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2016 SESSION
16103959DBe it enacted by the General Assembly of Virginia:
1. That § 58.1-1204 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-1204. Rate of tax.
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 [ section 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. There shall be no deduction in respect to
shares owned by exempt institutions.
2. That 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.