Chap. 252.-An ACT to amend and re-enact Section 70 of the Tax Code of Vir-
/ ginia, as heretofore amended, in relation to the taxation of money. [S 177]

Approved March 16, 1944

Be it enacted by the General Assembly df Virginia:

1.. That section seventy of the Tax Code of Virginia, as heretofore
amended, be amended and re-enacted so as to read as follows:

Section 70. Money—AIl 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 in-
surance policy as 1s retained by the life insurance company on interest at
the request of the owner of such policy or at the request of the beneficiary
of such policy after the death of the insured, or partial payment deposits
made with industrial loan associations for the purchase of income bonds,
certificates of investment or investment bonds, or money in the possession
or under the control of the owner, whether such money be actually in or
out of this State and belonging to a resident of this State; 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

ereof.

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 bal-
ances to the examiner of records who shall examine the same, and if
found correct he shall report the same to the commissioner 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 endorsed on the certificate by the clerk.

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