§ 58.1-1202. Bank capital assessable
Every bank or trust company shall pay an annual franchise tax measured by its net capital as defined in § 58.1-1205. Such tax shall be in lieu of all other taxes whatsoever for state, county or local purposes except the real estate and tangible personal property taxes enumerated in § 58.1-1203, retail sales and use taxes under Chapter 6 (§ 58.1-600 et seq.) of this title, recordation taxes under § 58.1-800 et seq., motor vehicle sales and use taxes under Chapter 24 (§ 58.1-2400 et seq.) of this title, watercraft sales and use taxes under Chapter 14 (§ 58.1-1400 et seq.) of this title, aircraft sales and use taxes under Chapter 15 (§ 58.1-1500 et seq.) of this title, taxes properly assessable upon users of utility services, and local license taxes in connection with the sale of tangible personal property sold by banks in connection with promotions or otherwise.
(Code 1950, § 58-485.04; 1980, c. 578; 1981, c. 432; 1984, c. 675.)
Sections: Previous 58.1-1200 58.1-1201 58.1-1202 58.1-1203 58.1-1204 58.1-1204.1 58.1-1205 58.1-1206 58.1-1207 58.1-1208 58.1-1209 58.1-1210 58.1-1211 58.1-1212 58.1-1213 NextLast modified: April 16, 2009