Shields v. Williams

Chapter 86 of the Acts of 1929, amended by chapter 116 of the Acts of the same year, undertook to impose a tax on the incomes of certain stocks and bonds not taxed ad valorem. The bill herein was filed by the owners of such securities against the fiscal officers of the State, primarily assailing’ the enactments as unconstitu tional, but, in the event they were upheld, asking for a construction of certain provisions thereof. The State officials demurred to the bill. The Chancellor was of opinion that, in passing these Acts, the Legislature exceeded the limitations thrown around the taxing…