Chap. 338.— An ACT to amend and re-enact section 43 of an act entitled an act to
raise revenue for the support of the government and public free schools, and
to pay the interest on the public debt, and to provide a special tax for pensions
as authorized by section 189 of the Constitution, approved April 16, 1903, as
heretofore amended. (H B 315]

Approved March 20, 1924.

1. Be it enacted by the general assembly of Virginia, That section
forty-three of an act entitled an act to raise revenue for the support of
the government and public free schools, and to pay the interest on the
public debt, and to provide a special tax for pensions as authorized by
section one hundred and eighty-nine of the Constitution, approved April
sixteenth, nineteen hundred and three, as heretofore amended, be
amended and re-enacted so as to read as follows:

Section 43. Annual State franchise tax.—Every corporation, joint
stock company, or association, organized or formed under, by or pur-
suant to law in this State, except railway, canal, light, heat, and power
companies, gas and water companies, insurance, banking and security
companies, telephone companies, having an authorized maximum capital
stock of five thousand dollars or less, cemetery, religious and charitable
associations, shall, in addition to the charter fee, tax on property, and
income or receipts, and license tax, and the registration fee prescribed
by law, pay into the treasury of the State on or before the first day of
March, of each and every year, an annual State franchise tax to be as-
sessed by the State corporation commission.

The amount of such franchise tax shall be as follows: Where the
maximum capital stock is twenty-five thousand dollars, and under, ten
dollars; over twenty-five thousand dollars, and not in excess of fifty
thousand dollars, twenty dollars; over fifty thousand dollars, and not in
excess of one hundred thousand dollars, forty dollars; over one hundred
thousand dollars, and not in excess of three hundred thousand dollars,
sixty dollars; over three hundred thousand dollars, and not in excess of
five hundred thousand dollars, one hundred dollars; over five hundred
thousand dollars, and not in excess of one million dollars, two hundred
dollars; and for all in excess of one million dollars, and not greater than
fifty million dollars, an additional sum of ten dollars for each hundred
thousand dollars or fraction thereof in excess of one million dollars; and
for all in excess of fifty million dollars, and not greater than one hundred
million dollars, the further additional sum of seventy-five dollars for
each million dollars or fraction thereof in excess of fifty million dollars;
and for all in excess of one hundred million dollars, and not greater than
one hundred and fifty million dollars, the further additional sum of
fifty dollars for each million dollars or fraction thereof in excess of one-
hundred million dollars; and for all in excess of one hundred and fifty
million dollars, and not greater than three hundred million dollars, the:
further additional sum of twenty-five dollars for each million dollars.
or fraction thereof in excess of one hundred and fifty million dollars;
and for all in excess of three hundred million dollars, the further addi-
tional sum of ten dollars for each million dollars or fraction thereof in
excess of three hundred million dollars.

The State corporation commission shall ascertain the amount of the:
authorized maximum capital stock of each such corporation, company
or association as of the first day of January in each year, and shall as-
sess against each such corporation, company, or association the State
franchise tax herein imposed, and a certified copy of such assessment,
when made, shall be forwarded by the clerk of the State corporation
commission before the fifteenth day of February to the auditor of
public accounts and to the president or other proper officer of every
such corporation, company or association.

Any such corporation, company or association failing to pay said
tax into the State treasury within the time prescribed shall incur a
penalty thereon of five per centum and interest at the rate of six per
centum per annum on the total amount of tax and penalty from the
date when the same was due until paid, which shall be added to the
amount of said tax.