CHAPTER 271

An Act to amend and reenact § 58-406 of the Code of Virginia, relating to
the taxation of certain bonds, notes and other evidences of debt,
demands and claims, so as to provide that the taxes on net incomes
shall be in lieu of a specific tax on such bonds, notes and other
evidences of debt, demands and claims. H

[fH 602

Approved March 8, 1952

Be it enacted by the General Assembly of Virginia:
ty That § 58-406 of the Code of Virginia be amended and reenacted as

ollows:

§ 58-406. Bonds, notes and other evidences of debt, demands and
claims.—All bonds (except bonds of the United States, bonds of the State
of Virginia and bonds of counties, cities and towns or other political sub-
divisions of this State), notes and other evidences of debt, including bonds
of other states, bonds of counties, cities and towns located outside of the
State, bonds of railroad and canal companies and other corporations, bonds
of individuals and all demands and claims, however evidenced, whether
secured by mortgage, deed of trust, judgment or otherwise or not so
secured shall be deemed to be intangible personal property; provided,
however, that no property taxable under any other section of this chapter
shall be * included within the provisions of this section.

* For the tax year beginning January first, nineteen hundred
fifty-four 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 bonds, notes and other evidences of debt, demands and claims, as defined
by this section, upon which a specific property tax of fifty cents per one
hundred dollars of the fair market value thereof was imposed by this
section prior to the first day of January, nineteen hundred fifty-four;
but this paragraph shall not apply to the bonds, notes and other evidences
of debt of public service corporations which are taxed under other provi-
sions of law, and nothing in this paragraph shall be construed as applying
to any bonds, notes, evidences of debt, demands and claims which are
ancludible in capital under §8§ 58-410 to 58-412 and 58-418, or in moneyed
capital under § 58-420, or in merchants’ capital under § 58-888.

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