Chap. 697.—An ACT to amend and re-enact the second sub-division of section
833 of the code of Virginia, so as to provide for the assessment of capital
used or employed in the mercantile business for local taxation.

Approved March 2, 1900.

1. Be it enacted by the general assembly of Virginia, That the
second subdivision of section eight hundred and thirty-three of the code
of Virginia be amended and re-enacted so as to read as follows:

Second. To fix and order county levies——To fix the amount of the
county levies for the ensuing year; to order the levy on all persons over
the age of twenty-one years and on all property assessed with state tax
within the county and on the capital invested, used, or employed in
mercantile business; moneys and credits actively used and employed in
carrying on the mercantile business, including goods, wares, and mer-
chandise on hand, and all solvent bonds, demands, or claims made or
contracted in the course of business during the preceding year shall
be held to be capital in such mercantile business: provided, however,
that there shall be deducted from the gross amount of capital whatsoever
the merchant may owe upon the goods, wares, and merchandise on hand
at the time of assessment; to order the levy on the real estate and per-
sonal property of telegraph and telephone companies and railroad com-
panies and their telegraph lines, which pass through their respective
counties, except such as are exempt from county or other local taxes,
based upon the assessment per mile made by the state for its purposes,
and furnished by the auditor of public accounts to said board; or the
order of levy may be a certain sum on all male persons over the age of
twenty-one years, and for a certain per centum upon the amount of the
state tax: provided, however, that the eapuanGn tax shall not exceed the
sum of fifty cents.

. This act shall be in force from its passage.