Chap. 170.—An ACT to amend the Tax Code of Virginia by adding thereto a
new section to be numbered section 176a, in relation to cotton factors.
[S B 211]

Approved March 10, 1928

1. Be it enacted by the general assembly of Virginia, That the Tax
Code of Virginia be amended by adding thereto a new section to be
numbered section one hundred and seventy-six-a which new section shall
read as follows.

Section 176-a. Cotton factors——Every person, firm or corporation
doing business in this State as a cotton factor shall, for the privilege
of doing such business, pay an annual license tax of one hundred dol-
lars, provided his or its commissions for the preceding year did not
exceed one thousand dollars; but when the commissions exceeded one
thousand dollars, the tax shall be one hundred dollars, and an addi-
tional tax at the rate of two dollars on each one hundred dollars or
fraction thereof of commissions in excess of one thousand dollars. The
license tax on every cotton factor beginning business shall be the flat
tax above prescribed, plus a tax in accordance with the foregoing scale
measured by the commissions which it is estimated he or it will receive
from the time he or it commences business to the following December
thirty-first. The license tax prescribed by this section for a cotton
factor shall be in lieu of a tax for State purposes upon the capital of
such cotton factor actually employed by him or it in the business of a
cotton factor. This section shall be in force on and after the first dav
of January, nineteen hundred and twenty-nine.