Chap. 4.—An ACT to provide for the segregation of the tax upon money on
deposit or otherwise, and to make it liable to taxation by the State
alone and to fix the rate of such taxation. (H. B. 6.)

Approved January 29, 1914.

1. Be it enacted by the general assembly of Virginia, That
in pursuance of the provisions of section one hundred and sixty-
nine of the Constitution of Virginia, money on deposit with any
bank or other corporation or firm or person, or in the possession or
under the control of the owner, whether such money be actually in
or out of this State, and belonging to a citizen of this State, is
hereby segregated and made subject of taxation by the State of
Virginia only, and shall not be liable to taxation by any of the
cities, towns or counties, school districts and other local sub-divi-
sions of this State.

2. The total rate of such segregated taxation on such money
on deposit or otherwise shall be twenty cents on the one hundred
dollars, one-half of which shall be applied to, the support of the
government, and one-half of which shall be applied to the support
of the public free schools of the State. The ten cents to be applied
to the public free schools shall be and is hereby appropriated as a
special fund to the primary or grammar schools of the State.

3. Money belonging to any county, magisterial district, city
or town in this Commonwealth is hereby declared to be exempt
from taxation and shall not be assessed under this act, nor shall
any other money now exempt by law from taxation, or which is
otherwise taxed, be assessed under the provisions of this act.

4. Money in the hands of fiduciaries, which is now required by
law to be reported to the commissioners of the revenue by the ex-
aminers of record, shall be reported as now required by law and
when so reported shall be assessed by the commissioners at the same
rate as provided in section two of this act.

5. And the auditor of public accounts shall prepare a separate
book in proper form in which the commissioners of the revenue
shall list the property and extend the tax mentioned in this act
and he shall notify the commissioners of the revenue what amounts
are to be deducted from the money assessed under this act.

6. All acts and parts of acts in conflict are hereby repealed.

7. The collection of current revenue being affected, an emer-
gency is declared to exist, and this act shall be in force from its
passage.