Provides for electronic filing of bank franchise tax online, extends time to file by 60 days; localities must give banks access to real estate assessment records on request.
The bill directs VA Department of Taxation to convene a work group to assess potential alternative methods for the filing and allocation of bank franchise tax revenues.
Legislative History
On Jan. 10, 2023, bill was introduced in Senate; on Feb. 2, 2023, bill passed Senate.
On Feb. 8, 2023, bill introduced in House; on Feb. 13, House voted to pass block vote.
On Feb. 15, 2023, bill was enrolled, with bill text as passed by Senate and House.
Effectiveness
Bill is effective Jan. 1, 2025.
Feb. 20, 2023 VA LEG Identical House Bill
On Feb. 20, 2023, VA LEG reported identical HB 1896 enrolled, passed House, Senate.
Mar 2023 VA LEG Governor Approvals
On Mar. 17, 2023, governor approved HB 1896, Chapter 50, effective Jan. 1, 2025.
As well as approved identical bill SB 1182, assigned Chapter 51, effective Jan. 1, 2025.
Regulators
VA LEG
Entity Types
Bank
Reference
Ch 50, 51, 3/17/2023; Bill HB1896, 2/20/2023; Bill SB1182, 2/15/2023: Citation: *VA LEG* 58.1-1206, 58.1-1207, 58.1-1212;
Functions
Compliance; Legal; Record Retention; Reporting; Tax; Technology
