                                 CODE OF VIRGINIA

RATE OF TAX (§ 58.1-1204)

The franchise tax imposed under this chapter shall be at the rate of $1 on each
$100 of net capital as hereinafter defined. The total tax liability per taxpayer
under this chapter shall not exceed $18 million annually. If at least five banks
pay such maximum amount of franchise tax for three consecutive calendar years,
beginning in 2017, as determined by the Department of Taxation, then such
maximum amount shall increase to $20 million beginning in the calendar year
immediately following the third consecutive year. After two years at $20
million, such maximum amount shall increase by three percent annually. There
shall be no deduction in respect to shares owned by exempt institutions.
		The Department of Taxation shall notify all bank and trust companies in the
Commonwealth of the increase in the maximum annual tax liability no later than
August 15 of the year immediately prior to the year of such increase.

HISTORY: Code 1950, § 58-485.06; 1980, c. 578; 1981, c. 432; 1984, c. 675;
2016, cc. 325, 755.