Chap. 263.—An ACT to amend and re-enact section 11 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 189 of the Constitution, approved April 16, 1903 and
acts amendatory thereof. {H B 226]

Approved March 15, 1924.

1. Be it enacted by the general assembly of Virginia, That section
eleven 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 six-
teenth, nineteen hundred and three, as heretofore amended, be amended
and re-enacted so as to read as follows:

Section 11. Tax on income.—On income, as defined in this sched-
ule, the tax shall be one per centum on the amount of taxable income up
to three thousand dollars, and two per centum on the amount of taxable
income in excess of three thousand dollars, and no city, town or county
shall levy or assess any tax on income for municipal or county purposes,
and any provision of any city or town charter in conflict with this act is
hereby repealed; provided, nothing herein contained shall be construed
as imposing an income tax on any part of the receipts of any public
service corporations which are now subject to a State franchise tax upon
such receipts, or on any insurance companies which may pay a State
license tax on gross premiums, or on State and national banks, banking
associations, trust and security companies, or on the dividends from the
shares of stock of State and national banks, banking associations, trust
and securities companies, or on religious, educational, benevolent and
other corporations or associations of individuals not organized or con-
ducted for pecuniary profit.