Chap. 101.—An ACT to amend and re-enact Section 70 of the Tax Code of Vir-
ginia, in relation to tax on money. [S B 174]

Approved March 3, 1936

1. Be it enacted by the General Assembly of Virginia, That sec-
tion seventy of the Tax Code of Virginia be amended and re-enacted
so as to read as follows:

Section 70. Money.—All money (except money which is other-
wise taxed) on deposit with any bank or other corporation or firm
or person doing a banking business, or in the possession or under
control of the owner, whether such money be actually in or out of
this State and belonging to a resident of this State, which shall in-
clude certificates of deposit of any bank, banking association, trust
or security company or partial payment deposits made with indus-
trial loan associations for the purchase of income bonds, certificates
of investment or investment bonds, bearing a total interest rate paid
or to be paid not exceeding five per centum per annum; all money
under the control of a court receiver or commissioner in pursuance
of an order, judgment or decree of any court or in the hands or under
the control of an executor, administrator, guardian, trustee, agent, or
other fiduciary ; and all money deposited to the credit of any suit, not
in the hands of a receiver or other fiduciary.

On all money as defined by this section there is hereby annually
levied a tax of twenty cents on every one hundred dollars of the
actual value thereof.

Each clerk of court mentioned in section sixty-three hundred and
ten of the Code of Virginia, as amended, shall furnish the Comptroller
on January first of each year with a copy of the record made by such
clerk in conformity with that section showing the balance on hand
on January first ; and the Comptroller shall keep a record of the same
in a book kept by him for that purpose. Such clerk shall also fur-
nish a like list of such balances to the examiner of records who shall
examine the same, and if found correct he shall report the same to
the commissioner of revenue of the county or city, who, if such money
be not otherwise taxed, shall enter the same upon his property book
and assess the proper tax thereon, which shall be paid by such clerk
to the treasurer of the county or city upon presentation of the proper
tax bill therefor, and the amount so paid shall be credited against
such deposit, and the date and amount of such credit shall be en-
dorsed on the certificate by the clerk.