{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-1207.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-1207.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-1207.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-1207.html"}],"law_id":68247,"edition_id":1,"section_id":68247,"structure_id":13696,"section_number":"58.1-1207","catch_line":"(Effective July 1, 2025) Filing of return and payment of tax","history":"Code 1950, \u00a7 58-485.013; 1980, c. 578; 1984, c. 675; 2023, cc. 50, 51.","full_text":"A\n\nEach bank as defined in § 58.1-1201 as of January 1 of each year shall prepare and file electronically with the commissioner of the revenue or comparable assessing officer of the county, city or town where the principal office of the bank is located on or before March 1, a return that shall set forth the tax on net capital as computed under this chapter. The Department of Taxation shall maintain a secure online portal to receive returns and other required submissions under this chapter in a manner prescribed by the Department for use by commissioners of the revenue or other assessing officers of any locality in accepting filed returns and certifying and transmitting returns to the Department. The commissioner of the revenue or comparable assessing officer shall certify a copy of the bank’s return and schedules and shall forthwith transmit such certified copy to the Department of Taxation. Additionally, an electronic copy of the real estate deduction schedules and the apportionment under § 58.1-1211 shall be filed with the appropriate assessing officer of each political subdivision imposing a tax on the filing bank. Such return shall set forth the tax on net capital owing to each such political subdivision as computed under this chapter and shall include the listing of the real estate, as assessed for the prior year, as well as a description of the total of the obligations of the United States and the average percentage thereof on the four dates prescribed in subdivision 3 of § 58.1-1206. Every bank, on or before June 1 of each year, shall pay into the state treasury the state taxes assessed under this chapter and into the treasurer’s office or other official of the local political subdivisions all taxes assessed by such political subdivision.B\n\nIn accordance with procedures established by the Tax Commissioner, any bank may elect an extension of time within which to file the tax return required under this chapter to the date 60 days after such due date. Such form shall be submitted to the Department of Taxation and the commissioner of the revenue or other assessing officer of any locality in which the bank is required to file.","order_by":null,"text":{"0":{"id":246950,"text":"Each bank as defined in § 58.1-1201 as of January 1 of each year shall prepare and file electronically with the commissioner of the revenue or comparable assessing officer of the county, city or town where the principal office of the bank is located on or before March 1, a return that shall set forth the tax on net capital as computed under this chapter. The Department of Taxation shall maintain a secure online portal to receive returns and other required submissions under this chapter in a manner prescribed by the Department for use by commissioners of the revenue or other assessing officers of any locality in accepting filed returns and certifying and transmitting returns to the Department. The commissioner of the revenue or comparable assessing officer shall certify a copy of the bank’s return and schedules and shall forthwith transmit such certified copy to the Department of Taxation. Additionally, an electronic copy of the real estate deduction schedules and the apportionment under § 58.1-1211 shall be filed with the appropriate assessing officer of each political subdivision imposing a tax on the filing bank. Such return shall set forth the tax on net capital owing to each such political subdivision as computed under this chapter and shall include the listing of the real estate, as assessed for the prior year, as well as a description of the total of the obligations of the United States and the average percentage thereof on the four dates prescribed in subdivision 3 of § 58.1-1206. Every bank, on or before June 1 of each year, shall pay into the state treasury the state taxes assessed under this chapter and into the treasurer’s office or other official of the local political subdivisions all taxes assessed by such political subdivision.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":246951,"text":"In accordance with procedures established by the Tax Commissioner, any bank may elect an extension of time within which to file the tax return required under this chapter to the date 60 days after such due date. Such form shall be submitted to the Department of Taxation and the commissioner of the revenue or other assessing officer of any locality in which the bank is required to file.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-1207\/","history_text":"

