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1994 SESSION

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SB 423 Bank franchise tax.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY:

Bank franchise tax. Eliminates an unnecessary paperwork requirement imposed on banks doing business in the Commonwealth in order to claim a credit on their Virginia bank franchise tax return. State law permits banks to credit against their state tax liability amounts paid to the localities; however, in order to claim the credit, an authenticated receipt from each locality must be produced. Ten or fewer payment errors occur each year. The authenticated receipt requirement imposes an unnecessary paperwork burden on both the taxpayer and the tax jurisdictions involved.


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