Chap. 119.—An ACT to amend and re-enact Sections 31, 36, 36-a, 41 and 51 of
the Tax Code of Virginia, as heretofore amended, in relation to income taxes;
to amend and re-enact Section 98 of the Tax Code of Virginia, as heretofore
amended, in relation to inheritance taxes; to amend and re-enact Section 120-
15 of the Tax Code of Virginia in relation to gift taxes; to amend and re-
enact Section 216-a of the Tax Code of Virginia, in relation to pipe line
transmission corporations; and to amend and re-enact Section 229 of the Tax
Code of Virginia, as heretofore amended, in relation to the Taxes on water
or heat, light and power corporations. [H B 174]

Approved March 6, 1936

1. Be it enacted by the General Assembly of Virginia, That sec-
tions thirty-one, thirty-six, thirty-six-a, forty-one, fifty-one, ninety-eight,
one hundred and twenty dash fifteen, two hundred and sixteen-a and
two hundred and twenty-nine of the Tax Code of Virginia, as hereto-
fore amended, be further amended, which amended sections shall read
as follows:

Section 31. Information returns.—Every corporation subject to
the jurisdiction of this State shall, when required by the Department of
Taxation, render a correct return, duly verified under oath, of its pay-
ments of dividends to residents of this State, stating the name and ad-
dress of each shareholder, the number of shares owned by him, and
the amount of dividends paid to him.

Every person, firm or corporation, subject to the jurisdiction of
this State, in whatever capacity acting, including lessees or mortgagors
of real or personal property, fiduciaries, and employers, making pay-
ment to another person, firm or corporation, of interest, rent, salaries,
wages, premiums, annuities, compensations, remunerations, emoluments,
or other fixed or determinable gains, profits, and income (other than
payments, described in the next preceding paragraph), of one thousand
dollars or more in any taxable year, or, in the case of such payments
made by the Commonwealth of Virginia and its political subdivisions,
the officers or employees of this State or of its political subdivisions
having information as to such payments and required to make returns
in regard thereto by the regulations hereinafter provided for, shall
render a true and accurate return to the Department of Taxation,
under such regulations and in such form and manner and to such extent
as may be prescribed by it, setting forth the amount of such gains,
profits, and income, and the name and address of the recipient of such
payment. Such returns may be required, regardless of amounts, in the
case of payments of interest upon bonds, mortgages, deeds of trust, or
other similar obligations of corporations. When necessary to make
effective the provisions of this section the name and address of the
recipient of the income shall be furnished upon demand of the person
paying the income. The provisions of this section shall not apply to the
payment of interest on obligations of the United States or of this
State; nor shall be provisions of this section be so construed as to
require such information return as to the recipient of any such pay-
ment as is hereinbefore described, where such recipient is not subject
to taxation under the income laws of this State.

Corporations and partnerships required to file annual informa-
tion returns shall file the same on or before April fifteenth of each year,
and individuals required to file annual information returns shall file
the same on or before June first of each year. In all cases such annual
information returns shall give such information for the calendar year
next preceding the calendar year in which they are required by this
chapter to be filed.

Section 36. Personal exemptions allowed individuals——The fol-
lowing exemptions shall be allowed to individuals reporting income as
required by this chapter:

In the case of an unmarried person, the personal exemption shall
be one thousand dollars; in the case of a husband and wife, living to-
gether, and in the case of a widow or widower with a dependent minor
child or dependent minor children, the personal exemption shall be two
thousand dollars. For each person other than the husband or wife, or
in the case of a widow or widower for each dependent minor child
in excess of one, dependent upon and entirely supported by the tax-
payer during the taxable year, the personal exemption shall be two hun-
dred dollars. A husband and wife living together shall receive but one
personal exemption of two thousand dollars against their aggregate
income, if a joint return is filed, but a husband and wife not living to-
gether shall make separate returns, and a husband and wife living to-
gether but having separate incomes may make separate returns. In all
cases where separate returns are made by the husband and wife the
personal exemption allowed upon each shall be one thousand dollars.
If husband and wife living together elect to file separate returns, each
is required to file a return if his or her gross income, as the case may
be, amounted to one thousand dollars or more for the taxable year.

Where a taxpayer is taxable as a nonresident the exemptions al-
lowed under this chapter shall be reduced to amounts which bear the
same ratio to the full exemptions provided for herein as the income
returnable under this chapter bears to the gross income of the taxpayer
for the entire taxable year.

