CHAPTER 472

An Act to amend and reenact § 58-888 of the Code of Virginia, relating
to definition of merchants’ capital.

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Be it enacted by the General Assembly of Virginia:

a That § 58-833 of the Code of Virginia be amended and reenacted as
ollows:

§ 58-833. Merchants’ capital, which is by law segregated for local
taxation exclusively, is hereby defined for purposes of local taxation, as
follows: Inventory of stock on hand; the excess of bills and accounts re-
ceivable over bills and accounts payable; * and all other taxable personal
property of any kind whatsoever, except money on hand and on deposit
and except tangible personal property not offered for sale as merchandise,
which tangible personal property shall be reported and assessed as such.

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