Board of Supervisors v. Kelly

Citations

• 68 Miss. 40

Syllabus

<p>1. Taxation. Legislative exemption. Vested right.</p> <p>Exemption from taxation by legislative act is not a vested riglit, but may be changed or lost by subsequent legislation. Cook v. Mississippi Mills, 56 Miss. 40.</p> <p>2. Same. Legislative power. Banks. Privilege tax. Laws 1890, p. 6.</p> <p>So much of the statute (Laws 1888, p. 8) as exempted banks from state, county and municipal taxes, on payment of a privilege tax, was repealed by the act of February 24, 1890, after which act a bank was subject to ad valorem taxes, although it held an unexpired privilege-tax license for the year, paid prior to February 1. It was competent for the legislature to impose both taxes.</p>