Section 36-a. Further as to personal exemptions allowed individ-
uals.—A taxpayer who has had dependent upon him and who has en-
tirely supported during the taxable year a person bearing the relation-
ship to the taxpayer of father or mother, son or daughter, or sister or
brother, shall be allowed a personal exemption of two thousand dol-
lars. For each person in excess of one dependent upon and entirely
supported by the taxpayer during the taxable year, the personal exemp-
tion shall be increased two hundred dollars. But this section shall not
apply to any taxpayer who is given the personal exemption of two
thousand dollars by section thirty-six of the Tax Code of Virginia.

Section 41. Who must file individual income tax returns and
where.—Every individual having a gross income for the taxable year
of one thousand dollars or over, if unmarried, or if married and not
living with husband or wife, and every individual having a gross in-
come for the taxable year of two thousand dollars or over, if married
and living with husband or wife, and every widow or widower with a
dependent minor child or dependent minor children having a gross in-
come for the taxable year of two thousand dollars or over, shall make
under oath a return stating specifically the items of his entire income
and the items which he claims as deductions and exemptions allowed
by this chapter.
Every resident individual who is required by this chapter to file a
return shall file his return with the commissioner of the revenue for
the county or city in which he resides, and every nonresident individual
who is required by this chapter to file a return shall file his return
with the commissioner of the revenue for the county or city in which
all or a part of his income from sources within this State was derived.
If the individual is unable to make his own return, the return shall be
made by a duly authorized agent.

Section 51. Fiduciary returns.—Every fiduciary (except receivers
appointed by authority of law in possession of part only of the prop-
erty of a taxpayer) shall make under oath a return for the person or
estate or trust whom or for which he acts, as follows:

First. If he acts for a living person whose entire income from
whatever source derived is in his charge and the net income of such
individual is one thousand dollars or over if single, or if married and
not living with husband or wife, or two thousand dollars or over if
married and living with husband or wife, or if a widow or widower
with a dependent minor child or dependent minor children.

Second. If he acts (a) for an estate of a deceased person during
the period of administration or settlement, whether or not the income of
such estate during such period of administration or settlement is prop-
erly paid or credited to any legatee, heir or other beneficiary; (b) for
an estate or trust the income of which is accumulated in trust for the
benefit of unborn or unascertained persons, or persons with contingent
interest ; or (c) for an estate or trust the income of which is held for
future distribution or is distributable in the discretion of the fiduciary
under the terms of the will or trust; and the net income of such estate
or trust is one thousand dollars or over.

Third. If he acts (a) for an estate or trust the income of which
is to be distributed to the beneficiaries periodically; or (b) as the
guardian of an infant whose income is to be held or distributed as the
court may direct; and any beneficiary of such estate or trust; re-
ceives or is entitled to a distributive share of the income of the estate
or trust of one thousand dollars or more. The return made by a fidu-
ciary shall state specifically the items of the gross income and the de-
ductions and exemptions allowed by this chapter. Under such regula-
tions as the Department of Taxation may prescribe, a return made by
one of two or more joint fiduciaries shall be a sufficient compliance
with the above requirements. The fiduciary shall make oath that he
has sufficient knowledge of the affairs of the individual, estate or trust
for whom or which he acts to enable him to make the return, and that
the same is, to the best of his knowledge and belief, true and correct.

Fiduciaries required to make returns under this chapter shall be
subject to all the provisions of this chapter which apply to other tax-
payers, except that every fiduciary who is required by this chapter to
file a return shall file such return with the examiner of records having
jurisdiction in the county or city in which the fiduciary qualified, or
if there has been no qualification in this State, in the county or city in
which such fiduciary resides, does business, or has an office, or wherein
the beneficiary or any of them may reside. Fiduciary returns shall be
—

filed within the time required by this chapter for the filing of individual
returns, and for failure to file returns in time, fiduciaries shall be sub-
ject to the same penalties as individuals.

Each examiner of records receiving returns shall make a report
thereof to the commissioner of the revenue for the county or city in
which the taxes are properly assessable, the form of which report shall
be prescribed by the Department of Taxation, and such commissioner
of the revenue shall assess the taxes upon his income book. The re-
ports aforesaid shall be filed by the examiner of records with the com-
missioner of the revenue on or before June first of each year. Vor
good cause shown, the Department of Taxation may extend the time
for the filing of such reports by examiners of records.

