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.
Va. Code Ann. § 58.1-1202
Bank capital assessable
Known as the Virginia Bank Franchise Tax Act
The act spans §§ 58–58 (19 sections).
Applied in 1 court decision — leading case AMG National Trust Bank v. Commonwealth (2011)
Most recently applied in AMG National Trust Bank v. Commonwealth (April 2011)
Code 1950, § 58-485.04; 1980, c. 578; 1981, c. 432; 1984, c. 675.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.