Chap. 273.—An ACT to amend and re-enact Section 70 of the Tax Code of Virginia
relating to the taxation of money. [S B 266]

_ Approved March 27, 1940

1. Be it enacted by the General Assembly of Virginia, That
section seventy of the Tax Code of Virginia be amended and re-
enacted to read as follows:

Section 70. All money (except money which is otherwise taxed)
on deposit with any bank or other corporation or firm or person
doing a banking business, or such part of the proceeds of any life
insurance policy as are retained by the life insurance company at
the request of the beneficiary of such policy, after the death of the
insured, or money in the possession or under control of the owner,
whether such money be actually in or out of this State and belonging
to a resident of this State, which shall include certificates of deposit
of any bank, banking association, trust or security company or
partial payment deposits made with industrial loan associations for
the purchase of income bonds, certificates of investment or invest-
ment bonds, bearing a total interest rate paid or to be paid not ex-
ceeding five per centum per annum; all money under the control of
a court receiver or commissioner in pursuance of an order, judgment
or decree of any court or in the hands or under the control of an
executor, administrator, guardian, trustee, agent, or other fiduciary;
and all money deposited to the credit of any suit, not in the hands of
a receiver or other fiduciary.

On all money as defined by this section there is hereby annually
levied a tax of twenty cents on every one hundred dollars of the
actual value thereof.

Each clerk of court mentioned in section sixty-three hundred and
ten of the Code of Virginia, as amended, shall furnish the Department
of Taxation on January first of each year with a copy of the record
made by such clerk in conformity with that section showing the
balance on hand on January first; and the Department of Taxation
shall keep a record of the same. Such clerk shall also furnish a like
list of such balances to the examiner of records who shall examine
the same, and if found correct he shall report the same to the com-
missioner of revenue of the county or city, who if such money be not
otherwise taxed, shall enter the same upon his property book and
assess the proper tax thereon, which shall be paid by such clerk to
the treasurer of the county or city upon presentation of the proper
tax bill therefor, and the amount so paid shall be credited against
such deposit, and the date and amount of such credit shall be en-
dorsed on the certificate by the clerk.

This section, as hereby amended, shall be in force for the tax
year nineteen hundred and forty and every tax year thereafter.