Quantcast
Home / News Stories / State can’t tax bank as a corporation (access required)

State can’t tax bank as a corporation (access required)

Norfolk court sees ‘gaps’ in statute

When is a bank not a bank? A Norfolk Circuit Court had to answer that question when the Virginia Department of Taxation sought back taxes from a private national bank with a Norfolk branch. The bank came out ahead in that contest. Not only did the bank owe nothing under the department’s initial method for assessing franchise ...