Virginia Virginia Bank Franchise with Schedules and Instructions

Virginia Bank Franchise with Schedules and Instructions
2025 Virginia Bank Franchise Tax Instructions for Form 64 and Schedules
2026
Virginia Bank Franchise Tax
Instructions for Form 64 and Schedules
This package is for informational use only.
Form 64 and associated schedules must be filed
electronically on the Virginia Tax website.
tax.virginia.gov

Commonwealth of Virginia
Department of Taxation
Richmond, Virginia
804.404.4215

6214005  Rev. 07/25

Table of Contents
Reminders ........................................................................................................................................................... 1
General Instruction .............................................................................................................................................. 2
Who Must File Form 64 ................................................................................................................................. 2
Merging Banks................................................................................................................................................ 2
Branch Banks................................................................................................................................................. 2
Interstate Branch Banks................................................................................................................................. 2
Banks in Receivership or Liquidation............................................................................................................. 2
Locality Names and FIPS Codes.................................................................................................................... 3
When to File................................................................................................................................................... 3
Extension of Time to File................................................................................................................................ 3
How to File...................................................................................................................................................... 3
Payment of Tax............................................................................................................................................... 3
Penalty............................................................................................................................................................ 3
Interest............................................................................................................................................................ 3
Amended Returns........................................................................................................................................... 3
Form 64 Instructions............................................................................................................................................. 3
Instructions For Schedule C................................................................................................................................. 5
Instructions For Schedule CR.............................................................................................................................. 6
Instructions For Schedule D................................................................................................................................. 9
Instructions For Schedule E................................................................................................................................. 9
Instructions For Schedule F................................................................................................................................. 9
Instructions For Schedule H............................................................................................................................... 10
Instructions For Schedule J................................................................................................................................ 10
Instructions For Schedule K............................................................................................................................... 10
Instructions For Schedule L................................................................................................................................ 10
Locality Names and FIPS Codes....................................................................................................................... 11
Informational Copies of Form 64 and Schedules............................................................................................... 13

Reminders
Electronic Filing Requirement and Automatic Filing Extension
Effective beginning January 1, 2025, banks are required to file Form 64 and schedules electronically through a secure online
portal at tax.virginia.gov. The bank franchise tax return is due on or before March 1, each year with a 60-day filing extension
due date of May 1. The bank franchise tax payment is due on or before June 1, each year. Banks will continue to pay the
state portion of bank franchise tax to Virginia Tax and the local bank franchise tax directly to localities.

Registration Required Before Filing
To electronically file Form 64 through the Virginia Tax online portal, banks must first enroll in an online account via the Virginia Tax website at tax.virginia.gov. After enrollment, banks will be able to electronically file Form 64 by uploading data to
our template provided in the portal.

Changes for Local Commissioner of Revenue
Since banks must electronically file Form 64 and schedules through the online portal, banks will no longer submit Form 64
or any schedules to any local Commissioner of Revenue. Instead, the Commissioner of Revenue for the bank’s principal
office locality has secure online access to view and approve/reject the return. The Commissioner of Revenue for all other
localities having a branch bank included on the return have secure online access to view the Schedule C and the Schedule
H related to their locality.

Page 1

GENERAL INSTRUCTIONS
References are to the Code of Virginia, unless otherwise
noted. The laws of Virginia relating to the Bank Franchise
Tax are covered in Va. Code §§ 58.1-1200 through 58.11217.

Who Must File Form 64
1.	Every incorporated bank, banking association, savings
bank that is a member of the federal reserve system, or
trust company organized by or under the authority of the
laws of the Commonwealth; and
2.	 Every bank or banking association organized by or under
the authority of the laws of the United States or any other
state, which is doing business or has an office in the
Commonwealth, or whose charter designates any place
within the Commonwealth as the place of business of
its principal office, whether or not such bank or banking
association is authorized to transact business as a trust
company; and
3.	Every joint stock land bank or other bank organized under
the authority of the laws of the United States upon which
the Commonwealth is authorized to impose a tax.
Every entity that is a bank (as defined above) as of January
1, 2026, must file a return.

Merging Banks
If any banks merged into the filing bank during the tax year,
a schedule should be included showing the U.S. obligations
for the individual bank reports of condition filed by the filing
bank prior to the merger.

Branch Banks
Each bank that has as of the beginning of any tax year a
bank located in any locality other than the locality in which
the bank’s principal office is located must maintain a record
of the deposits made through the branch.

Interstate Branch Banks
Legislation enacted by the 1995 General Assembly allows
Virginia to “opt-in” to interstate branch banking as authorized
by federal legislation. It also amends the definition of “bank”
for Bank Franchise Tax purposes to recognize that an outof-state bank with a branch in Virginia will be subject to the
same tax as Virginia banks.
In the event that a multi-state bank becomes subject to
the Bank Franchise Tax, the Department permits multistate banks that are accepting deposits at branch offices in
another state, including the District of Columbia, to apportion
net capital based on a deposit oriented methodology similar
to that currently specified by the General Assembly for
apportionment among Virginia localities. However, for
purposes of interstate apportionment, the existing statutory
method must be modified to reflect “core” deposits and
exclude time certificates of deposit of $100,000 or more.
Those that do not accept deposits may use the single
property factor. The single property factor is only applicable
when a bank, which meets the definition of “bank” under

Va. Code § 58.1‑1201, has one or more branches,
offices, or facilities in Virginia but no deposits attributed
to any branch, office, or facility in Virginia. This alternative
method will not cause an out-of-state bank that merely
owns property in Virginia (such as foreclosed homes),
but does not transact a banking business at any of its
Virginia properties, to be subject to the Bank Franchise
Tax in lieu of the corporate income tax. See Title 23 of the
Virginia Administrative Code (VAC) 10‑120-20 B 2.
In Public Document 11-182 (11/3/11), the Department
developed an alternative method of apportioning a bank’s
capital subject to Bank Franchise Tax based on Va. Code
§ 58.1-409. This single property factor is a fraction, the
numerator of which is the value of real and tangible property
owned by the bank on December 31 plus annualized rents
for 12 months immediately preceding December 31 used in
Virginia, and the denominator of which is the value of real
and tangible property owned by the bank on December 31
plus annualized rents for 12 months immediately preceding
December 31 used everywhere.
Pre-approval for the single property factor apportionment
method is not required for banks that meet the eligibility
requirement. Complete Schedule L and enclose it with the
Form 64 submission to certify eligibility and compute the
single property factor apportionment percentage.
To request an alternative apportionment method other than
the single property factor, the taxpayer must file the return
using the statutory or prescribed method and pay any tax
due. Next, the taxpayer is required to file an amended
return and enclose Schedule L proposing an alternative
method within the time prescribed for filing amended returns
claiming refunds. Schedule L must include a statement of
why the statutory method or the single property method
are inapplicable or inequitable and an explanation of
the proposed method of allocation and apportionment.
The Department will not grant an alternative method of
allocation and apportionment unless it determines: (1) the
statutory method or the single property method produces
an unconstitutional result under the particular facts and
circumstances of the taxpayer’s situation; or (2) the statutory
method or the single property method are inequitable
because it results in double taxation and the inequity is
attributable to Virginia, rather than another state’s method
of apportionment.

