Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-11-10
BANKS MUST GIVE
TAX INFORMATION
Required to Furnish Names of
Depositors and Amounts
to Their Credit.
POLLARD GIVES OPINION
Attorney-General Hands State
Advisory Board of Taxation
Far-Reaching Decision.

oiiiceIS oi tHe state cOinpietc iStS VI
their depositors and tho amount OF
their time deposits and Savings de-
posIts"
All deposits in bank that draw in
terest must be returned for taxation.
the same as other intangible property.
No distinction is made between ma
tional banks and State banks. In the
matter OF the money tax. they are in
the same class.
Such is the opinion given by Attor-
neyGeneral John Garland Pollard to
the State Advisory Board on Taxation
and adopted by the board for the guild
ancc Of local boards of review and
other taxing officers yesterday.
The opinion of the Attorney General
viii be received with some degree Of
CONSERVATION in financial circles. 1t
is not Improbable that the national
banks will contest the opinion and
carry the matter TO the Federal courts
Prominent bankers and business men
have expressed the opinion that COM
pulsory disclosures of this nature would
have the effect of causing Withdrawals
OF deposits. and thereby drive capital
in large volume from Virginia.
DOES NOT MAKE LAW:
CAN ONLY CONSTITUTE IT
Asked for his personal opinion of
that theory last night. Attorney-Gen-
eral Pollard said The money tax in
many other States is as large or larger
than in Virginia, but am not pre-
pared TO discuss whether or not the
law will drive money from the State
;,,ta
pret the law. What the General Assem-
bly, has done is a matter of legislative
policy. with which this office cannot
interfere"
All of the members of the state Ad-
visory Board were present at the meet
ing held yesterday, when the Attorney
Generals opinion was formally con-
sidered and adopted. The question on
which Mr.. Pollard passed was raised by
the local board of review of Wise
County.
FULL TENT or OPINION
OF ACKNOWLEDGEMENTS
The history of the case is briefly re-
viewed by Attorney-Gencral Pollard in
his written opinion. which reads as fol-
lows:
Office of Attorney General.
Richmond. October 81, 1915.
Hon. II. c. stuart, Chairman State
Advisory Board on Taxation, Rich
mond:
Dear Sr,-I have your letter of Octo-
Der IL. inclosing two orders entered by
the local board of review OF Wise
County on the oath day of September
and the eth day of October, 1915. re-
spectively. raising the question as to
lNa -
to compel the banks in Wise County to
furnish the local board of review with
4 list of all their time and savings
deposits" 1t appears from the orders
entered that the banks. being required
to appear before the local board Of re-
view and furnish complete list of such
deposits. did appear and answer that
they were ready and willing TO answer
any and all proper questions concern
ing the ownership of time and savings
corporations about whom the local
board of review. or any member
thereof. desired TO ask questions. but
claimed that the law did not require
them TO furnish list OF such deposi-
tors. And the local board of review,
being doubtful as to their authority TO
compel the banks to furnish such lists.
have requested the advice and opinion
of the State Advisory Board and of the
AttorncyGencral.
GENERAL ASSEMBLY SEGREGATED
TAX on MONEY 10 STATE ALONE
AS preliminary to this question, il
is necessary to note that the General
Assembly, by act approved January %.
1914. Acts Of 191i,s page 6. passed an
act providing for the segregation of
money upon deposit or otherwise and
making 1t liable to taxation by the
State alone Mt the rate of 90 cents on
500. This act requires that money on
deposit in any bank. or other corpora
tion, or firm, or person, or in the posses
sion or under the control of the owners,
whether such money be actively in or
out of this State and belonging to a cit
iZen of this State. is heret segregated"
ETC. Thus it will be seen that 1t is the
policy of the law To reach and catch
all money belonging to citizens of this
State. Schedule c thereof, as amended
by acts approved March II. 1915. classi-
fies and defines money as follows:
State. Schedule c povides for the
classification of intangible property.
Section thereof. as amended by
dClS approved MaTcn IL, 1919, claSSl-
ies and defines money as follows:
&c. All money other than money used
or employed In any trade or business
nor otherwise taxed on deposit with
any bank or other corporation or firm
or persons. or in the possession or un-
der the control of the owners, whether
such money be actually In or out OF
this State and belonging to a citizen
OF this State, which shall include GER
titicates of deposit of any bank bank
ing association, trust or security COM
pany; provided, that money as herein
defined shall not be liable to taxation
by any Of the counties, cities, towns,
school districts or other local subdivls-
ions Of this State. All money under
the control of n court receiver or COM
missioner in pursuance OF an order.
Judgment or decree of any court or In
the hands or under the control OF an
executor. administrator. guardian. trus-
too or other nduciary. and all money
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