Chap. 334.—An ACT to amend and re-enact section 43 of an act entitled an act
to raise revenue for the support of the government and free schools and
to pay the interest on the public debt, and to provide a special tax for pen-
sions, as authorized by section 189 of the Constitution, approved April 16,
1903, as amended by an act approved March 14, 1904.

Approved March 14, 1908.

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 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 six-
teenth, nineteen hundred and three, as amended by an act approved
March fourteenth, nineteen hundred and four, be amended and re-
enacted so as to read as follows:

§43. Every corporation, joint stock company, or association, organ-
ized or formed under, by or pursuant to law in this State, except rail-
way, canal, insurance, banking and security companies, telephone com-
panies, having an authorized maximum capital stock of five thousand
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
corporation 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 hun-
dred thousand dollars and not in excess of three hundred thousand dol-
lars, 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

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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 capital stock of the said company as
bears the same proportion to the total maximum authorized stock as the
gross recipts from the said sources bear to the total gross receipts of
said company. .

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 association the State
franchise tax herein imposed, and a certified copy of such assessment,
when made, shall be forwarded by the clerk of the State corporation
commission before the fiftenth day of February to the auditor of public
accounts and to the president or other proper officer of every such cor-
poration, company or association.

Any such corporation, company or association failing to pay said tax
into the State treasury within the time prescribed shall incur a penalty
thereon of five per centum and interest at the rate of six per centum
per annum on the total amount of tax and penalty from the date when
the same was due until paid, which shall be added to the amount of said
tax.