reglab/housing_qa huggingface dataset:
VA Code § 58.1-1118 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 11 - Intangible Personal Property Tax|§ 58.1-1118. Intangible personal property assessment sheets or forms

The Department shall prescribe and furnish assessment sheets or forms for the use of every commissioner of the revenue in making assessments of intangible personal property. These assessment sheets or forms shall be made out in as many copies as may be prescribed by the Department. The original and, if the Department so prescribes, one copy of each such sheet or form shall be delivered to the treasurer of the county or city; one copy shall be sent the Department, and one copy shall be retained by the commissioner of the revenue. The commissioner of the revenue shall make out an assessment sheet or form daily as and when returns are received, or in the case of additional assessments, as and when made, and shall continue so to make out such sheets or forms daily until all returns so received by him have been assessed. The commissioner of the revenue shall each day deliver the original and, if the Department so prescribes, one copy of each such sheet or form so made out that day to the treasurer of the county or city. Within ten days after the close of each month the commissioner of the revenue shall transmit to the Department its copy of the assessment sheets or forms showing assessments made throughout such month. Intangible personal property shall not be entered on the personal property book.Code 1950, § 58-440; 1960, c. 508; 1984, c. 675.
VA Code § 58.1-1200 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1200. Title

This chapter shall be known and may be cited as the "Virginia Bank Franchise Tax Act."1984, c. 675.
VA Code § 58.1-1201 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1201. Definitions

As used in this chapter, unless the context clearly shows otherwise, the term or phrase:"Bank" means any incorporated bank, banking association, savings bank that is a member of the Federal Reserve System, or trust company organized by or under the authority of the laws of the Commonwealth and any bank or banking association organized by or under the authority of the laws of the United States, doing business or having an office in the Commonwealth or having a charter which designates any place within the Commonwealth as the place of its principal office, and any bank which establishes and maintains a branch in this Commonwealth under Article 6 (§ 6.2-836 et seq.) of Title 6.2 or Article 7 (§ 6.2-849 et seq.) of Title 6.2, whether such bank or banking association is authorized to transact business as a trust company or not, and any joint stock land bank or any other bank organized by or under the authority of the laws of the United States upon which the Commonwealth is authorized to impose a tax. The term shall exclude all corporations organized under the laws of other states and doing business in the Commonwealth, corporations organized not as banks under the laws of the Commonwealth and all natural persons and partnerships."Bank holding company" means any corporation that is organized under the laws of Virginia, is doing business in the Commonwealth, and is a bank holding company under the provisions of the Federal Bank Holding Company Act of 1956.Code 1950, §§ 58-485.01, 58-485.02; 1980, c. 578; 1984, c. 675; 1995, c. 301; 2002, c. 29.
VA Code § 58.1-1202 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1202. Bank capital assessable

Every bank or trust company shall pay an annual franchise tax measured by its net capital as defined in § 58.1-1205. Such tax shall be in lieu of all other taxes whatsoever for state, county or local purposes except the real estate and tangible personal property taxes enumerated in § 58.1-1203, retail sales and use taxes under Chapter 6 (§ 58.1-600 et seq.) of this title, recordation taxes under § 58.1-800 et seq., motor vehicle sales and use taxes under Chapter 24 (§ 58.1-2400 et seq.) of this title, watercraft sales and use taxes under Chapter 14 (§ 58.1-1400 et seq.) of this title, aircraft sales and use taxes under Chapter 15 (§ 58.1-1500 et seq.) of this title, taxes properly assessable upon users of utility services, and local license taxes in connection with the sale of tangible personal property sold by banks in connection with promotions or otherwise.Code 1950, § 58-485.04; 1980, c. 578; 1981, c. 432; 1984, c. 675.
VA Code § 58.1-1203 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1203. Real and leased tangible personal property of banks to be assessed as other real and personal property

A. The real estate of all banks shall be assessed on the land books with the same taxes with which other real estate is assessed.B. The tangible personal property of all banks which is leased for a consideration to customers or other lessees shall be assessed on the personal property books with the same taxes with which other tangible personal property held for lease is assessed.Code 1950, § 58-485.05; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1204 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1204. Rate of tax

The franchise tax imposed under this chapter shall be at the rate of $1 on each $100 of net capital as hereinafter defined. The total tax liability per taxpayer under this chapter shall not exceed $18 million annually. If at least five banks pay such maximum amount of franchise tax for three consecutive calendar years, beginning in 2017, as determined by the Department of Taxation, then such maximum amount shall increase to $20 million beginning in the calendar year immediately following the third consecutive year. After two years at $20 million, such maximum amount shall increase by three percent annually. There shall be no deduction in respect to shares owned by exempt institutions.The Department of Taxation shall notify all bank and trust companies in the Commonwealth of the increase in the maximum annual tax liability no later than August 15 of the year immediately prior to the year of such increase.Code 1950, § 58-485.06; 1980, c. 578; 1981, c. 432; 1984, c. 675; 2016, cc. 325, 755.
VA Code § 58.1-1204.1 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1204.1. Proration for new banks

