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visions of the Automatic Tax Credit Act of 1950, and the State tax on bonds has been repealed, at an estimated savings to taxpayers of $1,000,000,000 a year. Other savings, running into the millions, have accrued to Virginia emloyers in the administration of the Unemployment Compensation Act, under a merit rating system' approved by the General Assembly.
Governor Battle dealt at some length with the progress made in the field of public education and estimated that the public school building program, including state and local funds, would account for the erection of structures in the four years ending next June 30 which will have cost a total of $243,000,000.
In that connection, he told the Assembly that the present method of distributing the school funds to the localities was “unsatisfactory” and suggested careful consideration of an improved formula. A special committee has studied the question ana offered an improved plan for the Assembly’s
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