2024 Session

Budget Amendments - SB30 (Floor Approved)

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TAX: Bank Franchise Tax Modernization

Item 257 #1s

Item 257 #1s

First Year - FY2025 Second Year - FY2026
Department of Taxation FY2025 $488,494 FY2026 $76,348 GF

Page 278, line 32, strike "$5,176,511" and insert "$5,665,005".
Page 278, line 32, strike "$5,176,511" and insert "$5,252,859".


(This amendment provides $488,494 the first year and $76,348 the second year from the general fund for the implementation of electronic filing for Virginia's Bank Franchise Tax through a secure electronic portal maintained by the Department of Taxation (authorized in the 2023 Session). The final budget did not reflect funding to meet the total funding need.)