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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>78742</law_id><section_number>58.1-1214</section_number><catch_line>Auditing of returns</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="58.1">Taxation</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Taxes Administered by the Department of Taxation</unit><unit label="chapter" level="3" order_by="1" identifier="12">Bank Franchise Tax</unit></structure><text>
						<section><p>The <span class="dictionary">Department</span> of Taxation may audit returns as the Commissioner deems necessary for the proper enforcement of the tax levied by this chapter. The <span class="dictionary">Department</span> shall correct all errors discovered by such audit and notify the <span class="dictionary">bank</span> concerned in each case. In case of an adjustment, it shall also notify every political subdivision imposing a tax against the <span class="dictionary">bank</span> for which the <span class="dictionary">bank</span> claimed a credit against the state tax under &#xA7;&#xA0;<a class="law" title="Credit against state tax for amounts paid cities, towns and counties" href="/58.1-1213/">58.1-1213</a>.</p></section></text><history>Code 1950, &#xA7; 58-485.016; 1980, c. 578; 1984, c. 675.</history><metadata></metadata></law>