Notwithstanding § 58.1-1204, any bank which did not operate for the entire twelve-month period preceding the January 1 assessment date provided for under § 58.1-1207 shall be entitled to a prorated tax rate as follows:1. Transacting business as of March 31 of the preceding year, no proration shall be available and the tax rate shall be $1 on each $100 of net capital.2. Transacting business as of June 30 of the preceding year but not before April 1, the tax rate shall be 75 cent(s) on each $100 of net capital.3. Transacting business as of September 30 of the preceding year but not before July 1, the tax rate shall be 50 cent(s) on each $100 of net capital.4. Transacting business as of December 31 of the preceding year but not before October 1, the tax rate shall be 25 cent(s) on each $100 of net capital.For purposes of this section, "transacting business" shall mean accepting deposits from customers in the regular course of doing business. A bank shall be eligible for the prorated tax rate provided for hereunder with respect to the first return it is required to file after accepting deposits; provided, that a bank shall not be eligible for the prorated tax rate if it was organized or created as part of a reorganization within the meaning of § 368(a) of the Internal Revenue Code.1989, c. 64.
VA Code § 58.1-1205 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1205. Computation of net capital

The net capital of any bank shall be ascertained by adding together its capital, surplus, undivided profits, and one half of any reserve for loan losses net of applicable deferred tax to obtain gross capital and deducting therefrom (i) the assessed value of real estate as provided in § 58.1-1206, (ii) the book value of tangible personal property under § 58.1-1206, (iii) the pro rata share of government obligations as set forth in § 58.1-1206, (iv) the capital accounts of any bank subsidiaries under § 58.1-1206, (v) the amount of any reserve for marketable securities valuation which is included in capital, surplus and undivided profits as defined hereinabove to the extent that such reserve reflects the difference between the book value and the market value of such marketable securities on December 31 next preceding the date for filing the bank's return under § 58.1-1207, and (vi) the value of goodwill described under subdivision A 5 of § 58.1-1206.Code 1950, § 58-485.07; 1980, c. 578; 1984, c. 675; 1999, c. 84; 2002, c. 667.
VA Code § 58.1-1207 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1207. Filing of return and payment of tax

Each bank as defined in § 58.1-1201 as of January 1 of each year shall prepare and file with the commissioner of the revenue or comparable assessing officer of the county, city or town where the principal office of the bank is located on or before March 1, a return in duplicate which shall set forth the tax on net capital as computed under this chapter. The return shall be in a form prescribed by the Department of Taxation. The commissioner of the revenue or comparable assessing officer shall certify a copy of the bank's return and schedules and shall forthwith transmit such certified copy to the Department of Taxation. Additionally, a copy of the real estate deduction schedules and the apportionment under § 58.1-1211 shall be filed with the appropriate assessing officer of each political subdivision imposing a tax on the filing bank. Such return shall set forth the tax on net capital owing to each such political subdivision as computed under this chapter and shall include the listing of the real estate, as assessed for the prior year, as well as a description of the total of the obligations of the United States and the average percentage thereof on the four dates prescribed in subdivision 3 of § 58.1-1206. Every bank, on or before June 1 of each year, shall pay into the state treasury the state taxes assessed under this chapter and into the treasurer's office or other official of the local political subdivisions all taxes assessed by such political subdivision.Code 1950, § 58-485.013; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1208 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1208. City tax

Any city in this Commonwealth in which is located any bank may, by ordinance, impose a tax not to exceed 80 percent of the state rate of taxation on each $100 of the net capital of such bank located in such city. If such bank also has offices that are located outside the corporate limits of such city, the tax shall be apportioned as provided in § 58.1-1211.Code 1950, § 58-485.09; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1209 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1209. Town tax

Any incorporated town in this Commonwealth in which is located a bank may, by ordinance, impose a tax not to exceed 80 percent of the state rate of taxation for each $100 of the net capital of a bank located in such town. If such bank also has offices that are located outside the corporate limits of such town, the tax shall be apportioned as provided in § 58.1-1211.Code 1950, § 58-485.010; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1210 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1210. County tax

