Chap. 26.—An ACT to amend and re-enact sections 91 and 93 of the tax Code
of Virginia. [S B 40]

Approved February 19, 1930

1. Be it enacted by the general assembly of Virginia, That sec-
tions ninety-one and ninety-three of the tax Code of Virginia are
hereby amended and re-enacted, so as to read as follows:

Section 91. Rate of taxation of bank stock; disposition of assess-
ment lists by commissioner of the revenue; limited city and town tax-
ation of bank stock.

It shall be the duty of the commissioner of the revenue, as soon
as he receives such report, to assess upon each stockholder upon the
taxable value of the shares of stock owned by him, a tax at the rate
of one dollar on each one hundred dollars of such value of such
stock. The said tax shall be in lieu of all other taxes whatsoever for
State, county or local purposes upon the said shares of stock. The
commissioner of the revenue shall certify three assessment lists, trans-
mit one to the department of taxation, one to the bank, and retain
one. The assessment list so transmitted to said bank shall be notice
to the bank of the tax assessed against its stockholders and each of
them, and shall have the legal effect and force of a summons upon
suggestion formally issued and regularly served. The tax assessed
upon each stockholder in said bank shall be the first lien upon the
stock standing in his name, and upon dividends thereof due and to
become due, no matter in whose possession found, and shall have
priority over any and all liens by deeds of trust, mortgages, bills
of sale or other assignments made by the owner or holder, and take
priority over all liens by execution, garnishment or attachment process
sued out by creditors of the stockholders. The bank shall hold the
dividend or other fund belonging to the stockholder and in its custody
at the time the assessment list is received, or that thereafter shall
come under its control, and apply the same to the payment of the tax
assessed, and when thus applied shall be acquitted and discharged from
all liability to the stockholder for the money so disbursed.

Any city in this State containing less than ten thousand inhabitants,
as shown by the United States census of nineteen hundred and twenty,
in which any bank is located, and any incorporated town in this State
in which any bank is located, may, by ordinance, require such bank
to deliver to the commissioner of the revenue, or other assessing
officer of such city or town, a copy of the report which such bank is
required by this chapter to furnish to the commissioner of the revenue
of the county or city, and any such city may impose a tax not to
exceed forty per centum of the State rate of taxation on each one
hundred dollars of the taxable value of the shares of stock in such
banks so located in such city, and any such town may impose a tax
not to exceed eighty per centum of the State rate of taxation on each
one hundred dollars of the taxable value of the shares of stock in
such banks so located in such town; and it shall be the duty of the
commissioner of the revenue, or other assessing officer of such city
or town in which such banks are located, to extend the said tax against
the stockholders at the rate levied by the council or other governing
body of the said city or town.

Section 93. Time and manner of payment by banks of State and
city and town taxes assessed against stockholders; how banks may
obtain credit on State taxes for city and town taxes paid.

Every bank, on or before the first day of June in each year, shall
pay into the State treasury the State taxes assessed against its stock-
holders, and into the treasury of the several cities and incorporated
towns in which such banks are located the city and town taxes assessed
against its stockholders as in this chapter provided. The treasurer,
or other collecting officer, of such city or town shall give to such
banks paying city or town taxes duplicate receipts upon forms to be
prescribed by the department of taxation. Any bank paying for any
year the tax herein prescribed assessed by any such city or by any
incorporated town, within the State, shall be entitled to credit upon the
State taxes assessed against its stockholders for that year to the ex-
tent of any city or town taxes paid by such bank for that year upon
its shares of stock, which credit shall be allowed by the comptroller
upon the presentation of the duly authenticated receipt of the treasurer
or other collecting officer of such city or town. In no event, how-
ever, shall the credit for such city taxes exceed forty per centum of
the State tax assessed against the stockholders of such bank for that
year, nor shall the credit for such town taxes exceed eighty per centum
of the State tax assessed against the stockholders of such bank for
that year.

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