{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-1202.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-1202.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-1202.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-1202.html"}],"law_id":87019,"edition_id":1,"section_id":87019,"structure_id":13696,"section_number":"58.1-1202","catch_line":"Bank capital assessable","history":"Code 1950, \u00a7 58-485.04; 1980, c. 578; 1981, c. 432; 1984, c. 675.","full_text":"Every bank or trust company shall pay an annual franchise tax measured by its net capital as defined in \u00a7 58.1-1205. Such tax shall be in lieu of all other taxes whatsoever for state, county or local purposes except the real estate and tangible personal property taxes enumerated in \u00a7 58.1-1203, retail sales and use taxes under Chapter 6 (\u00a7 58.1-600 et seq.) of this title, recordation taxes under \u00a7 58.1-800 et seq., motor vehicle sales and use taxes under Chapter 24 (\u00a7 58.1-2400 et seq.) of this title, watercraft sales and use taxes under Chapter 14 (\u00a7 58.1-1400 et seq.) of this title, aircraft sales and use taxes under Chapter 15 (\u00a7 58.1-1500 et seq.) of this title, taxes properly assessable upon users of utility services, and local license taxes in connection with the sale of tangible personal property sold by banks in connection with promotions or otherwise.","order_by":null,"text":{"0":{"id":311574,"text":"Every bank or trust company shall pay an annual franchise tax measured by its net capital as defined in \u00a7 58.1-1205. Such tax shall be in lieu of all other taxes whatsoever for state, county or local purposes except the real estate and tangible personal property taxes enumerated in \u00a7 58.1-1203, retail sales and use taxes under Chapter 6 (\u00a7 58.1-600 et seq.) of this title, recordation taxes under \u00a7 58.1-800 et seq., motor vehicle sales and use taxes under Chapter 24 (\u00a7 58.1-2400 et seq.) of this title, watercraft sales and use taxes under Chapter 14 (\u00a7 58.1-1400 et seq.) of this title, aircraft sales and use taxes under Chapter 15 (\u00a7 58.1-1500 et seq.) of this title, taxes properly assessable upon users of utility services, and local license taxes in connection with the sale of tangible personal property sold by banks in connection with promotions or otherwise.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-1202\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1981, chapter 432; in 1984, chapter 675.<\/p>","references":[{"id":84261,"section_number":"58.1-439.12:08","catch_line":"Research and development expenses tax credit","order_by":null,"url":"\/58.1-439.12_08\/"},{"id":85547,"section_number":"58.1-439.12:11","catch_line":"Major research and development expenses tax credit","order_by":null,"url":"\/58.1-439.12_11\/"}],"refers_to":[{"id":64855,"section_number":"58.1-1203","catch_line":"Real and leased tangible personal property of banks to be assessed as other real and personal property","order_by":null,"url":"\/58.1-1203\/"},{"id":61811,"section_number":"58.1-1205","catch_line":"Computation of net capital","order_by":null,"url":"\/58.1-1205\/"},{"id":69754,"section_number":"58.1-1400","catch_line":"Title","order_by":null,"url":"\/58.1-1400\/"},{"id":60270,"section_number":"58.1-1500","catch_line":"Title","order_by":null,"url":"\/58.1-1500\/"},{"id":75504,"section_number":"58.1-2400","catch_line":"Title","order_by":null,"url":"\/58.1-2400\/"},{"id":63208,"section_number":"58.1-600","catch_line":"Short title","order_by":null,"url":"\/58.1-600\/"},{"id":65821,"section_number":"58.1-800","catch_line":"Title","order_by":null,"url":"\/58.1-800\/"}],"permalink":{"id":252459,"object_type":"law","relational_id":87019,"identifier":"58.1-1202","token":"58.1\/I\/12\/58.1-1202","url":"\/58.1-1202\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-1202\/","token":"58.1\/I\/12\/58.1-1202","dublin_core":{"Title":"Bank capital assessable","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-1202","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Every <span class=\"dictionary\">bank<\/span> or trust company shall pay an annual franchise tax measured by its net capital as defined in \u00a7&nbsp;<a class=\"law\" title=\"Computation of net capital\" href=\"\/58.1-1205\/\">58.1-1205<\/a>. Such tax shall be in lieu of all other taxes whatsoever for state, county or local purposes except the real estate and tangible personal property taxes enumerated in \u00a7&nbsp;<a class=\"law\" title=\"Real and leased tangible personal property of banks to be assessed as other real and personal property\" href=\"\/58.1-1203\/\">58.1-1203<\/a>, retail sales and use taxes under Chapter 6 (\u00a7&nbsp;<a class=\"law\" title=\"Short title\" href=\"\/58.1-600\/\">58.1-600<\/a> et seq.) of this title, recordation taxes under \u00a7&nbsp;<a class=\"law\" title=\"Title\" href=\"\/58.1-800\/\">58.1-800<\/a> et seq., motor vehicle sales and use taxes under Chapter 24 (\u00a7&nbsp;<a class=\"law\" title=\"Title\" href=\"\/58.1-2400\/\">58.1-2400<\/a> et seq.) of this title, watercraft sales and use taxes under Chapter 14 (\u00a7&nbsp;<a class=\"law\" title=\"Title\" href=\"\/58.1-1400\/\">58.1-1400<\/a> et seq.) of this title, aircraft sales and use taxes under Chapter 15 (\u00a7&nbsp;<a class=\"law\" title=\"Title\" href=\"\/58.1-1500\/\">58.1-1500<\/a> et seq.) of this title, taxes properly assessable upon users of utility services, and local license taxes in connection with the sale of tangible personal property sold by <span class=\"dictionary\">banks<\/span> in connection with promotions or otherwise.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nBANK CAPITAL ASSESSABLE (\u00a7 58.1-1202)\n\nEvery bank or trust company shall pay an annual franchise tax measured by its\nnet capital as defined in \u00a7 58.1-1205. Such tax shall be in lieu of all other\ntaxes whatsoever for state, county or local purposes except the real estate and\ntangible personal property taxes enumerated in \u00a7 58.1-1203, retail sales and\nuse taxes under Chapter 6 (\u00a7 58.1-600 et seq.) of this title, recordation taxes\nunder \u00a7 58.1-800 et seq., motor vehicle sales and use taxes under Chapter 24\n(\u00a7 58.1-2400 et seq.) of this title, watercraft sales and use taxes under\nChapter 14 (\u00a7 58.1-1400 et seq.) of this title, aircraft sales and use taxes\nunder Chapter 15 (\u00a7 58.1-1500 et seq.) of this title, taxes properly assessable\nupon users of utility services, and local license taxes in connection with the\nsale of tangible personal property sold by banks in connection with promotions\nor otherwise.\n\nHISTORY: Code 1950, \u00a7 58-485.04; 1980, c. 578; 1981, c. 432; 1984, c. 675.","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}}