Chap. 273.—JOINT RESOLUTION proposing an amendment to section 170
of the Constitution of Virginia. [H J R 1]

Signed March 23, 1926. "

Whereas, the proposed amendment to section one hundred and
seventy of the Constitution of Virginia, hereinafter fully set forth,
was agreed to by a majority of the members elected to the two houses
of the general assembly at the session of nineteen hundred and twenty-
four, and referred to this, the next general assembly, and published for
three months, as required by the Constitution of Virginia, and as
shown by report of such publication by the clerk of the house of dele-
gates; now, therefore,

Resolved, by the house of delegates, the senate concurring (a
majority of the members elected to each house agreeing thereto), That
the following amendment to section one hundred and seventy of the
Constitution of Virginia be, and the same is hereby, proposed in con-
formity with the provisions of section one hundred and ninety-six
of article fifteen of the said Constitution, namely: :

Strike out from the Constitution of Virginia section one hundred
und seventy, which is in the following words:

Section 170. The general assembly may levy a tax on incomes in
excess of six hundred dollars per annum; may levy a license tax upon
any business which cannot be reached by the ad valorem system; and
may impose State franchise taxes, and in imposing a franchise tax,
may, in its discretion, make the same in lieu of taxes upon other
property, in whole or in part, of a transportation, industrial, or com-
mercial corporation. Whenever a franchise tax shall be imposed upon
a corporation doing business in this State, or whenever all the capital,
however invested, of a corporation chartered under the laws of the
State, shall be taxed, the shares of stock issued by any such corpora-
tion shall not be further taxed. No city or town shall impose any tax
or assessment upon abutting landowners for streets or other public
local improvements, except for making and improving the walkways
upon then existing streets, and improving and paving then existing
alleys, and for either the construction, or for the use of sewers; and the
same when imposed, shall not be in excess of the peculiar benefits
resulting therefrom to such abutting landowners. Except in cities
and towns, no such taxes or assessments, for local public improvements,
shall be imposed on abutting landowners.

And insert in lieu thereof the following:

Section 170. The general assembly may levy a tax on incomes in
excess of six hundred dollars per annum; may levy a license tax upon
any business which cannot be reached by the ad valorem system; and
may impose State franchise taxes, and in imposing a franchise tax may,
in its discretion, make the same in lieu of taxes upon other property.
in whole or in part, of a transportation, industrial, or commercial
corporation. Whenever a franchise tax shall be imposed upon a cor-
poration doing business in this State, or whenever all the capital,
however invested, of a corporation chartered under the laws of the
State, shall be taxed, the shares of stock issued by any such corporation
shall not be further taxed. No city or town or county having the
right under the section to impose taxes or assessments for local 1m-
provements upon abutting property owners shall impose any tax or
assessment upon abutting landowners for street or other public im-
provements, except for making and improving the walkways upon
then existing streets and improving and paving then existing alleys
and for either the construction, or for the use of sewers; and the same
when imposed, shall not be in excess of the peculiar benefits resulting
therefrom to such abutting landowners. Except in citics and towns.
and counties having a population greater than five hundred inhabitants
per square mile, as shown by United States census, no taxes or assess:
ments, for local public improvements, shall be imposed on abutting
landowners.