Daily Press, Inc. v. City of Newport News

The issue in this appeal is whether certain tangible personal property of a newspaper publisher is “[m]achinery and tools” and thus taxable by a locality pursuant to Code § 58.1-1101(A)(2), or “[cjapital” that is classified as “intangible personal property” under Code § 58.1-1101 and subject to taxation solely by the Commonwealth pursuant to Code § 58.1-1100. The circuit court concluded that the “transformation of blank paper into a readable format” as well as “the transformation of an unrelated collection of separate facts or impressions into a story of interest, promotive of understanding…