Chap. 85.—An ACT to amend and re-enact Section 222 of the Tax Code of Vir-
ginia, as amended, relating to taxes on corporations which operate steamships,
steamboats, or other floating property for the transportation of passengers or
freight. [S 97]

. Approved February 29, 1944

Be it enacted by the General Assembly of Virginia:

1. That section two hundred twenty-two of the Tax Code of Vir-
ginia, as amended, be amended and re-enacted, as follows:

Section 222. Taxes on Corporations which Operate Steamships,
Steamboats or other Floating Property for the Transportation of Pas-
sengers or Freight——The State tax on the intangible personal property
(other than bonds issued by counties, cities and towns or other political
subdivisions of this State) owned by corporations which operate steam-
ships, steamboats, or other floating property for the transportation of
passengers or freight, shall be at the rate of fifty cents on every hun-
dred dollars of the assessed value thereof.

The State tax on the money of every such company shall be twenty
cents on every hundred dollars assessed value thereof.

The State tax on bonds issued by counties, cities and towns or other
political subdivisions of this State, owned by every such company shall
be at the rate of thirty-five cents on every hundred dollars assessed value
thereof.

There shall be no local levies assessed on such intangible personal
property, money, or bonds by the political subdivisions of this State.

On the real estate and tangible personal property of every such com-
pany there shall be local levies at the same rate or rates as are assessed
upon other real estate and tangible property located in such localities, the
proceeds of which local levies shall be applied as is provided by law.

I-very such company for the privilege of doing business in this State.
in addition to the annual registration fee and property tax, shall pay an
annual State license tax as follows:

Such tax shall be equal to one per centum upon the gross receipts
from operation up to and not in excess of five hundred thousand dollars
and one and one-quarter per centum upon such receipts in excess of that
amount of such companies, and each of them, within this State. When
such companies are operated partly within and partly without this State,
the gross receipts within this State shall be deemed to be all receipts on
business beginning and ending within this State and all receipts earned
in Virginia on business passing through, into, or out of this State;
provided that unless otherwise clearly shown such last mentioned re-
ceipts shall be deemed to be that proportion of the total receipts from
such business which the entire line mileage over which the business is
done bears to the mileage operated within this State. The provisions of
this section shall apply for the tax year nineteen hundred forty-four
and every tax year thereafter until otherwise ordered by law.