Chap. 18.—An ACT to amend the tax Code of Virginia by adding thereto a
new section to be numbered section 176-b, in relation to cotton buyers. [S B 56]

Approved February 13, 1930.

1. Be it enacted by the general assembly of Virginia, That the
tax Code of Virginia be amended by adding thereto a new section
to be numbered section one hundred and seventy-six-b, which new sec-
tion shall read as follows:

Section 176b. Cotton buyers, wholesale—Every person, firm and
corporation doing business in this State as a wholesale cotton buyer,
buying and selling ginned cotton at wholesale in or for its own name
shall, for the privilege of doing such business, pay an annual State
license tax of one hundred dollars, provided his or its purchases for
the preceding year did not exceed one thousand bales; but when the
purchases exceeded one thousand bales during such year, the tax shall
be one hundred dollars, and an additional tax at the rate of two cents
per bale for each bale purchased in excess of one thousand bales.
The license tax on every wholesale cotton buyer, as hereiri defined, be-
ginning business, shall be the flat tax above prescribed, plus a tax in
accordance with the foregoing rate measured by the number of bales
which it is estimated he or it will purchase from the time he or it
commences business to the following December thirty-first. The license
tax prescribed by this section for a wholesale cotton buyer shall be in
lieu of a property tax for State purposes upon the capital of such
wholesale cotton buyer actually employed by him or it in the business
of a wholesale cotton buyer, and such license tax shall also be in lieu
of the State license tax imposed on merchants measured by purchases
in dollars.

This section shall not apply to any person, firm or corporation wha
or which buys cotton before it has been ginned, nor shall this section
apply to any person, firm or corporation who or which gins cotton
and then buys such ginned cotton from the then owner thereof, nor
shall this section apply to any person, firm or corporation who or which
receives cotton from the producer thereof as payment or part payment
of an account owing by such producer to such person, firm or corpora-
tion for goods, wares and merchandise purchased from him or it by
such producer. This section shall be in force on and after the first
day of January, nineteen hundred and thirty-one.