CHAPTER 346

An Act to amend and reenact §§ 58-524 and 58-526 of the Code of Vir-
ginta, as amended, relating to property reports and reports of gross
transportation receipts of railway and canal corporations.
Be it enacted by the General Assembly of Virginia:

1. That §§ 58-524 and 58-526 of the Code of Virginia be amended an
reenacted as follows:

§ 58-524. Annual property report required.—Every railway an
canal corporation of this State, not exempt from taxation by virtue of it:
charter, and every railway and canal corporation incorporated under the
laws of any other state doing business in this State shall report on or befors
the fifteenth day of April, to the State Corporation Commission, all of it:
real and personal property of every description, as of the * thirty-firs
day of December preceding, the fair cash value thereof, showing particu.
larly in what county or corporation and school district in this State suct
property is located, except only such part thereof as is segregated ex:
clusively for State taxation and in what county or corporation the prin.
cipal office or agency of such corporation is located. The lien of the State
or subdivision thereof for taxes levied on such property for all purposes
for the year 1961 and each year thereafter shall attach to such property on
the S1st day of December next preceding.

The report shall classify such property under the following heads:

(1) Right-of-way, terminal and yard lands, and roadbed and track-
age or canal bed, bridges, trestles and tunnels and all signals (track and
crossing), and interlockers, buildings, structures and other improvements
thereon, except only such improvements as are provided for in classes
below mentioned ;

(2) Depot and shop grounds and lots and all other lands used for
common carrier purposes, except those included in class (1) above, and
all buildings, structures and other improvements thereon, except only
such improvements as are provided for in classes below mentioned;

(3) Real estate not included in other classes and all buildings, struc-
tures and other improvements thereon, except only such improvements
aS are provided for in classes below mentioned;

(4) Telephone and telegraph lines, together with telephone apparatus
and equipment, power transmission and power distribution lines, with
apparatus and equipment for use in connection therewith, and water pipe
lines, aS a part of all which shall be included poles, wire, cable, under-
yround conduits and all other integral parts thereof and rights-of-way,
wherever the rights-of-way are not reported under above classifications
of real estate.

(5) Rolling stock, which shall include all locomotives, of whatever
motive power, autocars, cars of very kind and description, canal boats
and all other equipment which it is reasonably proper to class as rolling
stock; provided, that foreign railway and canal corporations doing busi-
ness in this State shall report and be assessed on the average amount of
rolling stock habitually used by them in this State;

(6) Boats, and all other floating property and equipment except
-anal boats, machinery in shops, engine houses, power plants, substations,
9ump houses and all other machinery of every class and description and
ill furniture and office equipment of every kind and description;

(7) Stores, fuel, materials and supplies of every class and description;

(8) Stocks, bonds and other evidences of debt of other corporations
ind individuals and firms held by such company ;

(9) Stock, bonds and other evidences of debts of any person or
orporation belonging to any such company chartered in this State, in
xcess of its indebtedness, whether the same be held in trust or otherwise
yy some other person, firm or corporation, within or without this State,
vhich, for the purpose of this chapter, shall be considered to be located
it the principal office of such company in this State;
(10) Money of the corporation, derived from actual transportation
operations, on deposit with any bank or other corporation or firm or per-
son, or in the possession or under the control of the corporation, whether
such money be actually in or out of the State, and if such railway or
canal is only in part within this Commonwealth, the money to be reported
shall be such proportion of the total money on deposit, derived as aforesaid,
as the gross earnings in Virginia bear to the gross earnings of the system;

(11) All other personal property of such company not enumerated
in either of the foregoing heads, which would be taxable if the same be-
longed to an individual.

§ 58-526. Report of gross transportation receipts.—Every such corpo-
ration shall also report on or before the fifteenth day of April of every
year the gross transportation receipts of the railway or canal for the year
ending the thirty-first day of December preceding and in all cases the re-
port shall be so made as to give the data on which the same is made. The
lien of the State for the anual State franchise tax for the calendar year
1961 and each year thereafter shall attach to all the properties to be re-
ported by such corporation as provided in § 58-524 on the thirty-first day
of December next preceding.