Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-04-25

'loSc tliSScS, lOllOwS. ANY city in
this state may levy tax on such prop
crty assessed to residents therein n, n
rate not to exceed 30 cents on the 500
of assessed valuation thereof: and the
board of supervisors of any county may
levy district road tax on such prop-
erty assessed to residents in any nagis-
terial district proposed to he taxed for
district purposes TO he used exclusively
for the construction and repair Of pub-
lie roads and bridges located within the
maRisterial district in which said levy
is laid at a rate not to exceed 30 cents
on the 500 of assessed valuation there
OIL, but this clause shall not be cousid-
cred to authorize the hoard Of supor
visors of any county to levy such tax
against the residents of any incorporat-
ell town within such magisterial dis
trict which maintains its own roads;
and any Incorporated town In this state
whlcn is exempt by statute or By the
express provisions OF its charter from
the payment of district road taxes. or
which maintains its own roads free Of
expense to the magisteriaI distfict, NAV
levy tax on such property assessed
to residents therein at a rate not to
exceed 30 cents on the 800 of assessed
va luat ton thereof.
PROVISION FOR TAX
on MONEY IN BANK
Money has heretofore been segregat-
ed for taxation solely by the state.
Counties. cities and towns cannot i'm
pose any levies on money, and the state
taxes 1t only at a most reasonable rate.
viz: 20 cents on each 500 assessed
valua ton.
Intangible personal property relates
to the assessment OF bonds Of counties.
cities and towns or other political sub
divisions of this state Upon this class
Of property the State tax is 35 cents on
every 500 assessed valuation Whether
~ 80 Ntt
on this class of property is a question
because the act defining intangible per-
sonal property and imposing a tax
thereon does not specifically state the
property embraced in class s shall he
liable to local taxation, but the act pro-
vidlng for the segre cation OF the sub
jects Of taxation does permit the assess
ment for local purposes of a rate not 10
exceed 80 cents on segregated intanei-
Ole personal property. and the property
mentioned in class is segregated In
tangible personal property. 1t is, there
fore, question whether the resident OF
county. town or city. who owns bonds
issued by counties. cities towns, or
other political ub-divisions of this
State tother than the county, city or
town in which the taxpayer resides)
can he taxed locally on such bonds.
express no opinion on this question, he
cause have no official supervision
thereof, and leave the matter to be de-
termined by the legal advisers Of the
counties. cities and towns
PROVISIONS OF NEW LAW
AS TO INCOME TAXES
The State tax on income is one per
cent. The law specifies and in terms
designates what constitutes income for
the purpose Of taxation and allows Ger
tain deductions and exemptions. but
expressly provides that no city, town
or county shall levy or assess any tax
on income for municipal or county
purposes, and any provision of any
city or town charter In conflict with
the act making this provision is re-
pealed.
The real estate, Tangible personal
property and intangible personal prop
erty Of public service corporations.
tviz.: railway. canal, express. refrig-
orator. oil. stock, fruit and other car
loaning and other car companies on
Grating upon the railroads In this
state. except sleeping car, dining car.
drawing room car, palace car compa-
nies) steamboat. telegraph. telephone,
water. heat. light and power compa-
MES are taxable by the State and by
tho counties, cities and towns. upon
the values assessed by the State Cor
poration Commission. under the new
laws in the same manner, as have
stated above other real estate, tanci-
BILE personal property and intangible
personal property Is taxable by the
State, cities and towns. with the ex-
ccption that no county. city or town
can impose tax upon the rollins, stock
OF corporations operating railroads by
steam. The rolling stock of corpora
tions operating railroads by steam Is
taxable solely by tho State at the rate
prescribed by law; but counties, cities
and towns may tax the rolling stock
of electric railway companies.
may impose the same license taxes
they have heretofore imposed under the
provisions Of their charters or the gen.
eral laws Of the State, with the eX-
ccption that no city or town shall i'm
pose any license tax or fee whatso-
ever on any person. partnership or cor
poration doing insurance business In
this State.
TAXATION OF CAPITAL
OF MERCHANTS
Code section S33-a directs the board
of supervisors to fix the levy on the
capital Invested or employed in mer-
camille business, and section Is of the
tax laws states that n person, firm,
company Or corporation, enga ged in
the merca ntile business, shall not be
exempt from the payment OF county
district, road or other levies on the
net capital on hand on the first day
" udi ttCH year, ana may ne
required 10 pay county, district, road
or other levies thereon.
The law defines capital as follows:
Tho word capital" shall be con-
strued 10 mean moneys and credits ac-
lively used and employed in carrying
on any trade or business: materials,
goods. wares and merchandise on hand,
and all solvent bonds. demands or
claims made or contracted In the course
of business during the preceding yeor
tbut not including any moneys on hand
received from loans made for q period
of not more than four months which
shall have been actually contracted for
the necessary conduct of such bust
ness) shall be held to be capital in
such trade or business, and shall not
be taxed otherwise than as capital:
but real estate shall not DO listed as
such capital, but shall be assessed and
taxed as real estate.
The law (section sc tax laws), fur
Their provides that merchant may file
IN n maj, lice tome -