Virginia Const. art. X, § 5

Virginia Constitution

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

Virginia Const. art. X, § 5 (Franchise taxes; taxation of corporate stock) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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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.