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Virginia Bank Franchise Tax
2023 Form 64, Schedules, and Instructions
Commonwealth of Virginia
Department of Taxation
Richmond, Virginia
(804) 404-4215
www.tax.virginia.gov
6214005 Rev. 08/22
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TABLE OF CONTENTS
Page No.
Who Must File Form 64 .....................................................................................................................................................................1
Merging Banks ...................................................................................................................................................................................1
Branch Banks .....................................................................................................................................................................................1
Interstate Branch Banks .....................................................................................................................................................................1
Banks in Receivership or Liquidation ................................................................................................................................................2
When to File .......................................................................................................................................................................................2
Where to File ......................................................................................................................................................................................2
Assessment of Tax .............................................................................................................................................................................2
Payment of Tax ..................................................................................................................................................................................2
Penalty ................................................................................................................................................................................................2
Interest ................................................................................................................................................................................................2
Official Report of Condition and Income ..........................................................................................................................................2
Amended Returns ...............................................................................................................................................................................2
Form 64 Instructions ..........................................................................................................................................................................2
Instructions for Schedule C ................................................................................................................................................................3
Instructions for Schedule CR (Form 64) ............................................................................................................................................4
Commissioners of the Revenue Mailing Addresses ............................................................................................... Inside Back Cover
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 58.1-1217.
GENERAL INSTRUCTIONS bank with a branch in Virginia will be subject to the same tax as
Virginia banks.
Who Must File Form 64
In the event that a multi-state bank becomes subject to the Bank
1. Every incorporated bank, banking association, savings Franchise Tax, the Department permits multi-state banks that are
bank that is a member of the federal reserve system, or trust accepting deposits at branch offices in another state, including the
company organized by or under the authority of the laws of the District of Columbia, to apportion net capital based on a deposit
Commonwealth; and oriented methodology similar to that currently specified by the
2. Every bank or banking association organized by or under the General Assembly for apportionment among Virginia localities.
authority of the laws of the United States or any other state, However, for purposes of interstate apportionment, the existing
which is doing business or has an office in the Commonwealth, statutory method must be modified to reflect “core” deposits and
or whose charter designates any place within the Commonwealth exclude time certificates of deposit of $100,000 or more.
as the place of business of its principal office, whether or not Those that do not accept deposits must request permission from the
such bank or banking association is authorized to transact Tax Commissioner to use an alternative method of apportionment.
business as a trust company; and In order to request an alternative method, the bank must:
3. Every joint stock land bank or other bank organized under • file a return using an alternative method of apportioning
the authority of the laws of the United States upon which the capital;
Commonwealth is authorized to impose a tax.
• provide a statement regarding why the statutory method is
Every entity that is a bank (as defined above) as of January 1, 2023, inapplicable or inequitable as applied to the taxpayer; and
must file a return.
• submit an explanation of the proposed method of apportionment
Merging Banks in sufficient detail for the Department to make a meaningful
review.
If any banks merged into the filing bank during the tax year, a
schedule should be included showing the U.S. obligations for the In Public Document 11-182 (11/3/11), the Department developed
individual bank reports of condition filed by the filing bank prior an alternative method of apportioning a bank’s capital subject to
to the merger. Bank Franchise Tax based on Va. Code § 58.1-409. This single
property factor is a fraction, the numerator of which is the value
Branch Banks of real and tangible property owned by the bank on December 31
Each bank that has as of the beginning of any tax year a bank plus annualized rents for 12 months immediately preceding
located in any locality other than the locality in which such bank’s December 31 used in Virginia, and the denominator of which
principal office is located must maintain a record of the deposits is the value of real and tangible property owned by the bank on
made through such branch. December 31 plus annualized rents for 12 months immediately
preceding December 31 used everywhere.
Interstate Branch Banks The single property factor is only applicable when a bank, which
Legislation enacted by the 1995 General Assembly allows meets the definition of “bank” under Va. Code § 58.1-1201,
Virginia to “opt-in” to interstate branch banking as authorized has one or more branches, offices, or facilities in Virginia
by federal legislation. It also amends the definition of “bank” for but no deposits attributed to any branch, office, or facility in
Bank Franchise Tax purposes to recognize that an out-of-state Virginia. This alternative method will not cause an out-of-state
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bank that merely owns property in Virginia (such as foreclosed Official Report of Condition and Income
homes), but does not transact a banking business at any of
its Virginia properties, to be subject to the Bank Franchise You must enclose with Form 64, when filed, a complete copy of
Tax in lieu of the corporate income tax. See Title 23 of the the official Report of Condition and Income (Call Report) required
Virginia Administrative Code (VAC) 10-120-20 B 2. by the Comptroller of the Treasury, U.S. Department of the
Treasury or the Bureau of Financial Institutions, State Corporation
Banks in Receivership or Liquidation Commission, for the December 31 immediately preceding the
current tax year. No other reports, newspaper copies, or other
When the affairs of any bank are being finalized under Va. Code financial statements are acceptable.