Any county of this Commonwealth in which is located any bank outside any incorporated town therein may, by ordinance, impose a tax not to exceed 80 percent of the state rate of taxation for each $100 of the net capital of the bank so located in such county outside the corporate limits of any town therein. If such bank also has offices that are located outside such county or within the corporate limits of any town therein, the tax shall be apportioned as provided in § 58.1-1211.Code 1950, § 58-485.011; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1211 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1211. Branch banks

If any bank has offices located in two or more political subdivisions, which includes cities, towns and counties, the tax which may be imposed by any subdivision under §§ 58.1-1208, 58.1-1209 or § 58.1-1210 shall be imposed upon only such proportion of the taxable value of the net capital under § 58.1-1204 as the total deposits of such bank, or offices located inside the taxing subdivision, bears to total deposits as of the end of the preceding year. For the purposes of this section, offices located within an incorporated town shall be deemed not within the county where such banks are located.Code 1950, § 58-485.012; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1212 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1212. Record of deposits through branches required

Each bank in this Commonwealth that has as of the beginning of any tax year a bank located in any county, incorporated town or city other than the county, incorporated town or city wherein such bank's principal office is located, shall maintain a record of the deposits through each such branch as of the beginning of the tax year. Each bank shall also submit to the commissioner of the revenue or other assessing officer of the locality wherein such principal office is located a report of such deposits with the return required under § 58.1-1207.Code 1950, § 58-485.014; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1213 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1213. Credit against state tax for amounts paid cities, towns and counties

Any bank paying any tax assessed by any city, incorporated town, or county within this Commonwealth shall be entitled to credit upon the state tax assessed against it for that year on account of any city, town or county franchise tax paid by such bank for that year. In no event, however, shall the credit exceed the amount of such city, incorporated town or county levies authorized by this chapter.Code 1950, § 58-485.015; 1980, c. 578; 1984, c. 675; 1994, c. 186.
VA Code § 58.1-1214 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1214. Auditing of returns

The Department of Taxation may audit returns as the Commissioner deems necessary for the proper enforcement of the tax levied by this chapter. The Department shall correct all errors discovered by such audit and notify the bank concerned in each case. In case of an adjustment, it shall also notify every political subdivision imposing a tax against the bank for which the bank claimed a credit against the state tax under § 58.1-1213.Code 1950, § 58-485.016; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1215 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1215. Banks in liquidation

When the affairs of any bank are being wound up under §§ 6.2-913, 6.2-916, and 6.2-1038 or the comparable sections of the National Banking Act, such bank will not be subject to tax under this chapter, except as provided in this section. Returns of such assets on January 1 of each year shall be made by those having custody or control thereof. If any surplus remains after payment of all creditors and depositors, the liquidating officer shall ascertain the net capital of such bank, just prior to each year-end during the period of liquidation and cause to be paid an appropriate tax thereon before any distribution of any such surplus, but any such tax on the bank, even though paid late, shall not be subject to penalty.Code 1950, § 58-485.017; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1216 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1216. Penalty upon bank for failure to comply with chapter

Any bank which fails to file a return or pay the state tax required by this chapter or fails to comply with any other provision of this chapter shall be subject to a penalty of five percent of the tax due. If the Commissioner is satisfied that such failure is due to providential or other good cause, such return and payment of tax shall be accepted exclusive of such penalty, but with interest determined in accordance with § 58.1-15.Code 1950, § 58-485.018; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1217 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 12 - Bank Franchise Tax|§ 58.1-1217. State banks and national banks treated the same in matter of taxation

In the event that any state or local tax is held by a court of competent jurisdiction to be invalid in its application to national banks, as a class, such tax shall not thereafter be assessed against state banks.Code 1950, § 58-485.03; 1980, c. 578; 1984, c. 675.
VA Code § 58.1-1400 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 14 - Virginia Watercraft Sales and Use Tax|§ 58.1-1400. Title

This chapter shall be known and may be cited as the "Virginia Watercraft Sales and Use Tax Act."Code 1950, § 58-685.39; 1981, c. 405; 1984, c. 675.
VA Code § 58.1-1401 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 14 - Virginia Watercraft Sales and Use Tax|§ 58.1-1401. Definitions

