{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-1204.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-1204.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-1204.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-1204.1.html"}],"law_id":84538,"edition_id":1,"section_id":84538,"structure_id":13696,"section_number":"58.1-1204.1","catch_line":"Proration for new banks","history":"1989, c. 64.","full_text":"Notwithstanding \u00a7 58.1-1204, any bank which did not operate for the entire twelve-month period preceding the January 1 assessment date provided for under \u00a7 58.1-1207 shall be entitled to a prorated tax rate as follows:\n\n1\n\nTransacting business as of March 31 of the preceding year, no proration shall be available and the tax rate shall be $1 on each $100 of net capital.2\n\nTransacting business as of June 30 of the preceding year but not before April 1, the tax rate shall be 75 cent(s) on each $100 of net capital.3\n\nTransacting business as of September 30 of the preceding year but not before July 1, the tax rate shall be 50 cent(s) on each $100 of net capital.4\n\nTransacting business as of December 31 of the preceding year but not before October 1, the tax rate shall be 25 cent(s) on each $100 of net capital.\n\t\t\tFor purposes of this section, “transacting business” shall mean accepting deposits from customers in the regular course of doing business. A bank shall be eligible for the prorated tax rate provided for hereunder with respect to the first return it is required to file after accepting deposits; provided, that a bank shall not be eligible for the prorated tax rate if it was organized or created as part of a reorganization within the meaning of § 368(a) of the Internal Revenue Code.","order_by":null,"text":{"0":{"id":302949,"text":"Notwithstanding \u00a7 58.1-1204, any bank which did not operate for the entire twelve-month period preceding the January 1 assessment date provided for under \u00a7 58.1-1207 shall be entitled to a prorated tax rate as follows:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":302950,"text":"Transacting business as of March 31 of the preceding year, no proration shall be available and the tax rate shall be $1 on each $100 of net capital.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":302951,"text":"Transacting business as of June 30 of the preceding year but not before April 1, the tax rate shall be 75 cent(s) on each $100 of net capital.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":302952,"text":"Transacting business as of September 30 of the preceding year but not before July 1, the tax rate shall be 50 cent(s) on each $100 of net capital.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":302953,"text":"Transacting business as of December 31 of the preceding year but not before October 1, the tax rate shall be 25 cent(s) on each $100 of net capital.\n\t\t\tFor purposes of this section, “transacting business” shall mean accepting deposits from customers in the regular course of doing business. A bank shall be eligible for the prorated tax rate provided for hereunder with respect to the first return it is required to file after accepting deposits; provided, that a bank shall not be eligible for the prorated tax rate if it was organized or created as part of a reorganization within the meaning of § 368(a) of the Internal Revenue Code.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-1204.1\/","history_text":"

This law was first created in 1989. The record of its establishment is cataloged in chapter 64 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1989 \u201cActs\u201d aren\u2019t available online.<\/p>","references":false,"refers_to":[{"id":62498,"section_number":"58.1-1204","catch_line":"Rate of tax","order_by":null,"url":"\/58.1-1204\/"},{"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\/"}],"permalink":{"id":252471,"object_type":"law","relational_id":84538,"identifier":"58.1-1204.1","token":"58.1\/I\/12\/58.1-1204.1","url":"\/58.1-1204.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-1204.1\/","token":"58.1\/I\/12\/58.1-1204.1","dublin_core":{"Title":"Proration for new banks","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-1204.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Notwithstanding \u00a7 58.1-1204<\/a>, any bank<\/span> which did not operate for the entire twelve-month period preceding the January 1 assessment date provided for under \u00a7 58.1-1207<\/a> shall be entitled to a prorated tax rate as follows:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Transacting business<\/span> as of March 31 of the preceding year, no proration shall be available and the tax rate shall be $1 on each $100 of net capital. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Transacting business<\/span> as of June 30 of the preceding year but not before April 1, the tax rate shall be 75 cent(s) on each $100 of net capital. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Transacting business<\/span> as of September 30 of the preceding year but not before July 1, the tax rate shall be 50 cent(s) on each $100 of net capital. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Transacting business<\/span> as of December 31 of the preceding year but not before October 1, the tax rate shall be 25 cent(s) on each $100 of net capital.\n\t\t\tFor purposes of this section, “transacting business<\/span>” shall mean accepting deposits from customers in the regular course of doing business. A bank<\/span> shall be eligible for the prorated tax rate provided for hereunder with respect to the first return it is required to file after accepting deposits; provided, that a bank<\/span> shall not be eligible for the prorated tax rate if it was organized or created as part of a reorganization within the meaning of § 368(a) of the Internal Revenue Code. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPRORATION FOR NEW BANKS (\u00a7 58.1-1204.1)\n\nNotwithstanding \u00a7 58.1-1204, any bank which did not operate for the entire\ntwelve-month period preceding the January 1 assessment date provided for under\n\u00a7 58.1-1207 shall be entitled to a prorated tax rate as follows:\n\n1. Transacting business as of March 31 of the preceding year, no proration shall\nbe available and the tax rate shall be $1 on each $100 of net capital.\n\n2. Transacting business as of June 30 of the preceding year but not before April\n1, the tax rate shall be 75 cent(s) on each $100 of net capital.\n\n3. Transacting business as of September 30 of the preceding year but not before\nJuly 1, the tax rate shall be 50 cent(s) on each $100 of net capital.\n\n4. Transacting business as of December 31 of the preceding year but not before\nOctober 1, the tax rate shall be 25 cent(s) on each $100 of net capital.\n\t\t\tFor purposes of this section, “transacting business” shall mean\naccepting deposits from customers in the regular course of doing business. A\nbank shall be eligible for the prorated tax rate provided for hereunder with\nrespect to the first return it is required to file after accepting deposits;\nprovided, that a bank shall not be eligible for the prorated tax rate if it was\norganized or created as part of a reorganization within the meaning of §\n368(a) of the Internal Revenue Code.\n\nHISTORY: 1989, c. 64.","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}}