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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>80724</law_id><section_number>58.1-1216</section_number><catch_line>Penalty upon bank for failure to comply with chapter</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>Any <span class="dictionary">bank</span> which fails to file a return or pay the state tax required by this chapter or fails to comply with any other provision of this chapter shall be subject to a <span class="dictionary">penalty</span> of five percent of the tax due. If the Commissioner is satisfied that such failure is due to providential or other good cause, such return and payment of tax shall be accepted exclusive of such <span class="dictionary">penalty</span>, but with interest determined in accordance with &#xA7;&#xA0;<a class="law" title="Rate of interest" href="/58.1-15/">58.1-15</a>.</p></section></text><history>Code 1950, &#xA7; 58-485.018; 1980, c. 578; 1984, c. 675.</history><metadata></metadata></law>
