{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-1201.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-1201.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-1201.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-1201.html"}],"law_id":83617,"edition_id":1,"section_id":83617,"structure_id":13696,"section_number":"58.1-1201","catch_line":"Definitions","history":"Code 1950, \u00a7\u00a7 58-485.01, 58-485.02; 1980, c. 578; 1984, c. 675; 1995, c. 301; 2002, c. 29.","full_text":"As used in this chapter, unless the context clearly shows otherwise, the term or phrase:\n\t\t“Bank” means any incorporated bank, banking association, savings bank that is a member of the Federal Reserve System, or trust company organized by or under the authority of the laws of the Commonwealth and any bank or banking association organized by or under the authority of the laws of the United States, doing business or having an office in the Commonwealth or having a charter which designates any place within the Commonwealth as the place of its principal office, and any bank which establishes and maintains a branch in this Commonwealth under Article 6 (\u00a7 6.2-836 et seq.) of Title 6.2 or Article 7 (\u00a7 6.2-849 et seq.) of Title 6.2, whether such bank or banking association is authorized to transact business as a trust company or not, and any joint stock land bank or any other bank organized by or under the authority of the laws of the United States upon which the Commonwealth is authorized to impose a tax. The term shall exclude all corporations organized under the laws of other states and doing business in the Commonwealth, corporations organized not as banks under the laws of the Commonwealth and all natural persons and partnerships.\n\t\t“Bank holding company” means any corporation that is organized under the laws of Virginia, is doing business in the Commonwealth, and is a bank holding company under the provisions of the Federal Bank Holding Company Act of 1956.","order_by":null,"text":{"0":{"id":299647,"text":"As used in this chapter, unless the context clearly shows otherwise, the term or phrase:\n\t\t“Bank” means any incorporated bank, banking association, savings bank that is a member of the Federal Reserve System, or trust company organized by or under the authority of the laws of the Commonwealth and any bank or banking association organized by or under the authority of the laws of the United States, doing business or having an office in the Commonwealth or having a charter which designates any place within the Commonwealth as the place of its principal office, and any bank which establishes and maintains a branch in this Commonwealth under Article 6 (\u00a7 6.2-836 et seq.) of Title 6.2 or Article 7 (\u00a7 6.2-849 et seq.) of Title 6.2, whether such bank or banking association is authorized to transact business as a trust company or not, and any joint stock land bank or any other bank organized by or under the authority of the laws of the United States upon which the Commonwealth is authorized to impose a tax. The term shall exclude all corporations organized under the laws of other states and doing business in the Commonwealth, corporations organized not as banks under the laws of the Commonwealth and all natural persons and partnerships.\n\t\t“Bank holding company” means any corporation that is organized under the laws of Virginia, is doing business in the Commonwealth, and is a bank holding company under the provisions of the Federal Bank Holding Company Act of 1956.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13696,"edition_id":1,"name":"Bank Franchise Tax","identifier":"12","label":"chapter","depth":3,"order_by":1,"parent_id":12837,"metadata":{},"date_created":"2026-06-26 03:45:35","date_modified":"2026-06-26 03:45:35","permalink":{"id":252449,"object_type":"structure","relational_id":13696,"identifier":"12","token":"58.1\/I\/12","url":"\/58.1\/I\/12\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12837,"edition_id":1,"name":"Taxes Administered by the Department of Taxation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":252075,"object_type":"structure","relational_id":12837,"identifier":"I","token":"58.1\/I","url":"\/58.