Chap. 551.—An ACT to amend and reenact Section 70, as amended, of the Tax
Code of Virginia, in relation to the taxation of certain money, so as to pro-
vide that the taxes on net incomes shall be in lieu of a specific tax on such
money. [H 438]

Approved April 7, 1948

Be it enacted by the General Assembly of Virginia :

1. That section seventy of the Tax Code of Virginia, as amended,
be amended and reenacted as follows:

Section 70. Money.—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 is retained by the life insurance company on interest
at the request of the owner of such policy or at the request of the bene-
ficiary 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.
For the tax year beginning January first, nineteen hundred and
forty-nine and for every tax year thereafter until otherwise provided by
law, the taxes on net incomes shall be in lieu of a specific property tax
on all money as defined by this section upon which a specific property
tax of twenty cents per one hundred dollars of the actual value thereof
was imposed by this section prior to the first day of January, nineteen
hundred and forty-nine; but this paragraph shall not apply to the money
of public service corporations which is taxed under other provisions of
law, and nothing in this paragraph shall be construed as applying to any
money which is includible in capital under section seventy-three of the
Tax Code of Virginia, as amended, or in merchants’ capital under section
one hundred and eighty-eight of the Tax Code of Virginia, as amended.

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