                                 CODE OF VIRGINIA

BANK CAPITAL ASSESSABLE (§ 58.1-1202)

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

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