Section 8.
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The power to license and tax corporations and corporate property shall not be relinquished or suspended by the State or any subdivision thereof: Provided, That the legislature may, by general law, exempt new railroads from taxation for not more than six years from and after the completion of any such railroad and branches; such railroad being deemed to be completed for the purpose of taxation, as to any operative division thereof, when the same is opened for business to the public; and new sugar factories, smelters, reduction and refining works, and pumping plants for irrigation purposes and irrigation works, for not more than six years from and after their establishment.