Va. Const. art. X, § 5
- Constitution
- Constitution of Virginia
- Text as of
- October 2026
What does this section say?
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.
The text is copied from the official source: law.lis.virginia.gov. This is the stored text for research. It is not legal advice; check the official source before you rely on it.