Banks in Receivership or Liquidation
When the affairs of any bank are being finalized under Va.
Code § 6.2-912 et seq. or under comparable provisions of
the National Banking Act, a return of the assets on hand as
of January 1 of each year shall be made by those having
custody or control of the assets. No tax will be assessed
during the period of liquidation. If any surplus remains after
payment of all creditors and depositors, the liquidating
officers shall ascertain the net capital of the bank just prior to
each January 1 during the period of liquidation and pay the
appropriate tax before any distribution of surplus. No penalty
for late payment will be assessed on such payments.

Page 2

Locality Names and FIPS Codes

Penalty

Enter the 5-digit Federal Information Processing Standard
(FIPS) code from Page 11 on Schedule C and Schedule H.

Any bank which fails to file a return and pay the state tax will
be subject to a penalty of 5% of the tax due.

When to File

Interest

The due date for filing Form 64 and all accompanying
schedules is March 1 of each tax year. The 2026 Form 64 is
due March 1, 2026. When the last day on which a tax return
may be filed or a tax may be paid falls on a Saturday, Sunday
or legal holiday, you may file and make payment without
penalty or interest on the next succeeding business day.

Interest at the rate established by Va. Code § 58.1-15 will be
added to the tax if it is not paid by the due date. The interest
rate is the federal “underpayment rate” plus 2%.

Extension of Time to File
Effective January 1, 2025, Virginia law provides an
automatic 60-day filing extension for bank franchise returns.
No application for extension is required. The extension is
for filing the return, not for payment of the tax; therefore,
full payment must be made on or before June 1 to avoid
penalty. See the Payment of Tax section below.

Amended Returns
If it becomes necessary to adjust your original return, you
may file an amended return by completing a new Form 64
return using the corrected figures as if it were an original.
Also mark the “Amended Return” indicator. For Tax Year
2025 and subsequent tax years the amended Form 64 and
all accompanying schedules (Schedules  C  –  L) must be
filed electronically using the online portal. File the amended
return within 3 years from the due date of the original return
including valid filing extensions. See Va. Code § 58.1-1823.

How to File
Form 64 and all accompanying schedules (Schedules C –
L) must be filed electronically on the Department’s website
at www.tax.virginia.gov.
Do not submit a copy of the official Report of Condition
and Income (Call Report) with the Form 64 submission.
The Department will use the Federal Financial Institutions
Examination Council (FFIEC) website to access information
provided on the Call Report.
For additional information, call or write to:
Virginia Department of Taxation
P.O. Box 715
Richmond, VA 23218-0715
804.404.4215

Form 64 Instructions
Principal Office – Enter the name of the locality in which
the principal office is located. Check the appropriate box to
indicate whether the locality is a county, city or town.
New Bank Beginning Date – Enter date the bank started
accepting deposits from customers in the regular course of
doing business.
RSSD-ID Number – Enter the RSSD-ID number assigned
by the Federal Reserve.
Amended Return – Mark this field to indicate that an
amended return is being filed.
Final Return – Mark this field to indicate that this is the final
return.

Payment of Tax
Payment must be made on or before June 1 of the taxable
year. The local tax should be paid directly to the Treasurer
or designated official of each city, county, or incorporated
town imposing the tax. Banks are not required to file local
tax payment receipts with the Department.
Note: No bill or other notice of amount due will be provided
by the Department of Taxation prior to the June 1 payment
due date.
Payments to the Department of Taxation can be made
electronically. The following payment options are available:
•	

Direct debit through the i-File system, at tax.virginia.
gov

•	

ACH credit transaction initiated through your bank
following the instructions in the Electronic Payment
Guide available at tax.virginia.gov

If you choose direct debit, you can schedule to pay your tax
due for a future date, when filing the return before the due
date.
If you choose to pay by check, download Form 64V from
the website and submit the completed form with your check
to ensure the amount is properly credited to your account.

Multi-state Bank – Mark this field to indicate that this return
is for a multi-state bank.
Alternate Apportionment Method – Mark this field to
indicate that an alternative method of apportionment is
being used. An alternative method of apportionment is only
for multi-state banks that do not accept deposits in Virginia.
Line 1 – Equity Capital: Total equity capital as shown on
official Report of Condition and Income (Call Report).
Line 2 – Unallowable Portions of Valuation Reserves:
Line 2a. – Enter 50% of any allowance for loan losses
included in the Equity Capital amount reported on Line 1.
Line 2b. – Enter the applicable deferred tax computed by
multiplying the amount on Line 2a by the bank’s annual
effective federal and state income tax rates that were used
to calculate any deferred tax amounts included in the bank’s
Call Report, but not less than zero.
Line 3 – Total Additions: Subtract Line 2b from Line 2a.
Line 4 – Gross Capital: Sum of Lines 1 and 3.
Line 5 – U.S. Obligations Excluded: The deduction for
obligations of the United States shall include all obligations
of the United States exempt from state taxation under

Page 3

31 U.S.C. § 3124, any other federal statute, or the U.S.
Constitution.
U.S. obligations classified as “held to maturity” should be
valued at amortized cost and U.S. obligations classified as
“available for sale” should be valued at market value.
A partial list of organizations and their taxable status
for purposes of the Virginia exclusion is given below.
For information on organizations not listed, contact the
Department at 804.404.4215.

Issuing Organization
Armed Services Mortgage Insurance
Asian Development Bank
Banks for Cooperatives
Commodity Credit Corporation
Export-Import Bank of the United States
Farmers Home Administration
Federal Deposit Insurance Corporation
(FDIC)
Federal Farm Credit Bank (FFCB)
Federal Financing Bank
Federal Home Loan Bank (FHLB)
Federal Home Loan Bank Stock
Federal Home Loan Mortgage Corp.
(FHLMC)
Federal Housing Administration (FHA)
Federal Intermediate Credit Bank
Federal Land Bank
Federal National Mortgage Association
(FNMA)
Federal Reserve Stock
Federal Savings and Loan
Financial Assistance Corporation
Financing Corporation (FICO)
General Services Administration (GSA)
Government National Mortgage Assn.
(GNMA)
Guam, Government of
Federal Savings & Loan Insurance Corp.
(FSLIC)
Inter-American Development Bank
International Bank for Reconstruction &
Development
Maritime Administration
Mutual Mortgage Insurance Fund
National Defense Housing Insurance
Private Export Funding Corporation (PEFCO)
Production Credit Association
Puerto Rico, Government of
Rental Housing Insurance
Resolution Trust Commission (RTC)
Samoa, American
Small Business Administration (SBA)
State & Local Issued Obligations

Tax
Status

Exempt
Taxable
Exempt
Exempt
Exempt
Taxable
Exempt
Exempt
Exempt
Exempt
Exempt
Taxable
Taxable
Exempt
Exempt
Taxable
Exempt
Exempt
Exempt
Exempt
Taxable
Taxable
Exempt
Exempt
Taxable
Taxable
Taxable
Exempt
Exempt
Taxable
Exempt
Exempt
Exempt
Exempt
Exempt
Taxable
Taxable

Issuing Organization
Student Loan Market Association (SLMA)
Tennessee Valley Authority (TVA)
United States Savings Bonds
United States Postal Service
United States Treasury Bills, Notes, and
Bonds
United States Gov’t Guaranteed Notes-HUD
Virgin Islands, Government of
War Housing Insurance

