CHAPTER 261

An Act to amend the Code of Virginia by adding thereto a section
numbered 58-295.1, imposing a tax on certain grain dealers, which
tax shall be in lieu of property taxes for State purposes. CH 585)

Approved March 8, 1952

Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia be amended by adding thereto a section
numbered 58-295.1, as follows:

§ 58-295.1. Every person, firm and corporation doing business in
this State as a wholesale grain buyer, buying and selling commercial
grain, except seed grain, at wholesale in or for his own name shall, for
the privilege of doing such business, pay an annual State license tax of one
hundred dollars, provided his purchases for the preceding year did not
exceed one hundred thousand bushels, but when his purchases exceeded
one hundred thousand bushels during each year, the tax shall be one
hundred dollars and an additional tax at the rate of two cents per one
hundred bushels for each one hundred bushels purchased in excess of
one hundred thousand bushels. The license tax on every wholesale grain
buyer, as herein defined, beginning business, shall be the flat tax above
prescribed, plus a tax in accordance with the foregoing rate measured
by the number of bushels which it is estimated he will purchase from
the time he commences business to the following December thirty-first.
The license tax prescribed by this section for a wholesale grain buyer
shall be in lieu of a property tax for State purposes upon the capital of
such wholesale grain buyer actually employed by him in the business of
a wholesale grain buyer, and such license tax shall also be in lieu of the
State license tax imposed on merchants measured by purchases in dollars.