Franklin owes on Bank of America tax return

Published 3:36 pm Saturday, December 27, 2014

The Virginia Department of Taxation reported that 74 localities, including Franklin, across the state would owe Bank of America $13.9 million in amended 2010, 2011 and 2012 Bank Franchise Tax Returns. On Dec. 8, the Franklin City Council voted, 7-0, to pay the $18,823 of its share before Dec. 31.

The board had a couple of options in paying back the refund, though City Manager Randy Martin said there was no choice for him.

“The only choice we really had was in how we payed it,” he said. “We chose the lump sum option to avoid any interest charges, which I think was the right move because some of it went back three years, which could have been a significant amount of interest.”

The interest would have been $2,492 had the city chosen one of the installment or deferment options.

The City also unanimously approved two appointments on Monday. Ronald Cornwell filled a vacancy on the Beautification Commission, while Sanya Adams was named to the Senior Services of Southeastern Virginia Advisory Board.