Chap. 257.—An ACT to amend the Tax Code of Virginia by adding thereto a new
section to be numbered section 18l-a, so as to impose a license tax upon
instalment paper handlers or dealers. {H B 142]

Approved March 19, 1928

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 eighty-one-a, which new section shall
read as follows:

Section 181-a. Instalment paper handlers or dealers.—Every person,
firm or corporation engaged in the business of handling or dealing in
instalment paper originating in this State, where a lien is reserved or
taken upon personal property located in this State to secure the pay-
ment of such paper, shall procure a State license. The annual tax upon
such license shall be measured by the face value of the instalment notes,
bonds, or other evidences of the debts originating in this State and
handled or dealt in by the licensee, and the rate of the tax shall be
one-fourth of one per centum of the face value of all such paper handled
or dealt in during the preceding year; but the minimum annual tax shall
be one hundred dollars. If any person, firm or corporation shall handle
such instalment paper, as is herein described, without taking out the
license hereby prescribed, the collection of such paper shall not be en-
forceable in the courts of this State until such license tax shall be
paid. This section, however, shall not apply to any person, firm or
corporation handling or dealing !n any such paper, as is_ herein
described, who or which is subject to the income tax laws of this State
and pays an income tax to this State upon all of his or its net income
derived from handling or dealing in such paper, as aforesaid; nor
shall this section apply to any bank, banking association or trust com-
pany organized under the laws of this State. A certificate signed by
the State tax commissioner shall be sufficient evidence of the existence
or nonexistence of the facts mentioned in the two sentences next
preceding.