Chap. 388.—An ACT to amend and re-enact Section 211 of the Tax Code relating
to franchise taxes on certain corporations and others, so as to provide that any
domestic corporation whose revenue is obtained from furnishing without profit,
sewage disposal, water purification, or similar service to one or more cities or
towns in this Commonwealth pursuant to Section 3064 of the Virginia Code, as
amended, shall pay an annual franchise tax according to the schedule provided

in this Section and said franchise tax shall be in lieu of all other taxes, State or
local, upon all property of such commercial corporation. -{H B 396]

Approved April 1, 1940

1. Be it enacted. by the General Assembly of Virginia, That
Section 211 of the Tax Code be amended and re-enacted so as to read
as follows:

Section 211. Annual State franchise tax on domestic corpora-
tions; what corporations not taxed under this section.—Every corpora-
tion, joint stock company, or association, organized or formed under,
hy ar nurcnant to law in this State. excent railwav. canal. licht. 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 pay into the treasury of the
State on or before the first day of March of each and every year, the
following annual State franchise tax to be assessed by the State
Corporation Commission.

The amount of such franchise tax shall be as follows:

Where the authorized maximum capital stock is twenty-five thous-
and 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 addi-
tional 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 additional sum of ten
dollars for each million dollars or fraction thereof in excess of three
hundred million dollars.

Provided, however, that any domestic corporation whose revenue
is obtained from fyrnishing without profit sewage disposal, water
purification, or similar service to one or more cities or towns in this
Commonwealth pursuant to Section 3064 of the Code of Virginia, as
amended, shall pay an annual franchise tax according to the schedule
provided in this Section and said franchise tax shall be in lieu of all
other taxes, State or local, upon all property of such commercial
corporation.

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 assess against each such corporation, company, or associa-
the State franchise tax herein imposed, and a statement of such
ssment, when made, shall be forwarded by the clerk of the State
poration Commission before the fifteenth day of February to the
iptroller and to the president or other proper officer of each such
poration, Company or association.

Any such corporation, company or association failing to pay said
into the State treasury within the time prescribed shall incur a
alty thereon of five per centum and interest at the rate of six per
um per annum on the total amount of tax and penalty from the
> when the same was due until paid, which shall be added to the
unt of said tax, and failure for two successive years to pay said
when such failure shall have continued for ninety days after the
‘ration of such two years, shall operate without further proceed-
-as a revocation and annulment of the charter of such corporation,
the State Corporation Commission shall publish the fact of such
ycation and annulment once a week for four consecutive weeks in
1ily newspaper published in the city of Richmond, Virginia.
The said franchise tax with penalties and interest, shall be en-
eable, in addition to existing remedies for the collection of taxes
levies, by action, motion, or suit in equity, in the name of the
nmonwealth in the circuit court of the city of Richmond in those
5 in which the entire business of the corporation is conducted
side of the State of Virginia and in those cases in which the principal
se of the corporation is in the city of Richmond.
This section, as hereby amended, shall apply to the tax year nine-
1 hundred and forty and every tax year thereafter until otherwise
vided by law.