                                 CODE OF VIRGINIA

(EFFECTIVE JULY 1, 2025) FILING OF RETURN AND PAYMENT OF TAX (§ 58.1-1207)

A. Each bank as defined in &#xA7; 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&#8217;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 &#xA7; 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 &#xA7;
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&#8217;s office or other official of the local political subdivisions
all taxes assessed by such political subdivision.

B. 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.

HISTORY: Code 1950, § 58-485.013; 1980, c. 578; 1984, c. 675; 2023, cc. 50, 51.