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2023 SESSION

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SB 1182 Bank franchise tax; electronic access to banks for real estate assessment records, etc.

Introduced by: Frank M. Ruff, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Bank franchise tax; report. Provides for the electronic filing of bank franchise tax returns through a secure online portal maintained by the Department of Taxation and extends the time to file such tax return by 60 days. The bill also requires localities to provide banks access to real estate assessment records upon request. The bill has a delayed effective date of January 1, 2025, and directs the Department to convene a work group to assess potential alternative methods for the filing and allocation of bank franchise tax revenues. This bill is identical to HB 1896.

SUMMARY AS INTRODUCED:

Bank franchise tax. Establishes a process, as of January 1, 2024, whereby banks having $40 billion or greater in Virginia deposits based on the June 30 FDIC deposit market share report of the preceding tax year may elect to pay the bank franchise tax to the Department of Taxation and are bound by such election for 10 years absent permission from the Tax Commissioner. The bill directs the Department of Taxation, as of January 1, 2025, to apportion 80 percent of the bank franchise tax revenue from banks making such an election to localities through the newly created Local Bank Franchise Tax Fund.