23VAC10-210-170. Banks. (Repealed.)

The tax applies to purchases of tangible personal property by all national and state banks for their use and consumption.

When any bank engages in selling, leasing or renting tangible personal property to consumers, it must register as a dealer and collect and pay the tax to the Department of Taxation.

Taxable sales by banks include, but are not limited to, sales of checks and checkbooks; silverware; savings or piggy banks; repossessed merchandise; gold and silver coins or bars for investment purposes; and charges for the lease or rental of tangible personal property.

The rental of safe deposit boxes is not subject to the tax. For trustees, see 23VAC10-210-6010.

Statutory Authority

§ 58.1-203 of the Code of Virginia.

Historical Notes

Derived from VR630-10-12; revised July 1, 1969; January 1, 1979; repealed, Virginia Register Volume 25, Issue 4, eff. November 26, 2008.

23VAC10-210-595. Financial institutions.

A. Purchases. The tax applies to purchases of tangible personal property by all national, state and local banks, savings and loan associations, and loan and finance companies.

B. Sales. When any bank, savings and loan association, or loan and finance company engages in selling, leasing or renting tangible personal property to consumers or users, it must register as a dealer and collect and pay the tax to the Department of Taxation. The tax applies to all sales even if the property has been repossessed or obtained by default of the borrower.

The rental of safe deposit boxes does not qualify as the rental of tangible personal property and is not subject to the tax. For trustees, see 23VAC10-210-6010.

Statutory Authority

§ 58.1-203 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 25, Issue 4, eff. November 26, 2008.

23VAC10-210-870. Loan and finance companies. (Repealed.)

The tax applies to purchases of tangible personal property by all loan and finance companies and like associations for their use or consumption. When the association engages in selling, leasing or renting tangible personal property to consumers or users, it must register as a dealer and collect and pay the tax due even if the property has been repossessed or obtained by default of borrowers.

Statutory Authority

§ 58.1-203 of the Code of Virginia.

Historical Notes

Derived from VR630-10-59; revised July 1969; January 1, 1979; repealed, Virginia Register Volume 25, Issue 4, eff. November 26, 2008.

23VAC10-210-4010. Savings and loan associations. (Repealed.)

The tax applies to purchases of tangible personal property by all savings and loan and building and loan associations for their use or consumption. When such an association engages in selling, leasing or renting tangible personal property to consumers or users, it must register as a dealer and collect and pay the tax due to the Department of Taxation.

Statutory Authority

§§ 58.1-203 of the Code of Virginia.

Historical Notes

Derived from VR630-10-95.1; added July 1, 1969; revised January 1, 1979; amended, eff. January 1, 1985; repealed, Virginia Register Volume 25, Issue 4, eff. November 26, 2008.