The provisions of section forty-six hereof shall be applicable to all
fiduciary returns of income, except that such returns shall be forwarded
to the Department of Taxation by each examiner of records as soon as
he files his report based thereon with the commissioner of the revenue.

Section 98. Inheritance taxes; classification of beneficiaries; ex-
emptions; rates of tax.—State inheritance taxes as hereinafter pre-
scribed, are hereby levied upon the shares of the respective beneficiaries
in all property within the jurisdiction of this Commonwealth, real, per-
sonal, and mixed, and any interest therein, which shall pass:

(a) By will, or by the laws regulating descents and distributions ;

(b) By grant or gift made or intended to take effect in possession
or enjoyment at or after the death of the grantor or donor ;

(c) By grant or gift made in contemplation of death ;

(d) By a transfer under which the transferrer has retained for
his life the possession or enjoyment of the property, or the income
therefrom or the right to designate or change the beneficiaries who
shall be entitled to possess or enjoy the property or the income there-
from;

(e) By virtue of the fact that it is held by the decedent and an-
other as joint tenants with the right of survivorship under the pro-
visions of section fifty-one hundred and sixty of the Code of Virginia,
or is deposited with any person, firm or corporation doing a banking
business, in their joint names and payable to either or the survivor, ex-
cept such part thereof as may be shown to have originally belonged to
such other person and never to have been received or acquired by the
latter from the decedent for less than an adequate and full considera-
tion in money or money’s worth; provided, that where such property
or any part thereof or any part of the consideration with which such
property was acquired, is shown to have been at any time acquired by
such other person from the decedent for less than an adequate and
full consideration in money or money’s worth, there shall be excepted
only such part of the value of such property as is proportionate to
the consideration furnished by such other person.

Every grant or gift made within one year next preceding the date
of the death of the grantor or donor, shall be deemed prima facie to
have been made in contemplation of death.

For the purposes of this chapter, the classification of beneficiaries,
their exemptions and the rates of taxation, shall be as follows:
The father, mother, grandfathers, grandmothers, husband, wife,
children by blood or by legal adoption, grand-children, and all other
lineal ancestors and lineal descendants of the decedent shall constitute
class A;

So much of such property as has the actual value of five thousand
dollars and so passes to or for the use of any class A beneficiary shall
be exempt from taxation hereunder ;

So much of such property as shall so pass to or for the use of a
class A beneficiary shall be subject to a tax of one per centum of the
actual value of so much thereof as is in excess of five thousand dol-
lars and is not in excess of fifty thousand dollars, to a tax of two per
centum upon so much thereof as is in excess of fifty thousand dollars
and is not in excess of one hundred thousand dollars; to a tax of three
per centum upon so much thereof as is in excess of one hundred
thousand dollars and is not in excess of five hundred thousand dol-
lars, and to a tax of four per centum upon so much thereof as is in
excess of five hundred thousand dollars and is not in excess of one
million dollars, and to a tax of five per centum upon all in excess of
one million dollars.

The brothers, sisters, nephews and nieces of the whole or half
blood of the decedent shall constitute class B;

So much of such property as has the actual value of two thousand
dollars and so passes to or for the use of any class B beneficiary shall
be exempt from taxation hereunder ;

So much of such property as shall so pass to or for the use of a
class B beneficiary shall be subject to a tax of two per centum of the
actual value of so much thereof as is in excess of two thousand dol-
lars and is not in excess of twenty-five thousand dollars, to a tax of
four per centum upon so much thereof as is in excess of twenty-five
thousand dollars and is not in excess of fifty thousand dollars, to a
tax of six per centum upon so much thereof as is in excess of fifty
thousand dollars and is not in excess of one hundred thousand dollars,
to a tax of eight per centum upon so much thereof as is in excess of
one hundred thousand dollars and is not in excess of five hundred
thousand dollars, and to a tax of ten per centum upon all in excess of
five hundred thousand dollars ;

Grand-nephews and grand-nieces of the decedent and all persons
other than members of classes A and B and all firms, institutions, asso-
ciations, and corporations shall constitute class C;

So much of such property as has the actual value of one thousand
dollars and so passes to or for the use of any class C beneficiary shall
be exempt from taxation hereunder;

