Section 7-11-3 - Imposition of tax; tax rate; tax in lieu of property taxesA. There is imposed on the gross earnings of each organization for the 1996 and subsequent calendar years a tax of one and one-half percent. B. The tax imposed in Subsection A of this section is in lieu of all property taxes on railway cars owned by an organization. 1978 Comp., § 7-11-3, enacted by Laws 1982, ch. 18, § 19; 1987, ch. 108, § 1; 1997, ch. 92, § 1.