Bank franchise tax; changes tax by allowing affiliated banks to file a combined return, etc. (HB2217)

Introduced By

Del. Greg Habeeb (R-Salem)

Description

Bank franchise tax. Changes the bank franchise tax by (i) requiring banks doing business within and without the Commonwealth to apportion their net capital to the Commonwealth using core deposits, which are defined as deposits assigned to a branch location in the Commonwealth, deposits of customers located in the Commonwealth associated with a main office, and deposits of customers located in the Commonwealth that were opened using the Internet, the telephone, or other electronic means; (ii) allowing affiliated banks to file a combined bank franchise tax return; and (iii) authorizing the use of alternative methods to equitably apportion the net capital of banks to the Commonwealth and its localities for purposes of the tax. The provisions in the bill would become effective on January 1, 2016. Read the Bill »

Outcome

History