So much of such property as shall so pass to or for the use of a
class C beneficiary shall be subject to a tax of five per centum of the
actual value of so much thereof as is in excess of one thousand dol-
lars and is not in excess of twenty-five thousand dollars, to a tax of
seven per centum upon so much thereof as is in excess of twenty-five
thousand dollars and is not in excess of fiftv thousand dollars. to a
tax of nine per centum upon so much thereof as is in excess of fifty
thousand dollars and is not in excess of one hundred thousand dollars,
to a tax of twelve per centum upon so much thereof as is in excess of
one hundred thousand dollars and is not in excess of five hundred
thousand dollars, and to a tax of fifteen per centum upon all in excess
of five hundred thousand dollars;

It is expressly provided, however, that so much of such property
as shall so pass exclusively for State, county or municipal purposes,
within this State, or for charitable, educational or religious purposes
within this State, and so much of such property as shall so pass for
the exclusive benefit of any institution, association, or corporation in
this State, the property of which is exempt from taxation by the laws
of this State, shall be exempt from any and all taxation under the pro-
visions of this chapter.

The tax aforesaid shall be determined upon the aggregate actual
value at the time of the death of the decedent of all property within
the jurisdiction of the Commonwealth, as aforesaid, which shall so
pass from the decedent to each beneficiary by any number or all of
such methods of transmission;

Where any class A, class B or class C beneficiary has died or may
hereafter die within one year after the death of the decedent and be-
fore coming into the possession and enjoyment of any property passing
to him, and before selling, assigning, transferring or in any manner
contracting with respect to his interest in such property, and the tax
on the property so passing to said beneficiary has not been paid, then
such property shall be taxed only once and the tax shall be assessed on
the property received from such share by each beneficiary thereof,
finally entitled to the possession and enjoyment thereof, as if he had
been the original beneficiary, and the exemptions and rates of taxation
shall be governed by the respective relationship of each of the ultimate
beneficiaries to the first decedent.

The provisions of this section, as hereby amended, shall apply to
the estate of every person who shall die after this section, as hereby
amended, takes effect, and to all estates created by will which shall
vest in interest on or after said date; and the provisions of this section
shall apply to all estates of deceased persons which shall come into
possession of beneficiaries by the exercise or relinquishment of powers
after this section takes effect.

Section 120-15. Definitions—The term “calendar year’ includes
only the calendar year nineteen hundred and thirty-four and succeeding
calendar years, and, in the case of the calendar year nineteen hundred
and thirty-four, includes only the portion of such year after the effec-
tive date of this chapter.

Section 216-a. Pipe line transmission corporations.—Every cor-
poration having the power of eminent domain in this State and au-
thorized by its certificate of incorporation to transmit natural gas in
the public service by means of a pipe line or pipe lines in this State,
and which pays no State franchise tax on its gross receipts on account
of the transmission of such natural gas, shall report annually on or be-
fore the first day of May, to the State Corporation Commission all of
its real and personal property of every description, tangible and in-
tangible, as of the beginning of the first day of January preceding
showing particularly in what city, town or county and school district
therein the property is located. This report shall be itemized as pro-
vided for herein. Each such corporation shall also report the total
miles of mains located in this State.

The reports herein required shall be verified by the oath of the
president or other proper officer or person making the same.

The State Corporation Commission shall, after thirty days’ notice,
previously given the president or other proper person, assess the value
of the said property of each such corporation, and shall assess the fran-
chise tax hereinafter provided for.

Should any such corporation fail to make the reports required by
this section on or before the first day of May of each year, the State
Corporation Commission shall, at such time as it may elect, upon the
best and most reliable information that can be procured, assess the
value of the property of such corporation, and shall, in the execution
of such duties, be authorized and empowered to send for persons and
papers.

The State Corporation Commission shall assess upon said property
the State taxes, if any, imposed thereon by law.

A certified copy of the assessment of State taxes when made shall
be immediately forwarded by the clerk of the State Corporation Com-
mission to the Comptroller and to the president or other proper officer
of each such corporation, and such corporation shall pay into the treas-
ury of the State by the first day of October following the said State
taxes assessed against it.

