All credits, including open accounts, bills receivable, judgments, and all promissory notes, not exempt from taxation, shall be assessed in the same manner as all other personal property but at such value as will represent, when considered together with cash and stock in trade, a fair average of the capital employed in the business.  Such credits shall be offset and lessened by the actual bona fide accounts payable, bills payable and other liabilities of a similar character, which are not exempt from taxation, of the corporation, partnership, firm, or individual in whose name the credits are assessed; provided that:

(1)  There shall not be so deducted any indebtedness due by branch houses or subsidiary corporations to the parent company or corporation;

(2)  There shall not be so deducted any indebtedness due by corporations, the majority of whose capital stock is owned and controlled by another corporation or by stockholders engaged in the same business, to that other corporation or to such stockholders engaged in the same business, so owning its capital stock;

(3)  This Section shall apply with equal force to any person representing in this state business interests that may claim a domicil elsewhere, the intent and purpose being that no nonresident, either by himself or through any agent, shall transact business here without paying to the state a corresponding tax with that exacted of its own citizens, and

(4)  This Section shall not apply to the assessment of banks and trust companies.

H.C.R. No. 88, 1993 R.S., eff. May 30, 1993; H.C.R. No. 1, 1994 R.S., eff. May 11, 1994.