- What is the bank franchise tax?
- How is the bank franchise tax assessed and what is the tax rate?
- How do I register to file the bank franchise tax with the Finance Department Revenue Division?
- When must the bank franchise tax be filed?
- When must the bank franchise tax be paid and is there a penalty for late payment?
- Where can I call with any questions regarding the bank franchise tax?
What is the bank franchise tax?
Virginia Code Section 58.1-1210 provides that banks pay a franchise tax in lieu of business license and business personal property taxes. The term “bank” means any incorporated bank, banking association or savings bank that is a member of the Federal Reserve System. For additional information, please visit the Finance Department website or call (804) 501-7329.
How is the bank franchise tax assessed and what is the tax rate?
The bank franchise tax is assessed based on a bank’s net capital. The tax rate is $1 for every $100 of net capital. For additional information, please visit the Finance Department website or call (804) 501-7329.
How do I register to file the bank franchise tax with the Finance Department Revenue Division?
Bank franchise tax returns are available from the state Taxation Department; call (804) 440-2542. For additional information, please visit the Finance Department website or call (804) 501-7329.
When must the bank franchise tax be filed?
As provided in Virginia Code Section 58.1-1207, each bank whose principal office is located in Henrico County must file with the Finance director a copy of the bank franchise tax return by March 1 of each year. Each bank that has a headquarters outside Henrico but maintains a branch or branches in the county must file with the Finance director a copy of the real estate deduction schedule by March 1 of each year. For additional information, please visit the Finance Department website or call (804) 501-7329.
When must the bank franchise tax be paid and is there a penalty for late payment?
The tax is due by June 1 of each year. There is a 5 percent penalty for late payment. For additional information, please visit the Finance Department website or call (804) 501-7329.
Where can I call with any questions regarding the bank franchise tax?
Please visit visit the Finance Department website or call (804) 501-7329.
