Code of Virginia - Title 58.1 Taxation - Chapter 12 Bank Franchise Tax

58.1-1200 Title
This chapter shall be known and may be cited as the "Virginia Bank Franchise Tax Act." (1984, c. 675.) ...

58.1-1201 Definitions
As used in this chapter, unless the context clearly shows otherwise, the term or phrase: "Bank" means any incorporated bank, banking association, savings bank that ...

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 ...

58.1-1203 Real and leased tangible personal property of banks to be assessed as other real and personal prope...
A. The real estate of all banks shall be assessed on the land books with the same taxes with which other real estate is assessed. ...

58.1-1204 Rate of tax
The franchise tax imposed under this chapter shall be at the rate of $1 on each $100 of net capital as hereinafter defined. There shall ...

58.1-1204.1 Proration for new banks
Notwithstanding § 58.1-1204, any bank which did not operate for the entire twelve-month period preceding the January 1 assessment date provided for under § 58.1-1207 ...

58.1-1205 Computation of net capital
The net capital of any bank shall be ascertained by adding together its capital, surplus, undivided profits, and one half of any reserve for loan ...

58.1-1206 Deductions from gross capital
A. There shall be deducted from the gross capital otherwise ascertainable under § 58.1-1205: 1. The assessed value of real estate if otherwise taxed in ...

58.1-1207 Filing of return and payment of tax
Each bank as defined in § 58.1-1201 as of January 1 of each year shall prepare and file with the commissioner of the revenue or ...

58.1-1208 City tax
Any city in this Commonwealth in which is located any bank may, by ordinance, impose a tax not to exceed 80 percent of the state ...

58.1-1209 Town tax
Any incorporated town in this Commonwealth in which is located a bank may, by ordinance, impose a tax not to exceed 80 percent of the ...

58.1-1210 County tax
Any county of this Commonwealth in which is located any bank outside any incorporated town therein may, by ordinance, impose a tax not to exceed ...

58.1-1211 Branch banks
If any bank has offices located in two or more political subdivisions, which includes cities, towns and counties, the tax which may be imposed by ...

58.1-1212 Record of deposits through branches required
Each bank in this Commonwealth that has as of the beginning of any tax year a bank located in any county, incorporated town or city ...

58.1-1213 Credit against state tax for amounts paid cities, towns and counties
Any bank paying any tax assessed by any city, incorporated town, or county within this Commonwealth shall be entitled to credit upon the state tax ...

58.1-1214 Auditing of returns
The Department of Taxation may audit returns as the Commissioner deems necessary for the proper enforcement of the tax levied by this chapter. The Department ...

58.1-1215 Banks in liquidation
When the affairs of any bank are being wound up under §§ 6.1-100 and 6.1-102 or the comparable sections of the National Banking Act, such ...

58.1-1216 Penalty upon bank for failure to comply with chapter
Any bank which fails to file a return or pay the state tax required by this chapter or fails to comply with any other provision ...

58.1-1217 State banks and national banks treated the same in matter of taxation
In the event that any state or local tax is held by a court of competent jurisdiction to be invalid in its application to national ...