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 1984, chapter 675; in 2023, chapters 50<\/a> and 51<\/a>.<\/p>","references":[{"id":84538,"section_number":"58.1-1204.1","catch_line":"Proration for new banks","order_by":null,"url":"\/58.1-1204.1\/"},{"id":61811,"section_number":"58.1-1205","catch_line":"Computation of net capital","order_by":null,"url":"\/58.1-1205\/"},{"id":84743,"section_number":"58.1-1212","catch_line":"(Effective July 1, 2025) Record of deposits through branches required","order_by":null,"url":"\/58.1-1212\/"}],"refers_to":[{"id":83617,"section_number":"58.1-1201","catch_line":"Definitions","order_by":null,"url":"\/58.1-1201\/"},{"id":69371,"section_number":"58.1-1206","catch_line":"(Effective July 1, 2025) Deductions from gross capital","order_by":null,"url":"\/58.1-1206\/"},{"id":68169,"section_number":"58.1-1211","catch_line":"Branch banks","order_by":null,"url":"\/58.1-1211\/"}],"permalink":{"id":252483,"object_type":"law","relational_id":68247,"identifier":"58.1-1207","token":"58.1\/I\/12\/58.1-1207","url":"\/58.1-1207\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-1207\/","token":"58.1\/I\/12\/58.1-1207","dublin_core":{"Title":"(Effective July 1, 2025) Filing of return and payment of tax","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-1207","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each bank<\/span> as defined in § 58.1-1201<\/a> as of January 1 of each year shall prepare and file electronically with the commissioner of the revenue or comparable assessing officer of the county, city or town where the principal office of the bank<\/span> is located on or before March 1, a return that shall set forth the tax on net capital as computed under this chapter. The Department<\/span> of Taxation shall maintain a secure online portal to receive returns and other required submissions under this chapter in a manner prescribed by the Department<\/span> for use by commissioners of the revenue or other assessing officers of any locality in accepting filed returns and certifying and transmitting returns to the Department<\/span>. The commissioner of the revenue or comparable assessing officer shall certify a copy of the bank<\/span>’s return and schedules<\/span> and shall forthwith transmit such certified copy to the Department<\/span> of Taxation. Additionally, an electronic copy of the real estate deduction schedules<\/span> and the apportionment under § 58.1-1211<\/a> shall be filed with the appropriate assessing officer of each political subdivision imposing a tax on the filing bank<\/span>. Such return shall set forth the tax on net capital owing to each such political subdivision as computed under this chapter and shall include the listing of the real estate, as assessed for the prior year, as well as a description of the total of the obligations of the United States and the average percentage thereof on the four dates prescribed in subdivision 3 of § 58.1-1206<\/a>. Every bank<\/span>, on or before June 1 of each year, shall pay into the state treasury the state taxes assessed under this chapter and into the treasurer’s office or other official of the local political subdivisions all taxes assessed by such political subdivision. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In accordance with procedures established by the Tax Commissioner<\/span>, any bank<\/span> may elect an extension of time within which to file the tax return required under this chapter to the date 60 days after such due date. Such form shall be submitted to the Department<\/span> of Taxation and the commissioner of the revenue or other assessing officer of any locality in which the bank<\/span> is required to file. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\n(EFFECTIVE JULY 1, 2025) FILING OF RETURN AND PAYMENT OF TAX (\u00a7 58.1-1207)\n\nA. Each bank as defined in § 58.1-1201 as of January 1 of each year shall\nprepare and file electronically with the commissioner of the revenue or\ncomparable assessing officer of the county, city or town where the principal\noffice of the bank is located on or before March 1, a return that shall set\nforth the tax on net capital as computed under this chapter. The Department of\nTaxation shall maintain a secure online portal to receive returns and other\nrequired submissions under this chapter in a manner prescribed by the Department\nfor use by commissioners of the revenue or other assessing officers of any\nlocality in accepting filed returns and certifying and transmitting returns to\nthe Department. The commissioner of the revenue or comparable assessing officer\nshall certify a copy of the bank’s return and schedules and shall\nforthwith transmit such certified copy to the Department of Taxation.\nAdditionally, an electronic copy of the real estate deduction schedules and the\napportionment under § 58.1-1211 shall be filed with the appropriate\nassessing officer of each political subdivision imposing a tax on the filing\nbank. Such return shall set forth the tax on net capital owing to each such\npolitical subdivision as computed under this chapter and shall include the\nlisting of the real estate, as assessed for the prior year, as well as a\ndescription of the total of the obligations of the United States and the average\npercentage thereof on the four dates prescribed in subdivision 3 of §\n58.1-1206. Every bank, on or before June 1 of each year, shall pay into the\nstate treasury the state taxes assessed under this chapter and into the\ntreasurer’s office or other official of the local political subdivisions\nall taxes assessed by such political subdivision.\n\nB. In accordance with procedures established by the Tax Commissioner, any bank\nmay elect an extension of time within which to file the tax return required\nunder this chapter to the date 60 days after such due date. Such form shall be\nsubmitted to the Department of Taxation and the commissioner of the revenue or\nother assessing officer of any locality in which the bank is required to file.\n\nHISTORY: Code 1950, \u00a7 58-485.013; 1980, c. 578; 1984, c. 675; 2023, cc. 50, 51.","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}}