May 6, 1864
The New York Times
New York, New York
The Income Tax
"There appears to be considerable misunderstanding still existing in the public mind concerning the income tax now due under the United States Revenue Laws. Those unaquacinted with he provisions of the tax bill will find the following brief r sum of interest:
First, the tax of five per centum is only imposed on the excess of income over $600, and is payable on the income received for the year ending December 31, 1863. The tax on income derived from United States Securities is specially restricted to 2 1/[???] of 1 per centum.
All State and municipal taxes lawfully paid may be deducted from the estimate of the income of the person actually paying the same. It is also provided that the rent of the homestead used or occupied by any person or family, not exceeding $200, may be deducted from the excess of income over $600.
In estimating the income, all forms of indebtedness bearing interest, whether due and paid, or not, if good and collectable, must be included as part of the annual income. The incomes of all officers employed in the civil, military or naval service of the United States are specially exempted from taxation under the Revenue Law.
Guardians of minors, and trustees of all estates held in trust, are required to furnish annual returns of the incomes of such minors, and the amounts received from such trust estates.
All returns of income under this law are required to be made or levied on the first day of May, and the amount of tax to be paid to the Collector of the several collection districts on or before the 30th day of June.
By an arrangement among the Assessors of New-York, however, it is understood that all returns of income made on or before the 10th day of May, will be accepted by them. After that date, delinquents will be assessed on the basis of such information as the Assistant Assessor may possess respecting their several incomes.
All taxes on incomes remaining unpaid for thirty days after the 30th of June, and so continuing for ten days after payment of the same shall be depended by the Collector, will be subject to a penalty of 5 per centum, which is a lien on all property of the delinquent from which the income is derived, and the collection of the tax may be enforced by distraint upon such property.
Blank income tax papers are furnished to applicants at the offices of the several Assessors and by the Assistant Assessors.
The income tax is required in all cases to be paid in the district in which the person liable to pay the same resides at the time the same becomes due, and no notice is required to be given by the Assessor or Assistant Assessor to any person to furnish the return according to law."