It shall be the duty of the clerk of the State Corporation Commis-
sion to furnish to the council of every city and town and to the board
of supervisors of every county wherein any property belonging to such
corporation is situated a certified copy of the assessment of the value
thereof made by the State Corporation Commission of such corpora-
tion’s real and tangible personal property, which assessment shall defi-
nitely show the character of the property, its value and location for
the purpose of taxation, in each city, town or county and school dis-
trict therein; so that city, town, county and district levies may be im-
posed upon the same by the proper local authorities.

Any such corporation failing to pay the State taxes into the treas-
ury within the time prescribed, shall incur a penalty thereon of five
per centum, which shall be added to the amount of said taxes.

All corporations falling under the provisions of this section shall
report the diameter in inches of their mains, length of cast iron mains,
length of steel and wrought iron mains, and depth laid of mains, the
kind of soil or rock excavated for same, the age, cost per foot, includ-
ing paving, kind of paving, and total cost as laid; the number, size, age
and cost of each installed valve and curb box, and the total cost of
same.

The State tax on the intangible personal property (other than
shares of stock, and bonds issued by counties, cities and towns or other
political subdivisions of this State), owned by every corporation fall-
ing under the provisions of this section, shall be at the rate of fifty
cents on every one hundred dollars of the assessed value thereof.
The State tax on the money of every corporation coming under
the provisions of this section shall be twenty cents on every one hun-
dred dollars of the assessed value thereof.

There shall be no local levies assessed on such intangible personal
property and money.

On the real estate and tangible personal property of every corpora-
tion coming under the provisions of this section there shall be local
levies at the same rate or rates as are assessed upon other real estate
and tangible personal property, located in such localities, which taxes
shall be paid in the same manner and shall be subject to the same pen-
alties for non-payment as is provided by law for real and tangible
personal property in the county, city or town in which said property
is located.

Every corporation coming within the provisions of this section shall
pay to the State an annual State franchise tax on its privilege to exist
with the powers aforesaid as a body corporate in this State, equal to
two hundred and fifty dollars for each county in or through which it
is authorized by its charter to locate a pipe line or pipe lines for the
transmission of natural gas in this State, which, with the taxes herein-
before provided for shall be in lieu of all State taxes or license charges
whatsoever upon the franchises of such corporation, in so far as such
franchises relate to the authority to transmit natural gas by means of a
pipe line or pipe lines in this State, and the shares of stock issued by
it, and upon all its property, except as herein provided; provided that
nothing herein contained shall exempt such corporation from the an-
nual fee required by section one hundred and fifty-seven of the Con-
stitution, or from the county, city, town, district or road levies; and
provided, further, that nothing contained in this section shall be con-
strued as exempting from liability for a State franchise tax on gross
receipts derived from the business of distributing and selling natural
gas in Virginia any such corporation as comes within this section
where such corporation is engaged in the business of selling and dis-
tributing natural gas in Virginia.

The real estate and tangible personal property of such corporation,
but not its franchise, shall be assessed on the valuation fixed by the
State Corporation Commission, with county, city, town, district and
road levies at the same rates as real and personal property of natural
persons are assessed with such levies.

No State tax, county, city, town, district or road levy shall be laid
on the net income of any such corporation, nor shall any State, county,
city, town, district or road levy be laid on the gross receipts of any
such corporation derived solely from the transmission of natural gas.

All State taxes and levies shall, until paid, be a lien upon all the
property within this State of the corporation owning the same, and
take precedence of all other liens or encumbrances.

Any corporation assessable under this section shall not be assessable
under section two hundred and eleven of the Tax Code of Virginia.

The provisions of this section shall apply for the tax year nine-
teen hundred and thirty-six and every tax year thereafter until other-
wise provided by law.
section 42¥, Laxes on water or heat, light and power companies.—
The State tax on the intangible personal property (other than shares
of stock, and bonds issued by counties, cities and towns or other polit-
ical subdivisions of this State) owned by every corporation doing in
this State the business of furnishing water or heat, light and power,
whether by means of electricity or gas, shall be at the rate of fifty
cents on every hundred dollars of the assessed value thereof.

The State tax on the money of every corporation doing in this
State the business of furnishing water or heat, light and power, whether
by means of electricity or gas, shall be twenty cents on every one hun-
dred dollars assessed value thereof.

There shall be no local levies assessed on such intangible personal
property or money.

