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 assessed against it for that year on account of any city, town or county franchise tax paid by such bank for that year. In no event, however, shall the credit exceed the amount of such city, incorporated town or county levies authorized by this chapter.
Code 1950, § 58-485.015; 1980, c. 578; 1984, c. 675; 1994, c. 186.
Structure Code of Virginia
Chapter 12 - Bank Franchise Tax
§ 58.1-1202. Bank capital assessable
§ 58.1-1204.1. Proration for new banks
§ 58.1-1205. Computation of net capital
§ 58.1-1206. Deductions from gross capital
§ 58.1-1207. Filing of return and payment of tax
§ 58.1-1212. Record of deposits through branches required
§ 58.1-1213. Credit against state tax for amounts paid cities, towns and counties
§ 58.1-1214. Auditing of returns
§ 58.1-1215. Banks in liquidation
§ 58.1-1216. Penalty upon bank for failure to comply with chapter
§ 58.1-1217. State banks and national banks treated the same in matter of taxation