CHAPTER 217
An Act to amend and reenact §§ 58-588, as amended, 58-597 and 58-598
of the Code of Virginia, relating to taxes on certain public service
companies.
[H 640]

Approved March 10, 1964

Be it enacted by the General Assembly of Virginia: ae
1. That §§ 58-588 as amended, 58-597 and 58-598 of the Code of Virginia
be amended and reenacted as follows:

§ 58-588. Every corporation having the power of eminent domain
in this State and authorized by its certificate of incorporation to transmit
natural gas or crude petroleum and the products or by-products thereof
in the public service by means of a pipe line or pipe lines in this State,
which pays no State franchise tax on its gross receipts on account of the
transmission of such natural gas or crude petroleum and the products or
by-products thereof shall report annually on or before the fifteenth day of
April to the State Corporation Commission all of its real and personal
property of every description, tangible and intangible, as of the beginning
of the first day of January preceding, showing particularly in what city,
town or county and school district therein the property is located. This
report shall be itemized as provided for herein. Each such corporation shall
also report the total miles of mains located in this State.

The report herein required shall be verified by the oath of the presi-
dent or other proper officer or person making the same.

This section as amended shall apply to the tax year beginning on
January first, nineteen hundred sixty-four and to each tax year thereafter.

§ 58-597. Every corporation coming within the provisions of this
article shall pay to the State an annual State franchise tax on its privilege
to exist with the powers aforesaid as a body corporate in this State equal
to two hundred and fifty dollars for each county in or through which it
is authorized by its charter to locate a pipe line or pipe lines for the trans-
mission of natural gas or crude petroleum and the products or by-products
thereof in this State, which, with the taxes hereinbefore provided for, shall
be in lieu of all State taxes or license charges whatsoever upon the fran-
chises of such corporations, in so far as such franchises relate to the
authority to transmit natural gas or crude petroleum and the products or
by-products thereof by means of a pipe line or pipe lines in this State and
the shares of stock issued by it and upon all its property, except as herein
provided; provided that nothing herein contained shall exempt such corpor-
ation from the annual fee required by section one hundred and fifty-seven
of the Constitution or from the county, city, town, district or road levies;
and provided, further, that nothing contained in this article shall be con-
strued as exempting from liability for a State franchise tax on gross re-
ceipts derived from the business of distributing and selling natural gas or
crude petroleum and the products or by-products thereof in this State any
such corporation as comes within this article when such corporation is
engaged in the business of selling and distributing natural gas or crude
petroleum and the products or by-products thereof in this State.

The real estate and tangible personal property of such corporation
but not its franchise, shall be assessed on the valuation fixed by the State
Corporation Commission, ‘with county, city, town, district and road levies
at the same rates as real and personal property of natural persons are
assessed with such levies.

_This section, as hereinabove amended, shall apply to the tax year
beginning on January first, nineteen hundred sixty-four; but it shall not
apply to any succeeding tax year, and for the tax year beginning on
January first, nineteen hundred sixty-five and for each tax year there-
after every such corporation coming within the provisions of § 58-456
shall pay the franchise tax imposed by that section. § 58-600 shall become
inoperative after December thirty-first, nineteen hundred sixty-four.

§ 58-598. No * county, city, town, district or road levy shall be laid
on the net income of any such corporation, nor shall any county, city,
town, district or road levy be laid on the gross receipts of any such cor-
poration derived solely from the transmission of natural gas or crude
petroleum and the products or by-products thereof.

Nothing contained in this article shall be construed as exempting any
such corporation from the State income tax imposed by Chapter 4 of Title
58, for taxable years beginning after December thirty-first, nineteen hun-
dred sixty-four; and any such corporation shall not be subject to a State
gross receipts tax under § 58-608 except to the extent that the receipts of
such corporation are derived from the business of distributing and selling
natural gas in this State.

This section as amended shall apply to the tax year beginning on
January first, nineteen hundred sixty-four and to each tax year there-
after, except that, as to the State income tax, it shall apply to taxable
years beginning after December thirty-first, nineteen hundred sixty-four.
2. An emergency exists and this act is in force from its passage.