Tax
Status

Exempt
Exempt
Exempt
Exempt
Exempt
Taxable
Exempt
Exempt

Line 6 – Retained Earnings and Surplus of Subsidiaries
Included in Gross Capital. Enter the Total from Schedule
F.
Line 7 – Goodwill Deduction: Banks are allowed to take
a Bank Franchise Tax deduction of up to 90% of goodwill
created in connection with the acquisition or merger of a
bank on or after July 1, 2001, for purposes of determining
a bank’s capital subject to the Bank Franchise Tax. The
deduction is available for Bank Franchise Tax that is
payable on or after January 1, 2002. Complete Schedule J
to compute the Goodwill Deduction which may be claimed
on Line 7 of Form 64. The completed Schedule J must be
included in the Form 64 submission.
Line 8 – Other (Interest Related to Intangible Assets of
Affiliates): When a bank receives interest from an affiliated
corporation in connection with the acquisition, ownership,
use, or disposition of patents, trademarks, copyrights and
similar property by the affiliate, the deduction of interest
may be disallowed on the affiliate’s Corporate Income Tax
return. The bank would be allowed a deduction from its
gross capital for any portion of the interest that the affiliate
must add back under Va. Code § 58.1‑402 B(9) provided
that: (i) the interest added back by the affiliate was paid to
the bank by the affiliate, (ii) at the time of the payment to
the bank the affiliate was a “related member” as that term
is defined in Va. Code § 58.1-302, and (iii) the interest has
not otherwise been deducted or excluded from the bank’s
gross capital. Report such interest on Line 8 of Form 64 and
include Schedule K with the Form 64 submission to provide
the name, federal employer identification number, Virginia
account number of the affiliate together with a detailed of
the transaction generating the interest. See Schedule K for
details.
Line 9 – Equity Capital Reported as Unrealized Gains
or Losses on Available-for-Sale Securities. For Virginia
reporting purposes, the “Total Equity Capital” as reported on
the Call Report must be adjusted by the amounts reported as
unrealized gains or losses on available-for-sale securities.
See Va. Code § 58.1-1205. Report this adjustment amount
on Line 9. Enter negative numbers (numbers less than 0)
using a minus sign.
Line 12 – Apportionment Percentage. Virginia core
deposits divided by total core deposits. Round the percentage
to no more than 4 decimal places. The percentage cannot
exceed 100%.
Page 4

Apportionment percentage applies only to multi-state
banks. All other banks enter 100%. Banks with no deposits
in Virginia - see the Interstate Branch Banks section on
Page 2 of the instructions. Complete and submit Schedule L
with Form 64 if using an alternative apportionment method.
Also, mark applicable indicators for multi-state bank and
alternative apportionment.
Line 12a.	 Virginia core deposits used in calculating
apportionment percentage.
Line 12b.	 Total core deposits used in calculating
apportionment percentage,
Line 14 – Virginia Real Estate Taxed by Virginia Locality.
Enter the Total from Schedule C.

Banks operating for a full year are assessed at the rate of
$1 of tax per $100 of net taxable capital. If the tax amount
exceeds $18 million, enter $18 million on Line 17.
Line 18 – Credit for Bank Franchise Tax Due to Localities.
Enter the Local Franchise Tax from Line 2 of Schedule H.
Line 20 – Nonrefundable Tax Credits: Enter the total
nonrefundable tax credit amount calculated on Line 13A of
the Schedule CR (Form 64).
Line 21 – Subtract the amount on Line 20 from the tentative
state bank franchise tax on Line 19. This is the reduced
liability after nonrefundable credits are applied.

Instructions For Schedule C
(Form 64)

Line 15 – Tangible Personal Property Otherwise Taxed
by Virginia Localities. Enter the Total from Schedule D.
Tangible personal property qualifying for deduction must be
(1) owned by the bank or a majority owned subsidiary of
the bank. and (2) must be held for lease. and (3) must be
otherwise taxed in Virginia.
1. The deductible amount shall be the book value of the
qualifying tangible personal property owned as of January 1
of the current year franchise tax return.
2. If the tangible personal property is owned by a majorityowned subsidiary, and the bank does not own all the stock
of such subsidiary, the bank shall be entitled to deduct only
such portion of the book value of such tangible personal
property as the common stock it owns in such subsidiary
bears to the whole issue of common stock of such
corporation.
Line 17 – Total Franchise Tax – The tax is $1 on each
$100 of net capital.
New banks that have not been in business for a full year
before the January 1 date for valuing the taxable capital
may use the prorated tax rate schedule below.
•	

Transacting business on or before March 31, 2025,
$1 of tax per $100 of net taxable capital.

•	

Transacting business as of June 30, 2025, but not
before April 1, 2025, $.75 of tax per $100 of net
taxable capital.

•	

Transacting business as of September 30, 2025,
but not before July 1, 2025, $.50 of tax per $100 of
net taxable capital.

•	

Transacting business as of December 31, 2025, but
not before October 1, 2025, $.25 of tax per $100 of
net taxable capital.

For purposes of the Tax Rate Schedule, “transacting
business” means accepting deposits from customers in the
regular course of doing business. A bank shall be eligible
for the prorated tax rate with respect to the first return it is
required to file after accepting deposits. A bank shall not
be eligible for the prorated tax rate if it was organized or
created as a part of a reorganization within the meaning of
Internal Revenue Code § 368(a).

Assessed Value of Real Estate in Virginia
The assessed value of the real estate listed on this schedule
should be reported from the most recent assessment
made prior to January  1, 2026. Real estate acquired or
improvements constructed after January  1, 2026, should
not be listed.
The following items may qualify for deduction:
1.	Real estate owned by the bank.
2.	 Real estate used or occupied by the bank and held in the
name of a majority owned subsidiary of the bank.
3.	 Real estate used or occupied by the bank and held in the
name of a bank holding company that owns a majority
of the capital stock of the bank, or in the name of any
wholly owned subsidiary of such bank holding company.
4.	
The assessed value attributable to leasehold
improvements owned by the bank (or used or occupied
by the bank if owned by a qualified affiliate) up to the
amount of the unencumbered equity, even though it was
assessed in the name of the owner of the underlying
land.
5.	Real estate used or occupied by a majority owned
subsidiary of the bank, if it was otherwise taxed to the
subsidiary, up to that portion of the assessed value
which represents the bank’s percentage of ownership
of the subsidiary’s common stock (computation).
6.	Real estate reacquired by a subsidiary upon foreclosure
of mortgage loans, up to that portion of the assessed
value which represents the bank’s percentage of
ownership of the subsidiary’s common stock (enclose
computation).
Real estate meeting any of the qualifications shown above
must be owned, used, or occupied by the bank as of January
1, 2026. Any property sold prior to or acquired after that
date does not qualify for the deduction. In addition, all real
estate listed on this schedule must be subject to taxation
under Va. Code § 58.1-3200 et seq.

Page 5

Instructions For Schedule CR
(Form 64)

Neighborhood Assistance Act Tax Credit

Credit Computation Schedule
Complete Schedule CR (Form 64) when claiming any tax
credits to offset the bank franchise tax.
Many Virginia tax credits may not be claimed on your return
until after you have submitted an application and have been
notified in writing that you are allowed to claim the credit. If
your return is due and you have not yet been notified, you
may file your return by the due date without claiming the
credit, and file an amended return after you have received
notification.
If the total of your nonrefundable credits exceeds the
balance of the maximum nonrefundable credits available as
shown in Part 1, Line 1A, the following rules will ensure that
you receive the maximum benefit of your credits:
•	

Nonrefundable credits without a carryover provision
are claimed first.