As used in this chapter, unless the context clearly shows otherwise, the term or phrase:"Dealer" means any watercraft dealer as defined in § 29.1-801."Gross receipts" means the amount received for the lease, charter, or other use of any watercraft. The term shall include hourly rental, maintenance, and all other charges for use of any watercraft and charges for pilots crew, or other services, unless separately stated on the invoice. The term shall also include the amount by which the price estimated under § 58.1-1403 exceeds the charge actually made."Sale" means any transfer of ownership or possession of a watercraft by exchange or barter, conditional or otherwise, in any manner. The term shall also include (i) a transaction whereby possession is transferred but title is retained by the seller as security, (ii) any lease or rental for a period of time substantially equal to the remaining life of the watercraft, and (iii) any lease or rental requiring total payments by the lessee during the lease or rental period which substantially equals the value of the watercraft. The term shall not include a transfer of ownership or possession made to secure the payment of an obligation."Sale price" means the total price paid for a watercraft and all attachments thereon and accessories thereto, exclusive of any federal manufacturer's excise tax, without any allowance or deduction for trade-ins or unpaid liens or encumbrances."Watercraft" means any vessel propelled by machinery whether or not the machinery is the principal source of propulsion. The term shall also include any sail-powered vessel which is in excess of eighteen feet in length measured along the centerline. The term shall not include a seaplane on the water or a watercraft which has a valid marine titling document issued by the United States Coast Guard.Code 1950, § 58-685.40; 1981, c. 405; 1984, cc. 418, 675; 1997, c. 877.
VA Code § 58.1-1401.1 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 14 - Virginia Watercraft Sales and Use Tax|§ 58.1-1401.1. When motor deemed a watercraft

Any motor used to power a watercraft as defined in § 58.1-1401 and sold separately from such watercraft shall be deemed a watercraft for purposes of this chapter.1994, c. 443.
VA Code § 58.1-1402 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 14 - Virginia Watercraft Sales and Use Tax|§ 58.1-1402. Tax levied

There is hereby levied and imposed, in addition to all other taxes and fees of every kind now imposed by law, a tax upon the sale of every watercraft sold in this Commonwealth, upon the use in this Commonwealth of any watercraft and upon the gross receipts from the lease, charter or other use of any watercraft by a registered dealer in this Commonwealth. The amount of the tax to be collected shall be determined by applying the following rate against the sale price, market value or gross receipts:1. Two percent of the sale price of each watercraft sold in the Commonwealth.2. Two percent of the sale price of each watercraft not sold in the Commonwealth but required to be titled in the Commonwealth. However, if the watercraft is first required to be titled in the Commonwealth six months or more after its acquisition, the tax shall be two percent of the market value of such watercraft at the time it is titled.3. Two percent of the gross receipts from the lease, charter or other use of any watercraft by a registered dealer.The maximum tax levied under subdivisions 1 and 2 of this section shall be $2,000. A transaction taxed under subdivision 1 shall not be taxed under subdivision 2 or 3, nor shall the same transaction be taxed more than once under either subdivision 1, 2 or 3. Use of any watercraft by a registered dealer resulting in taxation under subdivision 3 shall not exempt any subsequent sale or use of such watercraft from being taxed under subdivision 1 or 2 if applicable.Code 1950, §§ 58-685.41, 58-685.44; 1981, c. 405; 1984, c. 675; 1987, c. 516; 1990, c. 666.
VA Code § 58.1-1403 (2021)
2021 Code of Virginia|Title 58.1 - Taxation|Chapter 14 - Virginia Watercraft Sales and Use Tax|§ 58.1-1403. Basis of tax; estimate of tax; penalty for misrepresentation

A. The Tax Commissioner shall assess and collect the tax for the use or sale of a watercraft pursuant to subdivisions 1 and 2 of § 58.1-1402 upon the basis of the sale price of such watercraft.Any person who sells a watercraft in this Commonwealth shall supply the buyer with an invoice, signed by the seller or his representative, which shall state the sale price of the watercraft. The buyer shall present such invoice to the Tax Commissioner with his return and payment of the tax.B. The Tax Commissioner shall assess and collect the tax on the lease or charter of a watercraft by a registered dealer on the basis of the gross receipts arising from all transactions pertaining to the lease, charter or other use of such watercraft during the preceding calendar month. The dealer shall submit a return to the Tax Commissioner showing the gross receipts arising from such transactions. The dealer shall remit with such return the amount of tax due.C. In any case where (i) the invoice is not available, (ii) the Tax Commissioner has reason to believe that an invoice or return does not reflect the true sales price, or (iii) the watercraft was purchased more than six months prior to its use or storage in the Commonwealth, the Tax Commissioner may assess the tax in accordance with such publications or other data as are customarily employed in ascertaining the maximum sale price of watercraft. Where the Tax Commissioner finds that a charge for the rental, lease, charter or use of watercraft has been lower than the fair market value of such use, the Tax Commissioner may estimate a fair price in accordance with the cost of the watercraft, the cost of maintenance, the normal rental value as shown in similar transactions, or other relevant data.Any person who knowingly misrepresents the value of a watercraft or the amount of tax due to the Tax Commissioner or any return or invoice shall be guilty of a Class 1 misdemeanor.Code 1950, §§ 58-685.44, 58-685.47; 1981, c. 405; 1984, c. 675.