58.1-1202 - Bank capital assessable. - Virginia Statutes

§ 58.1-1202. Bank capital assessable.

Every bank or trust company shall pay an annual franchise tax measured by itsnet capital as defined in § 58.1-1205. Such tax shall be in lieu of all othertaxes whatsoever for state, county or local purposes except the real estateand tangible personal property taxes enumerated in § 58.1-1203, retail salesand use taxes under Chapter 6 (§ 58.1-600 et seq.) of this title, recordationtaxes under § 58.1-800 et seq., motor vehicle sales and use taxes underChapter 24 (§ 58.1-2400 et seq.) of this title, watercraft sales and usetaxes under Chapter 14 (§ 58.1-1400 et seq.) of this title, aircraft salesand use taxes under Chapter 15 (§ 58.1-1500 et seq.) of this title, taxesproperly assessable upon users of utility services, and local license taxesin connection with the sale of tangible personal property sold by banks inconnection with promotions or otherwise.

(Code 1950, § 58-485.04; 1980, c. 578; 1981, c. 432; 1984, c. 675.)