CHAPTER 495

AN ACT to amend the Code of Virginia by adding a section numbered
58-514.1, relating to the penalty for nonpayment of State taxes by a

public service corporation within the time prescribed by law.
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CHS. 495, 496, 497] ACTS OF ASSEMBLY 711

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a section numbered
58-514.1 as follows:

§ 58-514.1. Accrual of penalty for nonpayment of State taxes within
time prescribed by law.—Notwithstanding any other provision of this
chapter providing for the accrual of a penalty for the nonpayment of State
taxes by a public service corporation on or before June 1 of any year, such
penalty shall not accrue in any case unless the Commission mails the
corporation a certified copy of the assessment on or before May 15 pre-
ceding, and if the Commission does not mail such certified copy of the
assessment to the corporation on or before May 15 preceding, the penalty
for nonpayment in time shall not accrue until the close of the fifteenth day
next following the mailing of such certified copy of the assessment by the
Commission.

2. This act shall apply to the assessment and collection of taxes for the
tax year nineteen hundred and fifty-seven and for every tax year there-
after until otherwise provided by law.