CHAPTER 720
HOUSE JOINT RESOLUTION NO. 22

‘oposing an amendment to Section 170 of the Constitution of Virginia
Agreed to by the House of Delegates, March 1, 1966
Agreed to by the Senate, March 10, 1966

Resolved by the House of Delegates, the Senate concurring, a majorit;
the members elected to each house agreeing, That the following amend
ent to the Constitution of Virginia be, and the same hereby is proposec
d referred to the General Assembly at its first regular session held afte!
e next general election of members of the House of Delegates for it
ncurrence, in conformity with the provisions of Section one hundre
nety-six of the Constitution, namely:
Strike from the Constitution of Virginia Section 170 which is as
follows:

Section 170. The General Assembly may levy a tax on incomes in
excess of six hundred dollars per annum; may levy a license tax upon any
business which cannot be reached by the ad valorem system; and may
impose State franchise taxes, and in imposing a franchise tax may, in its
discretion, make the same in lieu of taxes upon other property, in whole
or in part, of a transportation, industrial, or commercial corporation. When-
ever a franchise tax shall be imposed upon a corporation doing business,
in this State, or whenever all the capital, however invested, of a corporation
chartered under the laws of the State, shall be taxed, the shares of stock
issued by any such corporation shall not be further taxed. No city or town
or county having the right, under this section, to impose taxes or assess-
ments for local improvements upon abutting property owners shall impose
any tax or assessment upon abutting landowners for street or other public
improvements, except for making and improving the walkways upon then
existing streets, and improving and paving then existing alleys, and for
either the construction, or for the use of sewers; and the same when
imposed, shall not be in excess of the peculiar benefits resulting therefrom
to such abutting landowners. Except in cities and towns and counties
having a population greater than five hundred inhabitants per square mile,
as shown by the United States census, no taxes or assessments, for local
public improvements, shall be imposed on abutting landowners.

And insert in lieu thereof the following:

Section 170. The General Assembly may levy a tax on incomes in
excess of six hundred dollars per annum; may levy a license tax upon any
business which cannot be reached by the ad valorem system; and may
impose State franchise taxes, and in imposing a franchise tax may, in its
discretion, make the same in lieu of taxes upon other property, in whole
or in part, of a transportation, industrial, or commercial corporation.
Whenever a franchise tax shall be imposed upon a corporation doing busi-
ness, in this State, or whenever all the capital, however invested, of a
corporation chartered under the laws of the State, shall be taxed, the shares
of stock issued by any such corporation shall not be further taxed. No city
or town or county having the right, under this section, to impose taxes or
assessments for local improvements upon abutting property owners shall
impose any tax or assessment upon abutting landowners for street or other
public improvements, except for making and improving the walkways upon
then existing streets, and improving and paving then existing alleys, and
for either the construction, or for the use of sewers and water lines; and
the same when imposed, shall not be in excess of the peculiar benefits
resulting therefrom to such abutting landowners, and shall be fairly
assessed by the front foot regardless of improvements placed thereon by
such abutting landowners.