•	

Carryover credits must be fully used before any
current year credits are allowed.

•	

To maximize allowable credit, carryover credits may
be claimed in their order of expiration, regardless of
the order shown on Schedule CR (Form 64).

The Virginia Neighborhood Assistance Tax Act provides
tax credits to businesses that donate money, marketable
securities, property, limited professional services and
contracting services directly to pre-approved Neighborhood
Assistance Program organizations whose primary function
is to provide educational or other qualified services for the
benefit of low-income families. Licensed veterinarians,
physicians, dentists, nurses, nurse practitioners, physician
assistants, optometrists, dental hygienists, professional
counselors, clinical social workers, clinical psychologists,
marriage and family therapists, physical therapists,
chiropractors, pharmacists and physician specialists or
mediators who donate their services for an approved
organization, may be eligible for tax credits. In addition, a
trust, or a fiduciary for a trust, may receive a tax credit for
a donation made to an approved organization. The amount
of credit attributable to a partnership or S corporation must
be allocated to the partners and shareholders in proportion
to their ownership or interest in the partnership or S
corporation. Any unused tax credits may be carried forward
for the next 5 taxable years.
For a list of approved organizations or additional information,
write to:
Virginia Department of Social Services
Neighborhood Assistance Program
5600 Cox Road, 3rd Floor
Glen Allen, VA 23060

Enterprise Zone Act Credit
This credit expired June 30, 2019. Only Enterprise Zone
Real Property Investment Tax Credit carryover amounts
from prior years are allowed. Use the worksheet below to
determine the carryover amount that can be used on this
year’s tax return. Enclose the computation with your return.

or send an email to: [email protected]
or contact the
Virginia Department of Education
23rd Floor, P.O. Box 2120
Richmond, VA 23218-2120
ATTN: Neighborhood Assistance Tax
Credit Program for Education

Line A: 	Credit carried over from prior years:
	

$_____________ .00

Line B: 	
Allowable credit: Enter the amount from
Line A or the maximum credit allowed:
	

$_____________ .00

Line C: 	
Amount to be carried over to next year
(subtract Line B from Line A)
	

$_____________ .00

Enter the allowable credit from Line B of the worksheet on
Line 2A of Schedule CR (Form 64).
For additional information, contact:
Virginia Department of Housing and
Community Development
Real Estate Office
Special Needs Housing
Main Street Centre
600 East Main Street, Suite 300
Richmond, VA 23219-1321
804.371.7000
[email protected]

or email: [email protected]
To claim the Neighborhood Assistance Act Tax Credit,
complete Part 3 of Schedule CR (Form 64) and enclose
a copy of the applicable certificate from the Department of
Social Services or the Department of Education with your
return.

Historic Rehabilitation Tax Credit
A bank or trust company incurring eligible expenses in the
rehabilitation of a certified historic structure is entitled to
claim a credit against the tax imposed by Va. Code § 58.11202. The credit is equal to 25% of eligible rehabilitation
expenses. To qualify for this credit, the cost of the
rehabilitation must equal at least 50% (25% if the building
is an owner-occupied residence) of the assessed value of
the building for local real estate tax purposes in the year
preceding the start of the rehabilitation. For taxable years
beginning on and after January 1, 2017, but before January
1, 2025, the amount of the Historic Rehabilitation Tax Credit

Page 6

that may be claimed by each taxpayer, including carryover
amounts, may not exceed $5 million for any taxable year.
For taxable years beginning on and after January 1, 2025,
the amount of the credit that may be claimed by each
taxpayer, including amounts carried over from prior taxable
years, may not exceed $7.5 million in any taxable year.
The rehabilitation work must be certified by the Virginia
Department of Historic Resources as consistent with the
Secretary of the Interior’s Standards for Rehabilitation. The
request for certification of the completed project must be
submitted within 1 year of the completed work. Any unused
credit may be carried forward for 10 years. Applications for
participation in the program may be obtained by contacting:
Virginia Department of Historic Resources
2801 Kensington Avenue, Richmond, VA 23221
804.482.6097
https://www.dhr.virginia.gov/programs/tax-credits/
To claim this credit, complete Part 4 of Schedule CR (Form
64).

Major Business Facility Job Tax Credit
For taxable years beginning on and after January 1,
1995, but before July 1, 2025, individuals, estates,
trusts, corporations, banks, insurance companies, and
telecommunications companies may claim a Virginia tax
credit if the taxpayer creates at least 50 new full-time jobs in
connection with the establishment or expansion of a major
business facility or if the company is engaged in a qualifying
industry in Virginia and creates at least 50 new full-time jobs
in Virginia. If a taxpayer is located in an enterprise zone
or in an economically distressed area (as defined by the
Virginia Economic Development Partnership), the threshold
is reduced from 50 to 25. Credits will be recaptured
proportionately if employment decreases during the 5 years
following the initial credit year.
Qualifying industries include: (1) manufacturing or mining;
(2) agriculture, forestry or fishing; and (3) transportation and
telecommunications companies. A major business facility
includes a headquarters or portion of such a facility located
in Virginia, where the majority of the company’s financial,
personnel, legal, or planning functions are handled
either on a regional or national basis. A major business
facility shall also include facilities located in Virginia that
perform a central management or administrative function
for other establishments of the same enterprise such as
general management, accounting, computing, tabulating,
data processing, purchasing, transportation or shipping,
engineering and systems planning, advertising, legal,
financial, and research and development.
This nonrefundable credit is equal to $1,000 per qualifying
new job in excess of the 50/25 job threshold and is spread
over 2 years for taxpayers whose initial credit year begins on
or after January 1, 2009. The credit only applies to facilities
where an announcement to expand or establish such a
facility was made on or after January  1, 1994. The credit
must be claimed beginning with the taxable year following
the year in which the facility is established or expanded, or
the new qualifying jobs are added.

Any amount unused this year may be carried forward
for the next 10 taxable years. Credits will be recaptured
proportionately if employment decreases during the 5 years
following the initial credit year. If employment decreases
below the threshold, the entire credit will be recaptured.
All pass-through entities must complete Form TCA within
30 days of certification, but at least 90 days before the
participants file their income tax return. If the participants’
income tax return is due before the Form 502 is filed, they
must file an amended return to claim the credit or file for an
extension.
Taxpayers may qualify for the Major Business Facility Job
Tax Credit even if they have also received an Enterprise
Zone Job Creation Grant. However, qualified business
firms are not eligible to receive both an Enterprise Zone Job
Creation Grant and a Major Business Facility Job Tax Credit
for the same jobs.
To apply for this credit, complete Form 304. All applications
must be submitted to the Department of Taxation, Tax
Credit Unit, P.O. Box 715, Richmond, VA 23218-0715, 90
days prior to the due date of your return. A letter will be sent
to certify the credit. To claim this credit, complete Part 5 of
Schedule CR (Form 64).

