Bank Franchise Tax

This is the 2025 edition of the code. There is not the current edition. Browse all editions.

This is Chapter 12 of the Code of Virginia, titled “Bank Franchise Tax.” It is part of Subtitle I “Taxes Administered by the Department of Taxation”, which is part of Title 58.1 “Taxation”.

It’s comprised of the following 19 sections.

§ 58.1-1200	Title
§ 58.1-1201	Definitions
§ 58.1-1202	Bank capital assessable
§ 58.1-1203	Real and leased tangible personal property of banks to be assessed as other real and personal property
§ 58.1-1204	Rate of tax
§ 58.1-1204.1	Proration for new banks
§ 58.1-1205	Computation of net capital
§ 58.1-1206	(Effective July 1, 2025) Deductions from gross capital
§ 58.1-1207	(Effective July 1, 2025) Filing of return and payment of tax
§ 58.1-1208	City tax
§ 58.1-1209	Town tax
§ 58.1-1210	County tax
§ 58.1-1211	Branch banks
§ 58.1-1212	(Effective July 1, 2025) Record of deposits through branches required
§ 58.1-1213	Credit against state tax for amounts paid cities, towns and counties
§ 58.1-1214	Auditing of returns
§ 58.1-1215	Banks in liquidation
§ 58.1-1216	Penalty upon bank for failure to comply with chapter
§ 58.1-1217	State banks and national banks treated the same in matter of taxation