Chap. 491.—_An ACT to amend and re-enact section 508 of the Code af
Virginia as heretofore amended, and to appropriate sums collected
hereunder for the payment of pensions and for the support of the
public free schools of the primary and grammar grades. (8. B. 328)

Approved March 22, 1916.

1. Be it enacted by the general assembly of Virginia, That
section five hundred and eight of the Code of Virginia, as
amended by an act approved March twenty-fifth nineteen hun-
dred and fourteen, entitled an act to amend and re-enact sec-
tion five hundred and eight of the Code of Virginia, be amended
and re-enacted as follows:

Sec. 508. Omitted taxes, levies, etc., how assessed.—If the
commissioner of the revenue, examiner of records, or other as-
sessing officer, commission or board, designated by law to assess
persons, property (real, personal and mixed), taxes, levies, et
cetera, ascertain that any person, or any real or personal prop-
erty, or income, or salary, or license tax has not been assessed for
taxation for any year by the State, county, district, city or town,
or that the same has been assessed at less than the law required,
for any year, or that the taxes, levies, et cetera, thereon, for
any cause, have not been realized, it shall be the duty of the
commissioner of the revenue, examiner of records, or other as-
sessing Officer, to list the same, and assess persons, property
(real, personal and mixed), and levies at the rate prescribed
for that year, adding thereto interest at the rate of six per
centum per annum.

Provided however—

(1) That all assessments of intangible personal property.
money and incomes for State taxes prior to the year nineteen
hundred and three shall be conclusively presumed to be full,
true and correct.

(2) No municipal, county or district tax shall be levied or
cullected on any assessment of intangible personal property,
money or incomes for taxes alleged to have been omitted from
the assessments for the years prior to nineteen hundred and
twelve.

(3) When omitted intangible personal property, money and
incomes are voluntarily reported on oath to the examiner of
records, on or before August first, nineteen hundred and sixteen,
on forms prescribed by the auditor of public accounts, and such
reports are found correct and the tax thereon paid before No-
vember first, nineteen hundred and sixteen, or where said omit-
ted property, money or incomes have already been assessed and
shall have been paid before said date, then the taxes paid on
such property, money or incomes shall not be subject to inter-
est or penalty; but nothing herein shall be construed to post-
pone the power of the proper officers to use the remedies pro-
vided for by law for the collection of omitted taxes assessed
prior to December first, nineteen hundred and fifteen, for the
period and within the limitation prescribed above.

(4) Within the periods prescribed in this provision the ex-
aminer of records, the local boards of review, and the county
and city treasurers are hereby authorized unless the assessment
on intangible personal property, money and income for omitted
taxes have already been made to use the same methods of ascer-
taining and reporting property for assessment and for the as-
sessment and collection of all omitted taxes on intangible per-
sonal property, money and incomes as are authorized to be used
for the assessment and collection of current taxes and shall re-
ceive the commissions allowed by law.

Where the return is voluntarily reported on oath to the ex-
aminer of records on forms prescribed by the auditor of public
accounts, the examiner of records shall receive one-half of said
compensation.

(5) In assessing under this act omitted capital of manufac-
turers, capital shall be defined to be net capital, to-wit, gross
assets less liabilities.

All State taxes hereafter assessed and collected under
this act are hereby appropriated to the public free schools of
the primary and grammar grades, except the State taxes here-
after assessed and collected for pensions; provided, however,
that not more than two hundred and fifty thousand dollars shall
be paid for the appropriation year ending February twenty-
eighth, nineteen hundred and seventeen, and not more than two
hundred and fifty thousand dollars shall be paid for the appro-
priation year ending February twenty-eighth, nineteen hundred
and eighteen.

7. In the case of omitted taxes wherever the tax-payer has
made full disclosures of his taxable property (real estate, tangi-
ble or intangible personal property, money and income), and in
cases of tangible and intangible personal property, money and
income, as enumerated on his returns the items thereof, and
there has been an assessment made in good faith by the tax
officer, although made under misapprehension of the law, such
assessment as to the valuation of such property shall be final:
but in cases in which there has not been a full disclosure and
enumeration of his tangible and intangible personal property,
income and money, whether intentional or otherwise, such as-
sessment shall not be considered final, but in contested cases
the burden shall be upon the tax-payer to show that he has made
a full disclosure.