23 Va. Admin. Code § 10-500-410

Current through Register Vol. 41, No. 8, December 2, 2024

Section 23VAC10-500-410 - Financial services; banks

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.

23 Va. Admin. Code § 10-500-410

Derived from Virginia Register Volume 24, Issue 23, eff. October 6, 2008.

Statutory Authority

§ 58.1-3701 of the Code of Virginia.