Virginia § 58.1-1216 Penalty upon bank for failure to comply with chapter

Virginia Statutes

§ 58.1-1216 — Penalty upon bank for failure to comply with chapter

Virginia § 58.1-1216

Title 58.1TAXATION

Subtitle ITAXES ADMINISTERED BY THE DEPARTMENT OF TAXATION

Ch. 12BANK FRANCHISE TAX

This text of Virginia § 58.1-1216 (Penalty upon bank for failure to comply with chapter) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 58.1-1216 (2026).

Text

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 or other good cause, such return and payment of tax shall be accepted exclusive of such penalty, but with interest determined in accordance with § 58.1-15.

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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 or other good cause, such return and payment of tax shall be accepted exclusive of such penalty, but with interest determined in accordance with § 58.1-15.