CHAPTER 757

An Act to amend and reenact § 58-412, as amended, of the Code of
Virginia, relating to property not included as capital for purposes
of taxation.

[H 871]

Approved April 5, 1968

Re it enacted by the General Assembly of Virginia: .

1. That § 58-412, as amended, of the Code of Virginia be amended and
reenacted as follows:

§ 58-412. Real estate—Real estate shall not be held to be capital
under the preceding section (§ 58-411), but shall be listed and taxed as
other real estate.

Machinery and tools.—Machinery and tools used in a manufacturing,
mining, * radio or television broadcasting, or dairy business taxable on
capital under § 58-418 shall not be held to be capital under the preceding
section, nor shall such machinery and tools be hereafter assessed as real
estate. All such machinery and tools used in a manufacturing, mining, *
radio or television broadcasting, or dairy business taxable on capital under
§ 58-418 shall be listed for local taxation exclusively and each city, town
and county shall make a separate classification for all such machinery and
tools and fix the rate of levy thereon, but such rate shall not be higher than
the rate imposed upon tangible personal property in such city, town,
county or district.

Stocks and bonds.—The shares of stock mentioned in § 58-409 and
bonds of the political subdivisions of this State mentioned in § 58-407
shall not be held to be capital under the preceding section.

Personal property, tangible in fact, of businesses taxable on capital,
other than the manufacturing, mining, * radio or television broadcasting,
or dairy businesses.—Personal property, tangible in fact, used or employed
in all trades and businesses taxable on capital under this chapter, other
than the manufacturing, mining, * radio or television broadcasting, or
dairy businesses, shall not be held to be capital under § 58-411, except for
inventory of stock on hand which is held for resale directly or indirectly,
but shall be listed for local taxation exclusively and taxed as tangible
personal property. Personal property, tangible in fact, used or employed
in a manufacturing, mining, * radio or television broadcasting, or dairy
business taxable on capital shall be included in capital as prescribed in
§ 58-411, except that machinery and tools used in a manufacturing, min-
ing, * radio, or television broadcasting, or dairy business shall be assessed
and taxed locally as hereinabove provided.

This section, as amended, shall be in force for the tax year nineteen
hundred * sixty-eight and for every tax year thereafter.