SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2016 SESSION

  • | print version

HB 1224 Bank franchise tax; sets a cap of $18 million on total annual tax liability per taxpayer.

Introduced by: R. Lee Ware | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Bank franchise tax. Sets a cap of $18 million on the total annual bank franchise tax liability per taxpayer. The cap will increase to $20 million if at least five taxpayers pay the $18 million cap for three consecutive years. After two years at $20 million, the cap will increase by three percent annually.  The bill is identical to SB 670.


FULL TEXT

AMENDMENTS

HISTORY