CHAPTER 618

An Act to amend and reenact § 58-412, as amended, of the Code of Vir-
ginta, relating to property not included as capital for purposes of:
taxation.

{H 7383]
Approved April 5, 1966

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, (§ 58-411), but shall be listed and taxed as
other real estate.

Machinery and tools.—Machinery and tools used in a manufacturing,
* mining, or radio or television broadcasting 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, * mining, or radio or
television broadcasting business taxable on capital under § 58-418 shall be
listed for local taxation exclusively and each city, town and county shall
make a separate classification for all such machinery 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.

Stocks 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. |

Personal property, tangible in fact, of businesses taxable on capital,
other than the manufacturing, * mining, or radio or television broadcast-
ing businesses.—Personal property, tangible in fact, used or employed in
all trades and businesses taxable on capital under this chapter, other
than the manufacturing, * mining, or radio or television broadcasting busi-
nesses, shall not be held to be capital under § 58-411, except for inventory
of stock on hand which is held for resale directly or indirectly, but shall be
listed for local taxation exclusively and taxed as tangible personal property.
Personal property, tangible in fact, used or employed in a manufacturing,
* mining, or radio or television broadcasting business taxable on capital
shall be included in capital as prescribed in § 58-411, except that machinery
and tools used in a manufacturing, * mining, or radio or television broad-
casting business shall be assessed and taxed locally as hereinabove
provided.

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