the property during the taxable year, as specified in the sched-ule
below for the mines and natural deposits therein listed, excluding from
such gross income an amount equal to any rents or royalties paid or in-curred
by the taxpayer in respect to the property. Such allowance shall
not exceed 50 per centum of the net income of the taxpayer (computed
without allowance for depletion) from the property, except that in no
case shall the depletion allowance be less than it would be if computed
923
Object Description
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| Title | Page 977 |
| Full Text | 1953—Session Laws Ch. 1030-1031 H. B. 1266 CHAPTER 1030 AN ACT TO AUTHORIZE THE NORTH CAROLINA WILDLIFE RE-SOURCES COMMISSION TO EXAMINE THE WATERS OF CLAY COUNTY WITH A VIEW OF ESTABLISHING A MODERN WARM WATER FISH HATCHERY AND REPORT ON SAME TO THE NEXT GENERAL ASSEMBLY. The General Assembly of North Carolina do enact: Section 1. That certain Act enacted at the 1953 Session of the General Assembly formerly entitled H. B. 420 and ratified on March 20, 1953, is hereby repealed. Sec. 2. The North Carolina Wildlife Resources Commission is hereby authorized and empowered to make a survey, study and analysis of the waters of Clay County, and to do any and all things technically necessary to determine whether or not such waters would be proper for the estab-lishment of a warm water fish hatchery, and with a view of establishing and maintaining a modern warm water fish hatchery in Clay County to supply the streams and waters of the western counties of the State with sufficient fish. The North Carolina Wildlife Resources Commission is auth-orized and empowered to make such survey and compile a report on same and submit said report to the next General Assembly, to be held in the year 1955. Sec. 3. All laws and clauses of laws in conflict with this Act are here-by repealed. Sec. 4. This Act shall be in full force and effect from and after its ratification. In the General Assembly read three times and ratified, this the 24th day of April, 1953. S. B. 144 CHAPTER 1031 AN ACT TO AMEND G. S. 105-147 SO AS TO ADOPT THE FEDERAL RULE FOR DEPLETION ALLOWANCES FOR INCOME TAX PUR-POSES IN THE CASE OF CERTAIN MINES, SULPHUR DEPOSITS, GAS AND OIL WELLS, AND NATURAL DEPOSITS. The General Assembly of North Carolina do enact: Section 1. Subsection 8 of G. S. 105-147 is hereby amended by adding at the end thereof the following: "Notwithstanding any other provisions of this Section, the allowances for depletion under this Section in the case of certain mines and other natural deposits listed below shall be a certain per centum of the gross income from the property during the taxable year, as specified in the sched-ule below for the mines and natural deposits therein listed, excluding from such gross income an amount equal to any rents or royalties paid or in-curred by the taxpayer in respect to the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance for depletion) from the property, except that in no case shall the depletion allowance be less than it would be if computed 923 |
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