Virginia Const. art. X, § 5

Virginia Constitution

Article X, § 5 — Franchise taxes; taxation of corporate stock

This text of Virginia Const. art. X, § 5 (Franchise taxes; taxation of corporate stock) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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CitationVirginia Const. art. X, § 5

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Va. Const. art. X, § 5.

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The General Assembly, in imposing a franchise tax upon corporations, may in its discretion make the same in lieu of taxes upon other property, in whole or in part, of such corporations. Whenever a franchise tax shall be imposed upon a corporation doing business in this Commonwealth, or whenever all the capital, however invested, of a corporation chartered under the laws of this Commonwealth shall be taxed, the shares of stock issued by any such corporation shall not be further taxed.

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The General Assembly, in imposing a franchise tax upon corporations, may in its discretion make the same in lieu of taxes upon other property, in whole or in part, of such corporations. Whenever a franchise tax shall be imposed upon a corporation doing business in this Commonwealth, or whenever all the capital, however invested, of a corporation chartered under the laws of this Commonwealth shall be taxed, the shares of stock issued by any such corporation shall not be further taxed.

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Virginia Const. art. X, § 5, Counsel Stack Legal Research, https://law.counselstack.com/constitution/va/X/5.