The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-02-15

tAGGyrnn6a from E1EHE EHE@
make effective In the intentu and pur-
poSes Of itS framere.
When the bill was undor consid-
eTatton In committee a1insiou waa
made to the great profit sccru!ng to
the state OF New Jersey by reason Of
ita laws being attractive to corpora
lions in preference TO other states. ard
IT was held out to the committee that
considerable measure of rucn enor-
NOUS revenue might be directed to
yhe treasury OF the state of Virginia
ny the passage Of this bill.
One OF the proponents Of the meas
IRE in the house yesterday stated,
after adjournment, that the idea waa
originally suggested by a former mem
Der of the corporation commission.
and that thu act OF 1916 was tho re-
suit of that suggestion.
One OF the members who desires TO
look into the bill before the housa
should take g. final vote, aaid that IL
was a more important matter than APP
peared at first glance. He thought a
great principle might be involved. and
rafsrred TO the fact that nation wide
unsnyiahls notoriety had fallen on
New Jersey because predatory trusts
and huge combinations Of capital had
#p0kA ISAAAN AZ La[8 flDGTH4 corpora
fion laws OF thai state. He referred
10 the fact that President Wilson soma
years ago called upon the state OF
which he ~as IA former governor TO
remove thiK stain from its name by
bringing its corporation laws In har-
snony with the laws of other states.
The bill is on tho calendar ss house
biIl No. 2s0 and its text is as follows:
Whereas, certain corporations have
been organized under the laws Of Vir-
ginia- and II IS anticipated that GER
tain others Will be organized there
under. which Do no business within
this state and
Whereas. by an ACT entitled "Av
act relating to the situE for taxation
of Intangible property owned by cor
porauons which DO no business in
this state" approved March 20, 1915
10 was intended 20 relieve from both
income and ad valorem taxes the in
tangible property Of corporations or
EaniSed under the laws Of this state
for any tax year during which such
corporations 90, or have done prior
10 the passage OF said act no part OF
their business within this state, there
fore. in order to declare the purpose
and intent of said act and TO make
the same effective IN furtherancs ct
the objects OF its adoption,
DO II bAhIAGG ~ INC general AE
bly, of Virginia. That no income tax
nor adj vAlorem taxes, state or local
shall be imposed upon the stocks,
bonds, investments, capital or other
intangible property heretofore OF
hereafter owned by corporations or
CANNED under the laws Of this state
for any tax year during which such
corpora tons do. or have done prior 10
the passage of this act, no part OF
their business within this state, and
the mere holding Of stockholders
meetings, annual or special, ia this
state. or the doing of any act or acts
10 this state now or hereafter required
by the laws thereof to be done In this
state, shall not be construed 81 doing
any business in This state within tho
meaning Of this act provided, how
ever. that nothing herein contained is
intended u authorize or EhaH be con-
strued to authorize any such corpora
siou which has heretofore paid any
such Income or az valorem tax upon
its intangible property as aforesaid.
10 recover from the state or any mu~
nio!pal sno~div.sIon thereof, ths
amount OF such taxes so paid, and
provided. further, that II while any
such intangible property So subject
to any taxation under the laws of
this state, - be assigned or trans
ferred 10 any such corporation such
property shall continue during the
current tax year 70 be subject 10 all
taxes now or heretofore irnosed by
law upon such property, tust as u
such assignment or transfer had not
been made. All liens, row or hereafter
provided for by law On property 30 as-
signed or Transferred for taxes dur
Ing such current tax year are hereby
Y preserved. arid such taxes may be As-
ssssed either against the assignor or
may be collected Of either by any of
the methods row or hereafter provided
FOR by law"
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