Chap. 468.—An ACT to amend the tax Code of Virginia by adding thereto
a new section to be numbered section 176-c, in relation to cotton and pea-
nut dealers. [H B 359]

Approved March 28, 1930

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-c, which new section
shall read as follows:

Section 176-c. Dealers in cotton or peanuts——Every person, firm
or corporation engaged in the business of buying from the producers
thereof, whether for his or its own account or for another, cotton or
peanuts, and every such person, firm or corporation selling such cotton
or peanuts so purchased, shall be deemed to be a dealer in cotton or
peanuts. Every person, firm or corporation shall pay for the privilege
of transacting the business of a dealer in cotton or peanuts, as herein
defined, an annual State license tax of ten dollars, provided the gross
commissions and gross profits of such dealer in cotton or peanuts for
the preceding year did not exceed two hundred dollars; but when the
gross commissions and gross profits exceed two hundred dollars the
tax shall be ten dollars, and an additional tax at the rate of five dollars
on each one hundred dollars, or fraction thereof, of such gross com-
missions and gross profits as exceed two hundred dollars but do not
exceed one thousand dollars; but when the gross commissions and
gross profits exceed one thousand dollars, the tax shall be fifty dollars,
and an additional tax of one dollar for each one hundred dollars, or
fraction thereof, of gross commissions and gross profits in excess of one
thousand dollars. ‘The license tax on every dealer in cotton or peanuts
beginning business shall be the flat tax above prescribed, plus a tax in
accordance with the foregoing scale measured by the gross commis-
sions and gross profits 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 taxes prescribed by this section on such dealers in cot-
ton or peanuts as herein defined shall be in lieu of the license taxes
prescribed by sections one hundred and seventy-four, one hundred
and seventy-six-b and one hundred and eighty-eight of the tax Code
of Virginia, and in lieu of a tax for State purposes upon the capital
of such dealer in cotton or peanuts actually employed by him or it
in the business of a dealer in cotton or peanuts, but shall in no way
affect any taxes which may be assessable on the capital of any person,
firm or corporation engaged in the business of cleaning peanuts or
ginning cotton. This section shall be in force on and after January
first, nineteen hundred and thirty-one.