Barge and Rail Usage Tax Credit
The Barge and Rail Usage Tax Credit expired January 1,
2025. For taxable years beginning on and after January 1,
2025, taxpayers will no longer be able to earn the credit.
Credits earned in prior taxable years can be carried forward
for 5 taxable years or until the total amount of the tax credit
has been taken, whichever is sooner.

Education Improvement Scholarships Tax Credit
For taxable years beginning on or after January 1, 2014,
but before January 1, 2028, an income tax credit may be
claimed for monetary or marketable securities donations
made to scholarship foundations included on an approved
list published by the Virginia Department of Education. Tax
credits earned during the taxable year must be claimed
beginning with the taxable year during which they were
earned. The credit is equal to 65% of the monetary or
marketable securities donation made to the scholarship
foundation. The credit can be claimed against the individual
income tax, corporate income tax, bank franchise tax,
insurance premiums license tax, or tax on public service
corporations. For individuals, the minimum value of any
monetary or marketable securities donation eligible for a
tax credit is $500 in a taxable year, and the maximum value
of monetary or marketable securities donations eligible for
tax credits is the first $125,000 in value of donations made
in a taxable year. Limitations on the maximum values of
donations eligible for tax credits in a taxable year do not
apply to donations made by any business entity, including a
sole proprietorship.
Tax credits will be awarded to taxpayers on a first-come, firstserved basis in accordance with procedures established by
the Virginia Department of Education. The total amount of
credits available in any fiscal year is capped at $25 million.

Page 7

Any unused tax credits may be carried over for the next
5 succeeding taxable years or until the total amount of
credit has been taken, whichever is sooner. To claim this
credit, complete Part 7 of the Schedule CR. For additional
information on how to qualify for certification, contact the
Virginia Department of Education, 23rd Floor, P.O. Box
2120, Richmond, VA 23218-2120, Attn: Scholarships Tax
Credits Program or email [email protected].

Worker Training Tax Credit
For taxable years beginning on and after January 1, 2019,
but before July 1, 2025, businesses may claim the Worker
Training Tax Credit for the training costs of providing eligible
worker training to qualified employees. The credit is 35% of
expenses incurred by the business during the taxable year
for eligible worker training, subject to certain limitations. If
the recipient of the training is a qualified employee, the credit
may not exceed $500 per qualified employee annually. If
the recipient of the training is a non-highly compensated
worker, the credit may not exceed $1,000 per non-highly
compensated worker annually.
“Eligible worker training” means the training of a qualified
employee or non-highly compensated worker in the form of:
•	

•	

credit or noncredit courses at any institution
recognized on the Eligible Training Provider List or
at any Virginia public institution of higher education,
as such term is defined in Va. Code § 23.1-100,
or as described in Va. Code §§ 23.1‑3111, 23.13115, 23.1-3120, and 23.1-3125, that results in
the qualified employee or non-highly compensated
worker receiving a workforce credential; or
instruction or training that is part of an apprenticeship
agreement approved by the Virginia Department of
Workforce Development and Advancement-Virginia
Works.

“Qualified employee” means an employee of a business
eligible for the Worker Training Tax Credit in a full-time
position requiring a minimum of 1,680 hours in the entire
normal year of the business’ operations if the standard
fringe benefits are paid by the business for the employee.
Employees in seasonal or temporary positions may not
qualify as qualified employees. “Qualified employee” does
not include an owner or relative. “Non-highly compensated
worker” means a worker whose income is less than Virginia’s
median wage, as reported by the Virginia Employment
Commission, in the taxable year prior to applying for the
credit. “Non-highly compensated worker” does not include
an owner or relative.
Before claiming the credit on their income tax return,
employers and businesses must apply for certification of
the amount of allowable credit using Form WTC, Worker
Training Tax Credit Application, by April 1 of the year
following the year in which the expenses were paid or
incurred. All approved employers and businesses filing a
timely Form WTC will be notified of their allowable credit by
June 30 of the calendar year following the year in which the
expenses were incurred. The maximum amount of Worker
Training Tax Credits that may be granted to taxpayers in

a taxable year is capped at $1 million. If the total amount
of credits applied for and approved exceeds $1 million,
credits will be apportioned on a pro rata basis. This credit is
nonrefundable but excess credit may be carried over for the
next 3 taxable years. To claim this credit, complete Part 9 of
Schedule CR (Form 64). For information on pre-approved
apprenticeship programs, contact the Virginia Department
of Workforce Development and Advancement at
804.221.5776.

Major Research and Development Expenses Tax
Credit
The Major Research and Development Tax Credit expired
January 1, 2025. For taxable years beginning on and after
January 1, 2025, taxpayers will no longer be able to earn the
credit. Credits earned in prior taxable years can be carried
forward for 10 taxable years or until the total amount of the
tax credit has been taken, whichever is sooner.

Virginia Housing Opportunity Tax Credit
Effective for taxable years beginning on and after January 1,
2021, but before January 1, 2031, a housing opportunity tax
credit (“HOTC”) is available for certain low-income building
projects in an amount up to the amount of federal lowincome housing tax credit (“LIHTC”) allocated or allowed
by the Virginia Housing Development Authority (“VHDA”) to
such projects. To be qualified, the project is required to be
a qualified low-income building, as defined under federal
law, that is:
•	

Located in Virginia;

•	

Placed in service on or after January 1, 2021; and

•	

Allocated HOTC by VHDA.

For taxable years beginning on and after January 1, 2021,
but before January 1, 2026, a qualified taxpayer may claim a
housing opportunity tax credit against its Virginia tax liability
prior to reduction by any other credits allowed the taxpayer.
The housing opportunity tax credit may be allocated by passthrough entities to some or all of its partners, members, or
shareholders in any manner agreed to by such persons,
regardless of whether or not any such person is allocated or
allowed any portion of any federal low-income housing tax
credit with respect to the qualified project, whether or not
the allocation of the housing opportunity tax credit under
the terms of the agreement has substantial economic effect
within the meaning of § 704(b) of the Internal Revenue Code,
and whether or not any such person is deemed a partner
for federal income tax purposes as long as the partner
or member would be considered a partner or member as
defined under applicable state law, and has been admitted
as a partner or member on or prior to the date for filing the
qualified taxpayer’s tax return, including any amendments
thereto, with respect to the year of the housing opportunity
tax credit. Such pass-through entities or qualified taxpayer
may assign all or any part of its interest, including its interest
in the tax credits, to one or more pass- through entities or
qualified taxpayers, and the qualified taxpayer shall be able
to claim the housing opportunity tax credit so long as its
interest is acquired prior to the filing of its tax return claiming
the housing opportunity tax credit.

Page 8

For calendar years 2022 through 2025, the total amount
of housing opportunity tax credits authorized for qualified
projects under this article shall not exceed $60 million per
calendar year. Such credits issued each calendar year
shall be allowed ratably, with one-tenth of the total amount
of credits allowed annually for 10 years over the credit
period, except that there shall be a reduction in the tax
credit allowable in the first year of the credit period due to
the calculation in 26 U.S.C. § 42(f)(2) and any reduction by
reason of 26 U.S.C. § 42(f)(2) in the credit allowable for the
first taxable year of the credit period shall be allowable for
the first taxable year following the credit period.
$20 million of such credits shall be first allocated exclusively
for qualified projects located in a locality with a population
no greater than 35,000 as determined by the most recent
United States census. Such allocation of Virginia housing
opportunity tax credits shall constitute the minimum amount
of such tax credits to be allocated for qualified projects in
such localities. However, if the amount of such tax credits
requested for qualified projects in such localities is less
than the total amount of such credits available for qualified
projects in such localities, the balance of such credits shall
be allocated for any qualified project, regardless of location

value of such tangible personal property as the com­
mon stock it owns in such subsidiary bears to the
whole issue of common stock of such corporation.
3. 	Property used by the bank for administrative
purposes is not eligible for deduction.

