CHAPTER 253

An Act to amend and reenact § 58-292 of the Code of Virginia, relating
to license taxes on certain wholesale merchandise brokers. a :
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Approved March 8, 1952

Be it enacted by the General Assembly of Virginia:
1. That § 58-292 of the Code of Virginia be amended and reenacted as
follows:

§ 58-292. Every wholesale merchandise broker dealing in food
products and other commodities, who sells only to wholesalers *, manu-
facturers, governmental units, industrial users and others only at whole-
sale prices, and whose gross profits are measured principally by commis-
sions, shall annually pay for the privilege of doing such business a license
tax of fifty dollars, provided the gross commissions and gross profits of
such wholesale merchandise broker for the preceding year did not exceed *
three thousand dollars; but when the gross commissions and gross profits
exceed * three thousand dollars, the tax shall be fifty dollars on the first *
three thousand dollars of gross commissions and gross profits, * and *
thirty-five cents per one hundred dollars on all gross commissions and
gross profits in excess of * three thousand dollars. The license tax on
every such wholesale merchandise broker beginning business shall be the
initial tax of fifty dollars above prescribed, plus a tax in accordance with
the foregoing scale measured by the gross commissions and gross profits
which it is estimated he will receive from the time he commences business
to the following December thirty-first. The license taxes prescribed by
this section shall be in lieu of a tax on the capital actually used or
employed by every such wholesale merchandise broker in the business
described in this section. The word “capital”, as herein used, shall be
construed to mean the capital which, but for this section, would be tax-
able for State purposes under the laws of this State. This section shall
apply to persons, firms and corporations.

2. This section shall be in force for the license and tax year nineteen
hundred fifty-three and for every license and tax year thereafter until
otherwise provided by law.