tax in an equitable manner. A pamphlet issued by the tax commission prints this section with the following comment:—
"Personal property tax receipts may be offset against income tax when
"Section 1087m-26. Any person who shall have paid a tax upon his personal property during any year shall be permitted to present the receipt therefor to, and have the same accepted by, the tax collector to its full amount in the payment of taxes due upon the income of such person during said year. Any bank which has paid taxes during any year upon its shares assessed to the individual stockholders thereof shall be entitled, under the provisions of this section, to present the receipt therefor, and have the same accepted by the tax collector to its full amount in the payment of taxes due upon the income of such bank during said year.
"This section is construed to mean that if a person or corporation has paid a personal property tax, say for the year 1912, the receipt for such tax may he presented to the tax collector in payment of income taxes which have become due in said year. The 'taxes due upon the income of such person during said year' are taxes which are based upon, and the amount of which is determined by, the income of the preceding year. It would therefore follow that the year referred to is not the year in which the income is received, but the year in which the income tax becomes due. In view of the fact that the exemption of intangible personal property provided for by this law does not take effect until 1912, it is believed that the intention of the legislature was to limit the operation of this section to personal property taxes of 1912 and thereafter. This view is strengthened by the next section, which provides that all taxes assessed in 1911 shall remain unaffected by this law.
