Tax Type
BPOL Tax
Description
Exceptions; Federal credit unions.
Topic
Local Power to Tax
Date Issued
12-10-1997
December 10, 1997
Re: Request for Advisory Opinion: BPOL
Dear********
This will respond to your letter of November 24, 1997, requesting an advisory opinion.
The license tax is a local tax which is imposed and administered by local officials. The Code of Virginia limits the involvement of the Department of Taxation to promulgating guidelines and issuing advisory opinions. However, the department shall not be required to interpret any local ordinance.
While addressing the questions raised in your letter, this response is intended to provide advisory guidance only and does not constitute a formal or binding ruling.
FACTS
You have requested advice on the proper BPOL tax treatment of a Federal Credit Union.
OPINION
The application of the BPOL tax to banks and credit unions is discussed at pages111-112 of the 1997 BPOL Guidelines. Federal Credit Unions are exempt from the BPOL tax as well as most other taxes under the Federal Credit Union Act, 12 U.S.C.A. § 1768. (copy enclosed)
I hope that the above information will be beneficial to you. If you have any further questions or comments, please do not hesitate to let me know.
Sincerely,
Danny M. Payne
Tax Commissioner
OTP/13233D
Rulings of the Tax Commissioner