104 THE FISCAL PROBLEM IN MISSOURI 
diately preceding, reaching a maximum of $6.4 million in 
1928. 
The amounts shown in Table 31 for special property taxes 
represent receipts on account of the corporation franchise 
tax. The annual receipts from this tax have been increasing 
and amounted to $1.9 million in 1928, or 5.79% of the tax 
revenues of the state. This proportion was only slightly 
larger than that for each of the three preceding years. In 
1923 and 1924 this tax accounted for almost 89, of the tax 
revenues of the state. Although receipts from this source 
increased each year during the period 1923 through 1928, 
the rate of increase was more gradual than the increase in 
total tax receipts. 
Inheritance tax collections were larger in 1928 than in any 
other year of the period covered by Table 31. The 1928 col- 
lections from this source amounted to more than $3.0 million, 
or almost three times as much as in 1923 and more than 509 
more than in either of the years 1926 and 1927. While a 
considerable variation in the receipts from the inheritance 
tax is to be expected, the legislation of 1927, which author- 
ized the state to take advantage of the 80%, provision in the 
Federalact passed on February 26, 1926, doubtless accounted 
in part for the increase in 1928. The receipts from this 
source varied from 4.6%, to 8.99, of total tax receipts during 
the years included in Table 31. 
Total collections on account of the income tax increased 
each year from 1923 to 1926, amounting to $4.3 million in 
the latter year. Collections in 1927 amounted to $4.0 mil- 
lion, and the total for 1928 was only $3.7 million, or 10.87% 
of the total tax revenues of the state. Although the collec- 
tions from this source were larger in 1926 than in any other 
year of the period, the largest proportion of the total state 
tax revenue derived from this source was obtained in 1924, 
when income tax receipts accounted for 18.89, of the total. 
The declining proportion of total taxes obtained from this 
source in recent years is worthy of comment. In 1927 the 
income tax statutes were amended so that the tax would 
be levied on resident and non-resident individuals and on 
domestic and foreign corporations on the basis of net income