Virginia Administrative Code
Title 23 - TAXATION
Agency 10 - DEPARTMENT OF TAXATION
Chapter 500 - BUSINESS, PROFESSIONAL AND OCCUPATIONAL LICENSE TAX REGULATIONS
Section 23VAC10-500-410 - Financial services; banks
Universal Citation: 3 VA Admin Code 10-500-410
Current through Register Vol. 41, No. 3, September 23, 2024
Although they render financial services:
1. Banks and trust companies subject to the Virginia bank franchise tax are exempt from local license tax by § 58.1-1202 of the Code of Virginia except as to sales of tangible personal property;
2. Savings institutions (including those whose name includes "savings bank") and state chartered credit unions are limited to a local license tax of $50 by § 58.1-3730 of the Code of Virginia; and
3. Federal credit unions are exempt under the Federal Credit Union Act, 12 USC § 1768.
Statutory Authority
§ 58.1-3701 of the Code of Virginia.
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