Chap. 280.—An ACT to amend and re-enact Section 222 of the Tax Code of
Virginia, as heretofore amended, relating to taxes on corporations which
operate steamships, steamboats, or other floating property for the transpor-
tation of passengers or freight. [S B 11]

Approved March 28, 1938

1. Be it enacted by the General Assembly of Virginia, That sec-
tion two hundred and twenty-two of the Tax Code of Virginia, as
heretofore amended, be amended and re-enacted so as to read as
follows:

Section 222. Taxes on Corporations which Operate Steamships,
Steamboats or other Floating Property for the Transportation of Pas-
sengers or Freight—The State tax on the intangible personal prop-
erty (other than bonds issued by counties, cities and towns or other
political subdivisions of this State) owned by corporations which oper-
ate steamships, steamboats, or other floating property for the trans-
portation of passengers or freight, shall be at the rate of fifty cents
on every hundred dollars of the assessed value thereof.

The State tax on the money of every such company shall be twenty
cents on every hundred dollars assessed value thereof.

The State tax on bonds issued by counties, cities and towns or other
political subdivisions of this State, owned by every such company shall
be at the rate of thirty-five cents on every hundred dollars assessed
value thereof.

There shall be no local levies assessed on such intangible personal
property, money, or bonds of the political subdivisions of this State.

On the real estate and tangible personal property of every such
company there shall be local levies at the same rate or rates as are
assessed upon other real estate and tangible property located in such
localities, the proceeds of which local levies shall be applied as is
provided by law.

Every such company for the privilege of doing business in this
State, in addition to the annual registration fee and h Pape tax, shall
pay an annual State license tax as: follows:

Said tax shall be equal to one per centum upon the gross receipts
from operation up to and not in excess of four hundred thousand
dollars and two per centum upon such receipts in excess of that amount
of such companies, and each of them, within this State. When such
companies are operated partly within and partly without this State,
the gross receipts within this State shall be deemed to be all receipts
on business beginning and ending within. this State and all receipts
earned in Virginia on business passing through, into, or out of this
State; provided, that unless otherwise clearly shown such last men-
tioned receipts shall be deemed to be that proportion of the total
receipts from such business which the entire line mileage over which
said business is done bears to the mileage operated within this State.
The provisions of this section shall apply for the tax year nineteen
hundred and thirty-eight and every tax year thereafter until otherwise
ordered by law.