Bank franchise tax; report. Provides for the electronic filing of bank franchise tax returns through a secure online portal maintained by the Department of Taxation and extends the time to file such tax return by 60 days. The bill also requires localities to provide banks access to real estate assessment records upon request. The bill has a delayed effective date of January 1, 2025, and directs the Department to convene a work group to assess potential alternative methods for the filing and allocation of bank franchise tax revenues. This bill is identical to SB 1182.

Statutes affected:
House: Committee substitute printed 23105697D-H1: 58.1-1206, 58.1-1207, 58.1-1212
House: Bill text as passed House and Senate (HB1896ER): 58.1-1206, 58.1-1207, 58.1-1212
Governor: Acts of Assembly Chapter text (CHAP0050): 58.1-1206, 58.1-1207, 58.1-1212