Chap. 148.—An ACT to amend section 43 of an act entitled “an act to raise reve-
nue for the support of the government and public free schools, and to pay the
interest on the public debt, and to provide a special tax for pensions, as au-
thorized by section 189 of the Constitution,” approved April 16, 1903, as
amended by an act approved February —, 1904.

Approved March 14, 1904.

1. Be it enacted by the general assembly of Virginia, That section
forty-three of an act entitled “an act to raise revenue for the support of
the government and public free schools, and to pay the interest on the
public debt, and to provide a special tax for pensions, as authorized by
section one hundred and eighty-nine of the Constitution,” approved
April sixteenth, nineteen hundred and three, as amended by an act ap-
proved February , nineteen hundred and four, be amended and
re-enacted so as to read as follows: -

§ 43. Every corporation, joint stock company, or association, or-
ganized or formed under, by or pursuant to law in this State, except
railway, canal, insurance, banking and security companies, telephone
companies having an authorized maximum capital stock of five thou-
sand dollars or less, cemetery, religious and charitable associations, shall,
in addition to the charter fee, tax on property, and income or receipts,
and license tax, and the registration fee prescribed by law, pay into the
treasury of the State on or before the first day of March of each and
every year an annual State franchise tax to be assessed by the State cor-
poration commission.

The amount of such franchise tax shall be as follows: Where the
maximum capital stock is twenty-five thousand 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, an additional sum
of ten dollars for each one hundred thousand dollars or fraction thereof
in excess of one million dollars.

A corporation operating or authorized to operate, a railroad by elec-
tricity or other motive power, and also, under authority of its charter,
engaged in the business of furnishing heat, light and power, or either of
them, by electricity or steam, for compensation, shall pay a franchise
tax as follows: Such a company shall furnish to the State corporation
commission, in its annual report, required to be made on or before
the first day of September of each year, a statement of its gross receipts
from these sources, as well as a statement of its gross receipts from all
sources. The State corporation commission shall assess the franchise
tax on so much of the authorized maximum canital stock of said com-
pany as bears the same proportion to the total maximum authorized
capital stock as the gross receipts from the said sources bear to the total
gross receipts of said company.

The State corporation commission shall assess against each such cor-
poration, company or association the State franchise tax herein imposed.

A certified copy of the assessment, when made, shall be immediately
forwarded by the clerk of the State corporation commission to the audi-
tor of public accounts and to the president or other proper officer of
every such corporation, company or association.

Any such corporation, company or association failing to pay said tax
into the treasury within the time prescribed shall incur a penalty thereon
of five per centum, which shall be added to the amount of said tax.