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":54678,"structure_id":13696,"section_number":"58.1-1200","catch_line":"Title","url":"\/58.1-1200\/","token":"58.1\/I\/12\/58.1-1200","metadata":false},{"id":83617,"structure_id":13696,"section_number":"58.1-1201","catch_line":"Definitions","url":"\/58.1-1201\/","token":"58.1\/I\/12\/58.1-1201","metadata":false},{"id":87019,"structure_id":13696,"section_number":"58.1-1202","catch_line":"Bank capital assessable","url":"\/58.1-1202\/","token":"58.1\/I\/12\/58.1-1202","metadata":false},{"id":64855,"structure_id":13696,"section_number":"58.1-1203","catch_line":"Real and leased tangible personal property of banks to be assessed as other real and personal property","url":"\/58.1-1203\/","token":"58.1\/I\/12\/58.1-1203","metadata":false},{"id":62498,"structure_id":13696,"section_number":"58.1-1204","catch_line":"Rate of tax","url":"\/58.1-1204\/","token":"58.1\/I\/12\/58.1-1204","metadata":false},{"id":84538,"structure_id":13696,"section_number":"58.1-1204.1","catch_line":"Proration for new banks","url":"\/58.1-1204.1\/","token":"58.1\/I\/12\/58.1-1204.1","metadata":false},{"id":61811,"structure_id":13696,"section_number":"58.1-1205","catch_line":"Computation of net capital","url":"\/58.1-1205\/","token":"58.1\/I\/12\/58.1-1205","metadata":false},{"id":69371,"structure_id":13696,"section_number":"58.1-1206","catch_line":"(Effective July 1, 2025) Deductions from gross capital","url":"\/58.1-1206\/","token":"58.1\/I\/12\/58.1-1206","metadata":false},{"id":68247,"structure_id":13696,"section_number":"58.1-1207","catch_line":"(Effective July 1, 2025) Filing of return and payment of tax","url":"\/58.1-1207\/","token":"58.1\/I\/12\/58.1-1207","metadata":false},{"id":55757,"structure_id":13696,"section_number":"58.1-1208","catch_line":"City tax","url":"\/58.1-1208\/","token":"58.1\/I\/12\/58.1-1208","metadata":false},{"id":62525,"structure_id":13696,"section_number":"58.1-1209","catch_line":"Town tax","url":"\/58.1-1209\/","token":"58.1\/I\/12\/58.1-1209","metadata":false},{"id":73068,"structure_id":13696,"section_number":"58.1-1210","catch_line":"County tax","url":"\/58.1-1210\/","token":"58.1\/I\/12\/58.1-1210","metadata":false},{"id":68169,"structure_id":13696,"section_number":"58.1-1211","catch_line":"Branch banks","url":"\/58.1-1211\/","token":"58.1\/I\/12\/58.1-1211","metadata":false},{"id":84743,"structure_id":13696,"section_number":"58.1-1212","catch_line":"(Effective July 1, 2025) Record of deposits through branches required","url":"\/58.1-1212\/","token":"58.1\/I\/12\/58.1-1212","metadata":false},{"id":63356,"structure_id":13696,"section_number":"58.1-1213","catch_line":"Credit against state tax for amounts paid cities, towns and counties","url":"\/58.1-1213\/","token":"58.1\/I\/12\/58.1-1213","metadata":false},{"id":78742,"structure_id":13696,"section_number":"58.1-1214","catch_line":"Auditing of returns","url":"\/58.1-1214\/","token":"58.1\/I\/12\/58.1-1214","metadata":false},{"id":81407,"structure_id":13696,"section_number":"58.1-1215","catch_line":"Banks in liquidation","url":"\/58.1-1215\/","token":"58.1\/I\/12\/58.1-1215","metadata":false},{"id":80724,"structure_id":13696,"section_number":"58.1-1216","catch_line":"Penalty upon bank for failure to comply with chapter","url":"\/58.1-1216\/","token":"58.1\/I\/12\/58.1-1216","metadata":false},{"id":61598,"structure_id":13696,"section_number":"58.1-1217","catch_line":"State banks and national banks treated the same in matter of taxation","url":"\/58.1-1217\/","token":"58.1\/I\/12\/58.1-1217","metadata":false}],"previous_section":{"id":54678,"structure_id":13696,"section_number":"58.1-1200","catch_line":"Title","url":"\/58.1-1200\/","token":"58.1\/I\/12\/58.1-1200","metadata":false},"next_section":{"id":87019,"structure_id":13696,"section_number":"58.1-1202","catch_line":"Bank capital assessable","url":"\/58.1-1202\/","token":"58.1\/I\/12\/58.1-1202","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-1201\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1980, chapter 578; in 1984, chapter 675; in 1995, chapter 301<\/a>; in 2002, chapter 29<\/a>.