15. Makes trustees, guardians, &c., responsible for taxes due from estates, &c., under their control.
16. Exempts the income and moneys of hospitals, asylums, churches, schools, and colleges from taxation under the act.
17. Authorizes the Secretary of the Treasury to make all rules and regulations necessary to the operation of the act.
18. Provides that the act shall be in force for two years from the expiration of the present year, unless sooner repealed; that the tax on naval stores, flour, wool, cotton, tobacco, and other agricultural products of the growth of any year preceding 1863, imposed in the first section, shall be levied and collected only for the present year.
The tax act of February 17, 1864, levies, in addition to the above rates, the following, as stated in the Richmond Sentinel of February, 1864:
Sec. 1. Upon the value of real, personal, and mixed property, of every kind and description, except the exemptions hereafter to be named, five per cent.; the tax levied on property employed in agriculture to be credited by the value of property in kind.
On gold and silver ware, plate, jewels, and watches, ten per cent.
The tax to be levied on the value of property in 1860, except in the case of land, slaves, cotton, and tobacco, purchased since January 1st, 1862, upon which the tax shall be levied on the price paid.
Sec. 2. A tax of five per cent. on the value of all shares in joint stock companies of any kind, whether incorporated or not. The shares to be valued at their market value at the time of assessment.
Sec. 3. Upon the market value of gold and silver coin or bullion, five per cent.; also the same upon moneys held abroad, or all bills of exchange drawn therefor.