On the real estate and tangible personal property of every corpora-
tion doing in this State the business of furnishing water or heat, light
and power, whether by means of electricity or gas, there shall be local
levies at the same rate or rates as are assessed upon other real estate
and tangible personal property, located in such localities, and proceeds
of which local levies shall be applied as is provided by law.

Every corporation coming within the provisions of this and the pre-
ceding section shall pay to the State for each of the tax years nineteen
hundred and thirty-four, nineteen hundred and thirty-five and nine-
teen hundred and thirty-six, and for each tax year thereafter, an
annual State franchise tax equal to one and one-eighth per centum of
its gross receipts from all sources up to one hundred thousand dollars
for such gross receipts and three per centum of all such gross receipts
in excess of one hundred thousand dollars, from all sources, for the
privilege of exercising its franchise in this State, which, with the taxes
hereinbefore provided for, shall be in lieu of the annual State mer-
chants license tax required under section one hundred and eighty-eight
of the Tax Code of Virginia, and all State taxes or license charges
whatsoever upon the franchises of such corporation, and the shares of
stock issued by it, and upon all its property as hereinbefore provided ;
provided, that nothing herein contained shall exempt such corporation
from motor vehicle license taxes or motor vehicle fuel taxes, or the an-
nual fee required by section one hundred and fifty-seven of the Con-
stitution, or from assessments for street and other local improvements,
which shall be authorized by law, nor from the county, city, town, dis-
trict, or road levies; provided, that any city or town may impose a
license tax upon such corporation for the privilege of doing business
therein, which shall not exceed one-half of one per centum of the gross
receipts of such business accruing to such corporation from said busi-
ness in such city or town; and, provided, further, that from the amount
of any such license tax there shall be deducted any sum or sums paid
by such corporations to such city or town as a merchant’s license tax,
and license taxes, except motor vehicle license taxes; and provided,
further, that nothing herein contained shall annul or interfere with or
prevent any contract or agreement by ordinance between such corpora-
tions and municipalities as to compensation for the use of the streets or
alleys of such municipalities by such corporations.
The real estate and tangible personal property of such corporations,
but not its franchise, shall be assessed on the valuation fixed by the
State Corporation Commission with county, city, town, district and
road levies, at the same rate as real and personal property of natural
persons are assessed with such levies.

No State tax, county, city, town, district or road levy shall be laid
on the net income of any such corporations, nor shall any county, city,
town, district or road levy be laid on the gross receipts of any such
company.

All taxes and levies shall, until paid, be a lien upon the property
within this State of the corporation owning the same, and take prece-
dence of all other liens or encumbrances.

Any such corporation, or the State or any county or city, at the
instance of the Attorney General of the State, or of the Common-
wealth’s Attorney for any county or city aggrieved by the assessment
and ascertainment of such taxes, may within thirty days after receiving
a certified copy thereof, apply for relief to the circuit court of the city
of Richmond. Notice of the application setting forth the grounds of
complaint, verified by affidavit, if the appeal be taken by such corpora-
tion, shall be served on the State Corporation Commission, and on the
Attorney General, whose duty it shall be to represent the Common-
wealth, or if the appeal be taken by the State or any county or city,
notice of the application, setting forth the grounds of complaint shall
be served on such corporation. If the court be of the opinion that the
assessment or tax is excessive, it shall reduce the same, but if of the
opinion that it is insufficient, it shall increase the same. Unless the
applicant paid the taxes under protest when due, the court, if the
decision is adverse to the applicant, shall, in disallowing the applica-
tion, give judgment against it for the taxes assessed by the State
Corporation Commission, and for a sum, by way of damages, equal to
interest at the rate of one per centum per month upon the amount of
the taxes from the time same were payable. If the decision is in favor
of such corporation, in whole or in part, appropriate relief shall be
granted, including the right to recover any excess of taxes that may
have been paid with legal interest thereon and the legally taxable cost
of said application from the State or local authorities, or both, as the
case may be, the judgment to be enforceable by mandamus or other
proper process issuing from the court finally adjudicating the applica-
tion. If the decision be in favor of the State or any county or city,
appropriate relief shall be granted, and the court shall enforce its judg-
ment by mandamus or other proper process.

The Supreme Court of Appeals may, subject to the provisions of
article six of the Constitution, allow a writ of error to either party.

The provisions of this section, as hereby amended, shall apply to
the assessment for the tax year nineteen hundred and thirty-four and
annually thereafter, unless otherwise provided by law.