{"data":{"id":"us-va/va.-code-58.1-1204.1","jurisdiction":"us-va","citation":"Va. Code § 58.1-1204.1","heading":"Proration for new banks","body":"Notwithstanding § 58.1-1204, any bank which did not operate for the entire twelve-month period preceding the January 1 assessment date provided for under § 58.1-1207 shall be entitled to a prorated tax rate as follows:1. 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.2. 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.3. 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.4. 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.For 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.1989, c. 64.","path":["Title 58.1. TAXATION","Subtitle I. TAXES ADMINISTERED BY THE DEPARTMENT OF TAXATION","Chapter 12. BANK FRANCHISE TAX"],"source_url":"https://law.lis.virginia.gov/vacode/58.1-1204.1/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:17:44Z","sha256":"fab7ac04c3fabf620bcbd73be19272e5b4816e85d22507826136209dc818d10d","source_id":"us-va","stale":true,"prev":"us-va/va.-code-58.1-1204","next":"us-va/va.-code-58.1-1205"},"notice":"GroundRules: Original legal text. Not legal advice."}