CHAPTER 486

An Act to amend and reenact §§ 58-570 through 58-577, both inclusive, of
the Code of Virginia, relating to the taxation of steamship and other
water carriers.

[S 323]

Approved April 2, 1952

Be it enacted by the General Assembly of Virginia:

1. That §§ 58-570 through 58-577 of the Code of Virginia be amended
and reenacted as follows:

§ 58-570. Annual report, definitions.—Every corporation, except a
railroad, who transports passengers or freight, as a common carrier, in any
steamship, steamboat, or other floating property shall report annually
before the first of May to the Commission all of his real and personal
property in this State as of the beginning of the first day of January
preceding, showing in what city, town, county and school district the
property is located and classifying it under the following heads:

(1) All steamships, steamboats and other floating property, their
machinery and equipment;

(2) All wharves, sheds, offices, stores, docks, machine shops, gran-
aries, elevators and other buildings;

(3) All other real estate and personal property ;

(4) The gross receipts derived from transporting passengers or
freight between points in this State from operations for the year ending
December thirty-first next preceding.

As used in this article, the word ‘‘person’”’ means corporation.

As applied in this article, the word “property” means the property
used in the transportation business taxed by this article.

§ 58-571. Assessment by the Commission.—The Commission shall,
after thirty days’ notice to the taxpayer, assess the value of his property.

Should any such person fail to make the report required by the pre-
ceding section, the Commission shall assess his property on the best avail-
able information ; and may send for persons and papers.

The Commission shall assess upon such property the taxes imposed
thereon by law and upon such persons the license tax imposed by this
article.

§ 58-572. Copies of assessment.—A certified copy of the assessment,
as soon as made, shall be sent by the clerk of the Commission to the Comp-
troller and to the taxpayer.

§ 58-573. Copies for local officials—The clerk of the Commission
shall send to the governing body of every county, city or town wherein
property belonging to the taxpayer is located a certified copy of the assess-
ment showing the character, value and location of the property.

§ 58-574. Property taxes.—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 such per-
sons shall be at the rate of fifty cents on every hundred dollars of the as-
sessed value thereof.

The State tax on the money of every such person shall be twenty cents
on every hundred dollars of the 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 such person
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.

§ 58-575. Annual license tax.—Every such person, in addition to the
annual registration fee and property tax, shall pay an annual State license
tax as follows:

A tax equal to one and one-half per centum on the gross receipts
derived from transporting passengers or freight between points in this
State up to and not in excess of five hundred thousand dollars and one and
three-fourths per centum on such receipts in excess of that amount *.

§ 58-576. Payment of tax.—Such person shall pay into the State
treasury by the first of October following, the taxes assessed against him.

§ 58-577. Penalty.—Any such person failing to pay such taxes within
the time prescribed shall incur a penalty thereon of five per centum.

2. These sections as amended shall go into effect as of the beginning of
the first day of January, nineteen hundred fifty-three.