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 shall correct all errors discovered by such audit and notify the bank concerned in each case. In case of an adjustment, it shall also notify every political subdivision imposing a tax against the bank for which the bank claimed a credit against the state tax under § 58.1-1213.
Va. Code Ann. § 58.1-1214
Auditing of returns
Known as the Virginia Bank Franchise Tax Act
The act spans §§ 58.1-1200 to 58.1-1217 (19 sections).
Code 1950, § 58-485.016; 1980, c. 578; 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.