Instructions For Schedule E
(Form 64)
Computation of Capital Attributed to United
States Obligations
The allowable deduction for government obligations must be
an amount equal to the same percentage of the gross capital
account on December 31 preceding the bank franchise tax
year, as the obligations of the United States bear to the
total assets of the bank. Qualifying government obligations
means all obligations of (1) the United States exempt from
taxation under 31 U.S.C. Section 3124, or the United States
Constitution or any other statute, or (2) any instrumentality
or agency of the United States which obligations shall be
exempt from State or local taxation under the United States
Constitution, or any statute of the United States.
1.	 Computation of deduction. The percentage of
U.S. obligations shall be determined by averaging
the  amounts reported for the four most recent (or
less in case of a new bank) Reports of Condition
and Income for U.S. obligations and total assets (as
adjusted on Form 64). The total assets per quarter
should not include 90% of the goodwill created in
connection with the acquisition or merger of a bank
on or after July 1, 2001. The average percentage
shall be multiplied by the gross capital of the bank
as defined in Va. Code § 58.1-1205. The result shall
be the capital attributed to U.S. obligations and is
the deduction.

Credits must be allocated by pass-through entities to its
partners, shareholders, or members using Form TCA which
must be filed within 30 days of credit certification, but at
least 90 days before the participants file their income tax
return.
The credit is allowed against the individual income tax,
estate and trust income tax, corporate income tax, bank
franchise tax, insurance premiums license tax, and license
tax telegraph, telephone, water, heat, light, power, and
pipeline companies.
Any unused credit amount may be carried forward for 5
years from the year in which the credit is allocated to the
taxpayer.

2.	 Merger of banks. Banks merging during the year
must use the four most recent quarterly Reports
of Condition and Income, including any reports
filed in the name of the banks prior to merger, to
compute the capital attributable to U.S. government
obligations. Those quarterly Reports of Condition
filed in the name of each bank prior to merger, and
used in the computa­tion of capital attributed to U.S.
obligations, must be combined on a quarterly basis
to properly reflect the total U.S. obligations and
total assets of the merging banks.

For more information, contact Virginia Housing
Development Authority, 601 S. Belvidere Street,
Richmond, VA 23220, call Stephanie Flanders at
804.343.5939, or visit www.virginiahousing.com.

Instructions For Schedule D
(Form 64)
Book Value of Tangible Personal Property
Otherwise Taxed in Virginia
Tangible personal property qualifying for de­duction must be
(1) owned by the bank or a majority ­owned subsidiary of
the bank, and (2) must be held for lease, and (3) must be
otherwise taxed in Virginia.
1.	 The deductible amount shall be the book value of
the qualifying tangible personal property owned as
of January 1 of the current year franchise tax return.
2.	 If the tangible personal property is owned by a
majority-owned subsidiary, and the bank does not
own all the stock of such subsidiary, the bank shall
be entitled to deduct only such portion of the book

Instructions For Schedule F
(Form 64)
Retained Earnings and Surplus of Subsidiaries
The deduction from gross capital of the bank is limited to the
amount of increase in the bank’s recorded investment in its
subsidiaries re­sulting from undistributed earnings of such
sub­sidiaries.
The deduction from gross capital of the bank is limited to
the amount included in gross capital on the bank’s Call

Page 9

Report which represents the undistributed earnings of its
subsidiaries during the period of the bank’s investment in
such subsidiaries. Accordingly, it may be applicable only if
a bank reports its subsidiary investment accounts at equity
values.

Instructions For Schedule H
(Form 64)
County, City, or Town Taxes
Generally, any Virginia city, or any incorporated town, which
has a bank located therein, may, by ordinance, impose a
bank franchise tax on the banks located in the locality. The
tax shall not exceed 80% of the State bank franchise tax
rate.
If a bank located in a city, or incorporated town, has offices
located outside the corporate limits of the city, or incorporated
town, the bank franchise tax must be apportioned. The
local bank franchise tax is imposed upon the proportion
of the taxable value of net capital deemed in each political
subdivision based on deposits.

Instructions For Schedule J
(Form 64)
Goodwill Deduction
Banks are allowed to take a Bank Franchise Tax deduction
of up to 90% of goodwill created in connection with the
acquisition or merger of a bank on or after July 1, 2001,
for purposes of determining a bank’s capital subject to the
Bank Franchise Tax.

Instructions For Schedule K
(Form 64)
Interest Related to Intangible Assets of Affiliates

When a bank receives interest from an affiliated corporation
in connection with the acquisition, ownership, use, or
disposition of patents, trademarks, copyrights and similar
property by the affiliate, the deduction of interest may be
disallowed on the affiliate’s Corporate Income Tax return.
The bank would be allowed a deduction from its gross
capital for any portion of the interest that the affiliate must
add back under Va. Code § 58.1‑402 B(9) provided that: (i)
the interest added back by the affiliate was paid to the bank
by the affiliate, (ii) at the time of the payment to the bank the
affiliate was a “related member” as that term is defined in
Va. Code § 58.1-302, and (iii) the interest has not otherwise
been deducted or excluded from the bank’s gross capital.
Complete Schedule K to provide information for applicable
interest payments by affiliates, including:

•	

Name of the affiliate paying the interest,

•	

FEIN

•	

Taxable year of the Virginia income tax return on
which the affiliate reported this payment.

•	

Amount of interest paid by the affiliate.

•	

Date interest paid by the affiliate.

•	

Portion of this interest payment included in the
capital amount shown on the Call report.

•	

Amount of the addition that the affiliate reported
on its Virginia return.

Instructions For Schedule L
(Form 64)
Alternative Apportionment Method
An alternative method of apportionment is only for multistate banks that do not accept deposits or have property in
Virginia.
In Public Document 11-182 (11/3/11), the Department
developed an alternative method of apportioning a bank’s
capital subject to Bank Franchise Tax based on Va. Code
§ 58.1-409. This single property factor is a fraction, the
numerator of which is the value of real and tangible property
owned by the bank on December 31 plus annualized rents
for 12 months immediately preceding December 31 used in
Virginia, and the denominator of which is the value of real
and tangible property owned by the bank on December 31
plus annualized rents for 12 months immediately preceding
December 31 used everywhere. The single property factor
is only applicable when a bank, which meets the definition
of “bank” under Va. Code § 58.1‑1201, has one or more
branches, offices, or facilities in Virginia but no deposits
attributed to any branch, office, or facility in Virginia. This
alternative method will not cause an out-of-state bank
that merely owns property in Virginia (such as foreclosed
homes), but does not transact a banking business at any of
its Virginia properties, to be subject to the Bank Franchise
Tax in lieu of the corporate income tax. See Title 23 of the
Virginia Administrative Code (VAC) 10‑120-20 B 2.
Those that wish to use an alternative to the method described
above must request permission from the Tax Commissioner
to use an alternative method of apportionment. In order
to request an alternative method, the bank must file a
return using an alternative method of apportioning capital;
include Schedule L providing a statement regarding why
the statutory method and the method described in Public
Document 11-182 are inapplicable or inequitable as
applied to the taxpayer; and include an explanation of the
proposed method of apportionment in sufficient detail for
the Department to make a meaningful review.

