                                 CODE OF VIRGINIA

CREDIT AGAINST STATE TAX FOR AMOUNTS PAID CITIES, TOWNS AND COUNTIES (§
58.1-1213)

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.

HISTORY: Code 1950, § 58-485.015; 1980, c. 578; 1984, c. 675; 1994, c. 186.