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Home / Opinion Digests / Bank Not Subject to Corporate Income Tax (access required)

Bank Not Subject to Corporate Income Tax (access required)

A Norfolk Circuit Court says that because AMG National Trust Bank is subject to the Virginia Bank Franchise Tax Act, Va. Code § 58.1-1200, it is not liable for corporate income tax, and the Virginia Department of Taxation is ordered to refund corporate income tax collected from AMG and prohibited from assessing such tax in ...