CHAPTER 524

An Act to amend and reenact § 58-412 as amended of the Code of Vir-
ginia, relating to what is not included as capital for State property

taxation.
[fH 542]
Approved April 5, 1954
Be it enacted by the General Assembly of Virginia:

1. That § 58-412 as amended of the Code of Virginia be amended and
reenacted as follows:

§ 58-412. Real estate——Real estate shall not be held to be capital
under the preceding section, but shall be listed and taxed as other real
estate.

Machinery and tools—Machinery and tools used in a manufactur-
ing or mining business taxable on capital under § 58-418 shall not be
held to be capital under the preceding section, nor shall such machinery
and tools be hereafter assessed as real estate. All such machinery and
tools used in a manufacturing or mining business taxable on capital
under § 58-418 shall be listed for local taxation exclusively and each city,
town and county may make a separate classification for all such machin-
ery and tools and fix the rate of levy thereon, but such rate shall not be
higher than the rate imposed upon tangible personal property in such
city, town, county or district.

tocks and bonds.—The shares of stock mentioned in § 58-409 and
bonds of the political subdivisions of this State mentioned in § 58-407
shall not be held to be capital under the preceding section.

Tangible property of certain businesses.—Personal property, tan-
gible in fact, used or employed in the trades and businesses hereinafter
specifically mentioned in this section shall not be held to be capital under
§ 58-411, except for inventory of stock on hand which is held for resale,
but shall be listed for local taxation exclusively and taxed as tangible
personal property, that is to say:

Amusement business, including theatres of every kind and class;
auctioneers; barbers, including beauty shops; bowling, billiard and pool-
rooms; collection agencies, commission merchants, contractors, plumbers
and steamfitters; educational institutions whose property is taxable
under the Constitution and laws of this State; garage business; hospitals;
hotels; insurance agents; laundries, including cleaning, pressing and dye-
ing establishments; lodging and boarding houses; motor vehicle carriers;
peddlers; photographers; real estate agents and brokers; rental of busi-
ness machines, equipment, and office appliances; slot machine operators;
storage and impounding; shoeshining business; taxicab business, includ-
ing the business of motor vehicle hiring; transfer business; and under-
takers and funeral directors.

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