Bank franchise tax.
Purpose of legislation
Provides a deduction for goodwill created in connection with the acquisition or merger of a bank for purposes of determining a bank's capital subject to bank franchise taxes. The deduction applies for bank franchise tax returns required to be filed annually by March 1, beginning with the bank franchise tax return required to be filed by March 1, 2002. The bill also allows banks to file an amended tax return for the bank franchise tax return due by March 1, 2002, in order to reflect the deduction for goodwill. The Commonwealth and its localities are required to process such amended return immediately upon receipt, regardless of whether the return is received prior to, on, or after June 1, 2002.
|Legislation mandating a change||Chap 667 (1999)|
|VAC chapters to be amended|
|Associated Regulatory Actions||