Page 10

Locality Names and FIPS Codes
Counties
Accomack	51001
Albemarle	51003
Alleghany	51005
Amelia	51007
Amherst	51009
Appomattox	51011
Arlington	51013
Augusta	51015
Bath	51017
Bedford	51019
Bland	51021
Botetourt	51023
Brunswick	51025
Buchanan	51027
Buckingham	51029
Campbell	51031
Caroline	51033
Carroll	51035
Charles City	 51036
Charlotte	51037
Chesterfield	
51041
Clarke	51043
Craig	51045
Culpeper	51047
Cumberland	51049
Dickenson	51051
Dinwiddie	51053
Essex	51057
Fairfax (County)	51059
Fauquier	51061
Floyd	51063
Fluvanna	51065
Franklin
(County)	
51067
Frederick	51069
Giles	51071
Gloucester	51073
Goochland	51075
Grayson	51077
Greene	51079
Greensville	51081
Halifax	51083
Hanover	51085
Henrico	51087
Henry	51089
Highland	51091
Isle Of Wight	 51093
James City	
51095
King George	 51099
King And Queen	51097
King William	
51101
Lancaster	51103
Lee	51105
Loudoun 	
51107
Louisa	51109
Lunenburg	51111
Madison	51113
Mathews	51115
Mecklenburg	51117
Middlesex	51119
Montgomery	51121
Nelson	51125
New Kent	
51127
Northampton	51131
Northumberland	51133

Nottoway	51135
Orange	51137
Page	51139
Patrick	51141
Pittsylvania	51143
Powhatan	51145
Prince Edward	 51147
Prince George	 51149
Prince William	 51153
Pulaski	51155
Rappahannock	51157
Richmond
(County)	
51159
Roanoke
(County)	
51161
Rockbridge	51163
Rockingham	51165
Russell	51167
Scott	51169
Shenandoah	51171
Smyth	51173
Southampton	51175
Spotsylvania	51177
Stafford	
51179
Surry	51181
Sussex	51183
Tazewell	51185
Warren	51187
Washington	51191
Westmoreland	51193
Wise	51195
Wythe	51197
York	
51199
Cities
Alexandria	51510
Bristol	51520
Buena Vista	
51530
Charlottesville	51540
Chesapeake	51550
Colonial Heights	51570
Covington	51580
Danville	51590
Emporia	51595
Fairfax (City)	 51600
Falls Church	 51610
Franklin (City)	 51620
Fredericksburg	51630
Galax	51640
Hampton	51650
Harrisonburg	51660
Hopewell	51670
Lexington	51678
Lynchburg	51680
Manassas	51683
Manassas Park	51685
Martinsville	51690
Newport News	 51700
Norfolk 	
51710
Norton	51720
Petersburg	51730
Poquoson	51735
Portsmouth	51740
Radford	51750
Richmond (City)	51760
Roanoke (City)	 51770
Salem	51775

Staunton	51790
Suffolk	
51800
Virginia Beach	 51810
Waynesboro	51820
Williamsburg	51830
Winchester	51840
Towns
Abingdon	51300
Accomac	51301
Alberta	51302
Altavista	51303
Amherst	51304
Appalachia	51305
Appomattox	51306
Ashland	51307
Bedford	51494
Belle Haven	
51308
Berryville	51309
Big Stone Gap	 51310
Blacksburg	51311
Blackstone	51312
Bloxom	51313
Bluefield	
51314
Boones Mill	
51315
Bowling Green	 51316
Boyce	51317
Boydton	51318
Boykins	51319
Branchville	51320
Bridgewater	51321
Broadnax	51323
Broadway	51322
Brookneal	51324
Buchanan	51325
Burkeville	51326
Cape Charles	 51327
Capron	51328
Cedar Bluff	
51329
Charlotte Court
House	51330
Chase City	
51331
Chatham	51332
Cheriton	51333
Chilhowie	51334
Chincoteague	51335
Christiansburg	51336
Claremont	51337
Clarksville	51338
Cleveland	51339
Clifton	51340
Clifton Forge	 51493
Clinchco	51490
Clinchport	51341
Clintwood	51342
Coeburn	51344
Colonial Beach	 51345
Columbia	51346
Courtland	51347
Craigsville	51348
Crewe	51349
Culpeper	51350
Damascus	51351
Dayton	51352
Dendron	51353
Dillwyn	51354
Drakes Branch	 51355

Page 11

Dublin	51357
Duffield	
51358
Dumfries	51359
Dungannon	51360
Eastville	51361
Edinburg	51362
Elkton	51363
Exmore	51364
Farmville	51365
Fincastle	51366
Floyd	51367
Fries	51368
Front Royal	
51369
Gate City	
51370
Glade Spring	 51371
Glasgow	51372
Glen Lyn	
51373
Gordonsville	51374
Goshen	51375
Gretna	51376
Grottoes	51377
Grundy	51378
Halifax	51379
Hallwood	51380
Hamilton	51381
Haymarket	51382
Haysi	51383
Herndon	51384
Hillsboro	51385
Hillsville	51386
Honaker	51387
Hurt	51388
Independence	51389
Iron Gate	
51390
Irvington	51391
Ivor	51392
Jarratt	51393
Jonesville	51394
Keller	51395
Kenbridge	51396
Keysville	51397
Kilmarnock	51398
La Crosse	
51399
Lawrenceville	51400
Lebanon	51401
Leesburg	51402
Louisa	51403
Lovettsville	51404
Luray	51405
Madison	51406
Marion	51407
McKenney	51408
Melfa	51409
Middleburg	51410
Middletown	51411
Mineral	51412
Monterey	51413
Montross	51414
Mount Crawford	51415
Mount Jackson	 51416
Narrows	51417
Nassawadox	51418
New Castle	
51419
New Market	
51420
Newsoms	51421
Nickelsville	51422

Occoquan	51423
Onancock	51424
Onley	51425
Orange	51426
Painter	51427
Pamplin City	 51428
Parksley	51429
Pearisburg	51430
Pembroke	51431
Pennington Gap	51432
Phenix	51433
Pocahontas	51434
Port Royal	
51435
Pound	51436
Pulaski	51437
Purcellville	51438
Quantico	51439
Remington	51440
Rich Creek	
51441
Richlands	51442
Ridgeway	51443
Rocky Mount	 51444
Round Hill	
51445
Rural Retreat	 51446
Saint Paul	
51448
Saltville	51449
Saxis	51450
Scottsburg	51451
Scottsville	51452
Shenandoah	51453
Smithfield	
51454
South Boston	 51492
South Hill	
51455
Stanardsville	51456
Stanley	51457
Stephens City	 51458
Stony Creek	 51459
Strasburg	51460
Stuart	51461
Surry	51462
Tangier	51463
Tappahannock	51464
Tazewell	51465
The Plains	
51466
Timberville	51467
Toms Brook	
51468
Troutdale	51469
Troutville	51470
Urbanna	51471
Victoria	51472
Vienna	51473
Vinton	51474
Virgilina	51475
Wachapreague	51476
Wakefield	
51477
Warrenton	51478
Warsaw	51479
Washington	51480
Waverly	51481
Weber City	
51482
West Point	
51483
White Stone	 51484
Windsor	51485
Wise	51486
Woodstock	51487
Wytheville	51488

