When any street railway or traction company of this state shall have substituted autobusses for street railway cars over all of its lines of street railway, such company, during the year following that in which such substitution is completed, and during each succeeding year, shall pay the taxes required by the laws of this state to be paid by persons, firms and corporations owning and operating autobusses, commonly called jitneys, and shall not pay the taxes required by the laws of this state to be paid by street railway and traction companies operating street railway cars.

This section shall apply to taxes of such companies for the year one thousand nine hundred and thirty-five and each succeeding year.