Chap. 160.—An ACT to amend and re-enact section | of the tax bill, as hereto-
fore amended with relation to the beginning of the tax year, the time as of
which assessments of property shall be made, and basis of license taxes.

[S B 278]
Approved March 17, 1926.

1. Be it enacted by the general assembly of Virginia, That sec-
tion one of the tax bill, as heretofore amended, be amended and re-
enacted so as to read as follows:

Section 1. Beit enacted by the general assembly of Virginia, That
the tax on persons, property and incomes for the year commencing the
f@&t day of January, nineteen hundred and twenty-seven, and each
year thereafter, and all licenses to transact business, shall be as pro-
vided in the following sections of the tax bill as amended, and that
the tax year for all purposes is hereby changed so that it shall begin
on the first day of January of each year and end on the thirty-first day
of December of each year. All assessments for taxes heretofore re-
quired to be made as of the first day of February of each year shall
be made for the year nineteen hundred and twenty-seven as of the
first day of January, nineteen hundred and twenty-seven, and such
assessments for each year thereafter shall be made as of the first day
of January of such year. All license taxes which are based upon the
volume of business done, the receipts from such business or the pur-
chases for such business, shall be for the year nineteen hundred and
twenty-seven, based upon the volume of business done, the receipts
from such business or the purchases for such business for the year be-
ginning April first, nineteen hundred and twenty-six, and ending De-
cember thirty-first, ninetees# hundred and twenty-six, and such li-
cense taxes shall be so based for each year thereafter upon the volume
of business done, the receipts from such business or the purchases for
such business for the next preceding calendar year, provided that the
basis for the assessment of all taxes now assessed by the State corpo-
ration commission, and the basis for the assessment of license taxes
upon insurance companies shall be as provided by law on the day
before this act becomes effective.