23VAC10-500-410: Financial services; banks

Although they render financial services:

1. Banks and trust companies subject to the Virginia bank franchise tax are exempt from local license tax by § 58.1-1202 of the Code of Virginia except as to sales of tangible personal property;

2. Savings institutions (including those whose name includes "savings bank") and state chartered credit unions are limited to a local license tax of $50 by § 58.1-3730 of the Code of Virginia; and

3. Federal credit unions are exempt under the Federal Credit Union Act, 12 USC § 1768.