<\/p>","references":[{"id":68247,"section_number":"58.1-1207","catch_line":"(Effective July 1, 2025) Filing of return and payment of tax","order_by":null,"url":"\/58.1-1207\/"}],"refers_to":[{"id":58856,"section_number":"6.2-836","catch_line":"Definitions","order_by":null,"url":"\/6.2-836\/"},{"id":73045,"section_number":"6.2-849","catch_line":"Definitions","order_by":null,"url":"\/6.2-849\/"}],"permalink":{"id":252455,"object_type":"law","relational_id":83617,"identifier":"58.1-1201","token":"58.1\/I\/12\/58.1-1201","url":"\/58.1-1201\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-1201\/","token":"58.1\/I\/12\/58.1-1201","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-1201","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context clearly shows otherwise, the term or phrase:\n\t\t“Bank” means any incorporated bank, banking association, savings bank that is a member of the Federal Reserve System, or trust company organized by or under the authority of the laws<\/span> of the Commonwealth and any bank or banking association organized by or under the authority of the laws<\/span> of the United States, doing business or having an office in the Commonwealth or having a charter which designates any place within the Commonwealth as the place of its principal office, and any bank which establishes and maintains a branch in this Commonwealth under Article 6 (\u00a7 6.2-836<\/a> et seq.) of Title 6.2 or Article 7 (\u00a7 6.2-849<\/a> et seq.) of Title 6.2, whether such bank or banking association is authorized to transact business as a trust company or not, and any joint stock land bank or any other bank organized by or under the authority of the laws<\/span> of the United States upon which the Commonwealth is authorized to impose a tax. The term shall exclude all corporations organized under the laws<\/span> of other states and doing business in the Commonwealth, corporations organized not as banks<\/span> under the laws<\/span> of the Commonwealth and all natural persons and partnerships.\n\t\t“Bank holding company<\/span>” means any corporation that is organized under the laws<\/span> of Virginia, is doing business in the Commonwealth, and is a bank holding company<\/span> under the provisions of the Federal Bank Holding Company<\/span> Act of 1956.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 58.1-1201)\n\nAs used in this chapter, unless the context clearly shows otherwise, the term or\nphrase:\n\t\t“Bank” means any incorporated bank, banking association, savings\nbank that is a member of the Federal Reserve System, or trust company organized\nby or under the authority of the laws of the Commonwealth and any bank or\nbanking association organized by or under the authority of the laws of the\nUnited States, doing business or having an office in the Commonwealth or having\na charter which designates any place within the Commonwealth as the place of its\nprincipal office, and any bank which establishes and maintains a branch in this\nCommonwealth under Article 6 (\u00a7 6.2-836 et seq.) of Title 6.2 or Article 7 (\u00a7\n6.2-849 et seq.) of Title 6.2, whether such bank or banking association is\nauthorized to transact business as a trust company or not, and any joint stock\nland bank or any other bank organized by or under the authority of the laws of\nthe United States upon which the Commonwealth is authorized to impose a tax. The\nterm shall exclude all corporations organized under the laws of other states and\ndoing business in the Commonwealth, corporations organized not as banks under\nthe laws of the Commonwealth and all natural persons and partnerships.\n\t\t“Bank holding company” means any corporation that is organized\nunder the laws of Virginia, is doing business in the Commonwealth, and is a bank\nholding company under the provisions of the Federal Bank Holding Company Act of\n1956.\n\nHISTORY: Code 1950, \u00a7\u00a7 58-485.01, 58-485.02; 1980, c. 578; 1984, c. 675; 1995,\nc. 301; 2002, c. 29.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}