Page 12

FORM 64	

Virginia Bank Franchise Tax Return	
Name of Bank or Trust Company

2026

Federal ID Number

INFORMATIONAL COPY

File this return electronically Street Address or P.O. Box
on or before March 1, 2026 at
www.tax.virginia.gov.
City, Town, or Post Office

Date Chartered

Electronic Filing Required
State

ZIP Code

EACH BANK AND TRUST COMPANY MUST PROVIDE THE INFORMATION SPECIFIED BELOW:

Principal office is located in ________________________________________________, Virginia. (Check Only One) 

 City 

 County 

 Town

New Bank - Beginning Date _________________________________________________ RSSD-ID Number _____________________
	 Amended Return 	

	 Final Return 	

	 Multi-state Bank 	

	 Alternate Apportionment Method

BANK CAPITAL ASSESSABLE AS OF JANUARY 1, 2026
CAPITAL ACCOUNTS
1. Total equity capital from official FFIEC Reports of Condition and Income (Call Report)

1

.00

ADDITIONS
2. Unallowable Portions of Valuation Reserves:
a.	 Enter 50% of any Allowance for Loan Losses included in Line 1 above

2a

.00

b.	 Applicable Deferred Tax (Multiply the amount on 2a by the bank’s annual effective income
2b
tax rate)

.00

3. Total Additions (Subtract Line 2b from Line 2a)

3

.00

4. Gross Capital (Sum of Lines 1 and 3)

4

.00

DEDUCTIONS
5. Pro-rata Share of United States Obligations (From Schedule E, Line 5)

5

.00

6. Retained Earnings and Surplus of Subsidiaries Included in Gross Capital (From Schedule F)

6

.00

7. Deduction for Goodwill (From Schedule J, Line 2)

7

.00

PY 8
O
CSee the ed
9. Adjustment for any Unrealized Gains or Losses on Available-for-Sale Securities
L
ir 9
instructions. Enter negative numbers (numbers less than 0) using a minus sugn.
A
u
N
eq
IO
R
10. Total Deductions Before Apportionment (Sum of Lines 5 through 9)
T
A
ng
iAND
l
M
i
COMPUTATION
OF
CAPITAL
APPORTIONMENT
R
F
c
O
i
F
11. Capital Before Virginia Modifications (Line 4 less
INLine 10)ctron
12. Apportionment Percentage. (Virginia core deposits divided
Ele by total core deposits.) NOTE: Apportionment percentage
applies only to multistate banks. All other banks enter 100%. Banks with no deposits in Virginia - see the Interstate
8. Other (Interest Related to Intangible Assets of Affiliates). Enclose Schedule K.

.00
.00
10

.00

11

.00

Branch Banks section on Page 2 of the instructions.

a. Virginia core deposits used in calculating apportionment percentage

12a

.00

b. Total core deposits used in calculating apportionment percentage

12b

.00

Divide Line 12a by Line 12b and enter here. Round the number to no more than 4 decimal places.

12

%

13. Capital Attributable to Virginia (Multiply Line 11 by the percentage on Line 12)

13

.00

14. Virginia Real Estate Taxed by Virginia Locality (From Schedule C, Total)

14

.00

15. Tangible Personal Property Otherwise Taxed by Virginia Localities (From Schedule D, Total)

15

.00

Continued on Next Page
Page 13

FORM 64	

Virginia Bank Franchise Tax Return	

Page 2

2026

COMPUTATION OF NET CAPITAL AND TAX

PY
O
C iseless.
d
17. Total Franchise Tax (See Tax Rate Schedule). Enter the total tax or $18,000,000Lwhichever r
i
A
u
O2)N Req
18. Credit for Bank Franchise Tax Due to Localities (From Schedule H, Line
I
T
A
ing
l
M
i
19. Tentative State Bank Franchise Tax Due (Line 17 less Line
18)
OR nic F
F
N 13A tro
20. Nonrefundable Tax Credits from Schedule CR,ILine
ec20 from Line 19. This is the amount of tax you owe.
21. Adjusted State Bank Franchise Tax Due. Subtract
ElLine
16. Net Taxable Capital (Line 13 less the total of Line 14 and Line 15)

16

.00

17

.00

18

.00

19

.00

20

.00

21

.00

Bank Officer’s Declaration and Signature: I, the undersigned officer of the bank or trust company for which this return is made, declare under the
penalties provided by law that this return has been examined by me and is, to the best of my knowledge and belief, a true, correct, and complete return,
made in good faith, for the taxable year stated.
By checking the box to the right, I (we) authorize the Department to discuss this return with the undersigned preparer.
Signature of Officer

Title of Officer

Phone Number

Date

INFORMATIONAL COPY

Print Preparer’s Name and Firm Name

Date

Preparer’s FEIN, PTIN, or SSN

Preparer Phone Number

Individual or Firm, Signature of Preparer

Address of Preparer

Electronic Filing Required
Approved Vendor Code

Commissioner of the Revenue Certification: Check here to certify assessment
Name of assessing officer_________________________________ 	

and enter date of certification here (mm/dd/yyyy) _____________________

Page 14

Schedule C	
(Form 64)	
	

2026

Virginia Department of Taxation	

Bank Franchise Tax
Assessed Value of Real Estate in Virginia

•	 For each parcel of real estate subject to taxation in Virginia, report the most recent assessed value made prior to January 1, 2026.
•	 A property may not be listed more than once.
•	 Instructions for this Schedule are on Page 5 of the instructions.
Name of Bank or Trust Company

Federal ID Number

A
Location

B
Name in Which Assessed

(Include Physical Street Address, County or
City / Town)

C
Assessed Value

D
Value Deductible

1a Address 1

1b Address 2

1c County, City, or Town 	

.00

$	

.00

.00

$	

.00

.00

$	

.00

$	

.00

$	

.00

$	

.00

$	

.00

$	

.00

$	

.00

TOTAL (Enter on Form 64, Line 14.) $	

.00

$	
FIPS Code

2a Address 1

2b Address 2

2c County, City, or Town 	
3a Address 1

3b Address 2

3c County, City, or Town 	
4a Address 1

PY$	
O
L C ired
A
u
ON Req
I
AT ling
M
R
Fi
$	
c
O
i
F
n
IN ctro
Ele

FIPS Code

FIPS Code

4b Address 2

4c County, City, or Town 	

FIPS Code

5a Address 1

5b Address 2

5c County, City, or Town 	

FIPS Code

6a Address 1

6b Address 2

6c County, City, or Town 	

FIPS Code

7
Bank Representative Contact

Phone Number

Email Address (Optional)

Page 15

Schedule CR	
(Form 64)	
	

2026

Virginia Department of Taxation	

Bank Franchise Tax
Credit Computation Schedule

Name of Bank or Trust Company

Federal ID Number

PART 1 – MAXIMUM NONREFUNDABLE TAX CREDITS
A Enter the tax from Form 64, Line 19. The maximum total nonrefundable credits claimed on
Line 13A may not exceed this amount..................................................................................................