Title 58.1, Taxation

Intangible personal property, including capital of a trade or business of any person, firm or corporation, except for merchants' capital as defined in § 58.1-3510 which shall be subject to local taxation, is hereby segregated for state taxation only.

A. The subjects of taxation classified by this section are hereby defined as intangible personal property: 1. Capital which is inventory, except wine while in the hands of a farm winery producer as defined in § 4.1-100, merchandise located in a foreign trade zone as defined in su…

A. Any person, firm or corporation who or which enters into contracts with farmers for the production of poultry or livestock under which contracts such person, firm or corporation furnishes the poultry or livestock and feed and other supplies therefor and assumes all financial r…

Section 58.1-1100, except subdivision A 10 of § 58.1-1101, shall not be construed to apply to (i) any profession that the Commonwealth regulates by law, (ii) industrial development corporations organized pursuant to the terms of §§ 13.1-981 through 13.1-998, or (iii) the business…

That part of the dairy business which consists of the purchase, pasteurization and sale of milk and cream and the production and sale of buttermilk, as well as that part of the dairy business which consists of the manufacture of butter, condensed milk, evaporated milk, ice cream …

Suppliers of pulpwood, veneer logs, mine props and railroad crossties who furnish the same to manufacturers, mine operators and railway companies shall be subject to the intangible personal property tax under § 58.1-1100 and shall not be subject to license taxation as merchants, …

A. Every nonresident person, every foreign corporation and every partnership consisting in whole or in part of nonresident persons doing business in this Commonwealth is hereby declared to have a business domicile within this Commonwealth and so much of the intangible personal pr…

Intangible personal property shall be returned for taxation as of January 1 of every year. The status of all persons, firms, corporations and other taxpayers liable to taxation on intangible personal property shall be fixed and the value of all intangible personal property return…

All returns of intangible personal property shall be made by the taxpayer on or before May 1 in each year, and the full amount of the tax payable as shown on the face of the return shall be so paid.

The Tax Commissioner may grant a reasonable extension of time for filing intangible returns whenever in his judgment good cause exists. Except in the case of a taxpayer who is abroad, no such extension shall be granted for more than six months. Whenever the time for filing a retu…

A. Every person subject to taxation pursuant to this chapter shall file his return with the commissioner of the revenue for the county or city in which he maintains his domicile, if he is domiciled in this Commonwealth. If he is not domiciled in this Commonwealth, he shall file t…

Fiduciaries shall be subject to all the provisions of this chapter which apply to other taxpayers, except as otherwise specifically provided herein. Any fiduciary for a taxpayer shall file a return of intangible personal property in the county or city wherein the taxpayer would h…

As soon as the returns of intangible personal property have been received by the commissioner of the revenue and entered upon the assessment sheets or forms, the commissioner of the revenue shall forward such returns to the Department of Taxation. The Department may, however, aut…

The commissioner of the revenue shall assess a penalty equal to ten percent of the amount of taxes assessable thereon upon any return filed with the commissioner of the revenue after the time prescribed for the filing of returns. In no case shall such penalty be less than ten dol…

If the amount of tax computed by the Department is greater than the amount theretofore assessed, the excess shall be assessed by the Tax Commissioner and notice of the same shall be mailed to the taxpayer. The taxpayer shall remit such additional tax to the Department within thir…

If the amount of tax as computed is less than the amount theretofore paid, the excess shall be refunded out of the state treasury on the order of the Tax Commissioner upon the Comptroller.

If any tax or part thereof is not paid in full when due, there shall be added to the amount unpaid a penalty of five percent of the amount thereof. The entire tax or any unpaid balance thereof, together with penalty, shall immediately become collectible. Interest upon such unpaid…

Each county and city treasurer shall proceed promptly to collect all intangible personal property taxes for the tax year that have been assessed by the commissioner of the revenue and remain unpaid after the time fixed by law for payment and shall continue his efforts so to colle…

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 Departmen…

This chapter shall be known and may be cited as the "Virginia Bank Franchise Tax Act."

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 C…

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 …

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 pro…

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 t…

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,…

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 provide…

A. There shall be deducted from the gross capital otherwise ascertainable under § 58.1-1205: 1. The assessed value of real estate if otherwise taxed in the Commonwealth which is owned by such bank, or is used or occupied by such bank, if held in the name of a majority-owned subsi…

A. Each bank as defined in § 58.1-1201 as of January 1 of each year shall prepare and file electronically 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 ret…

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 corporat…

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…

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 l…

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 ne…

Each bank in the 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 eac…

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, …

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…

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…

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 …

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.

This chapter shall be known and may be cited as the "Virginia Watercraft Sales and Use Tax Act."

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…

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.

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…

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 …

A. Any watercraft sold to or used by the United States or any of the governmental agencies thereof or the Commonwealth of Virginia or any political subdivision thereof or sold to an insurance company for the sole purpose of disposition when such insurance company has paid the reg…

A. Except as provided in paragraph B of this section, the tax levied pursuant to this chapter shall be paid by the purchaser or user of such watercraft and collected by the Tax Commissioner at the time the owner is required to apply to the Department of Wildlife Resources for a t…

A. Every person who qualifies as a dealer under Chapter 8 (§ 29.1-800 et seq.) of Title 29.1 and desires to transfer ownership in watercraft without obtaining a certificate of title shall file with the Tax Commissioner an application for a certificate of registration for each pla…