§ 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 Amended Returns
year shall be made by those having custody or control of the assets. If it becomes necessary to adjust your original return, you may
No tax will be assessed during the period of liquidation. If any file an amended return by completing a new Form 64 return using
surplus remains after payment of all creditors and depositors, the the corrected figures as if it were an original. Write “Amended
liquidating officers shall ascertain the net capital of the bank just Return” on the top of the form to indicate that it is an adjusted
prior to each January 1 during the period of liquidation and pay return. The amended Form 64 and all accompanying schedules
the appropriate tax before any distribution of surplus. No penalty (Schedules C – H) must be filed in DUPLICATE with the
for late payment will be assessed on such payments. Commissioner of the Revenue for the city or county in which the
principal office of the bank or trust company is located. File the
When to File amended return within 3 years from the due date of the original
Form 64 and all accompanying schedules must be filed on or return. See Va. Code § 58.1-1823.
before March 1 of each tax year. There are no provisions for an
extension of time. FORM 64 INSTRUCTIONS
Where to File Line 1 – Equity Capital: For purposes of reporting “Equity
Form 64 and all accompanying schedules (Schedules C – H) must Capital,” adjust the “Total Equity Capital” as reported on the Call
be filed in DUPLICATE with the Commissioner of the Revenue Report by the amounts reported as unrealized gains or losses on
for the city or county in which the principal office of the bank or available-for-sale securities.
trust company is located. Mailing addresses for the Commissioners
of the Revenue are listed on the last page of the instructions. A Line 5 – U.S. Obligations Excluded: The deduction for
bank that was formerly headquartered in Virginia should continue obligations of the United States shall include all obligations of the
to file with the locality in which its principal office was located. United States exempt from state taxation under 31 U.S.C. § 3124,
Banks that move into Virginia should file with the locality where any other federal statute, or the U.S. Constitution.
the first branch is established. Banks that move into Virginia via U.S. obligations classified as “held to maturity” should be valued
the purchase of a Virginia bank should file in the locality of the at amortized cost and U.S. obligations classified as “available for
former Virginia bank’s principal office. In addition, the bank must sale” should be valued at market value.
file copies of Schedules C and H with the assessing officer of each A partial list of organizations and their taxable status for purposes
locality imposing tax on the filing bank. No payment should be of the Virginia exclusion is given below. For information on
submitted with Form 64. organizations not listed, contact the Department at (804) 404-4215.
For additional information, call or write to:
Virginia Department of Taxation Issuing Organization Tax Status
P.O. Box 715 Armed Services Mortgage Insurance Exempt
Richmond, VA 23218-0715 Asian Development Bank Taxable
(804) 404-4215
Banks for Cooperatives Exempt
You can obtain most tax forms at www.tax.virginia.gov. Tenemos
servicios disponible en Español. Commodity Credit Corporation Exempt
Export-Import Bank of the United States Exempt
Assessment of Tax Farmers Home Administration Taxable
The Department will issue a Notice of Assessment to each bank Federal Deposit Insurance Corporation (FDIC) Exempt
on or about May 1 of the taxable year.
Federal Farm Credit Bank (FFCB) Exempt
Payment of Tax Federal Financing Bank Exempt
Payment must be made on or before June 1 of the taxable year. Federal Home Loan Bank (FHLB) Exempt
The local tax should be paid directly to the Treasurer or designated Federal Home Loan Bank Stock Exempt
official of each city, county, or incorporated town imposing the Federal Home Loan Mortgage Corp. (FHLMC) Taxable
tax. Banks are not required to file local tax payment receipts with
the Department. Federal Housing Administration (FHA) Taxable
Federal Intermediate Credit Bank Exempt
Penalty
Federal Land Bank Exempt
Any bank which fails to file a return and pay the state tax will be Federal National Mortgage Association (FNMA) Taxable
subject to a penalty of 5% of the tax due.
Federal Reserve Stock Exempt
Interest Federal Savings and Loan Exempt
Interest at the rate established by Va. Code § 58.1-15 will be added Financial Assistance Corporation Exempt
to the tax if it is not paid by the due date. The interest rate is the Financing Corporation (FICO) Exempt
federal “underpayment rate” plus 2%.
General Services Administration (GSA) Taxable
Government National Mortgage Assn. (GNMA) Taxable
Guam, Government of Exempt
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Issuing Organization Tax Status • Transacting business as of September 30, 2022, but not
before July 1, 2022, $.50 of tax per $100 of net taxable
Federal Savings & Loan Insurance Corp. (FSLIC) Exempt capital.
Inter-American Development Bank Taxable
• Transacting business as of December 31, 2022, but not
International Bank for Reconstruction & Development Taxable before October 1, 2022, $.25 of tax per $100 of net taxable
Maritime Administration Taxable capital.
Mutual Mortgage Insurance Fund Exempt For purposes of the Tax Rate Schedule, “transacting
National Defense Housing Insurance Exempt business” means accepting deposits from customers in the
Private Export Funding Corporation (PEFCO) Taxable regular course of doing business. A bank shall be eligible
for the prorated tax rate with respect to the first return it is
Production Credit Association Exempt required to file after accepting deposits. A bank shall not
Puerto Rico, Government of Exempt be eligible for the prorated tax rate if it was organized or
Rental Housing Insurance Exempt created as a part of a reorganization within the meaning of
Internal Revenue Code § 368(a).
Resolution Trust Commission (RTC) Exempt
Samoa, American Exempt 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
Small Business Administration (SBA) Taxable exceeds $18 million, enter $18 million on Line 16.
State & Local Issued Obligations Taxable Line 19 Nonrefundable – Tax Credits: Enter the total
Student Loan Market Association (SLMA) Exempt nonrefundable tax credit amount calculated on Line 13A of the
Tennessee Valley Authority (TVA) Exempt Schedule CR (Form 64).
United States Savings Bonds Exempt Line 20 – Subtract the amount on Line 19 from the tentative state
United States Postal Service Exempt bank franchise tax on Line 18. This is the reduced liability after
nonrefundable credits are applied.
United States Treasury Bills, Notes, and Bonds Exempt
United States Gov’t Guaranteed Notes-HUD Taxable Line 21 – Refundable Tax Credits: Enter the total refundable
tax credit amount calculated on Line 14A of the Schedule CR
Virgin Islands, Government of Exempt (Form 64).
War Housing Insurance Exempt Line 22 – Bank Franchise Tax Due: If the adjusted bank franchise
Line 7 – Goodwill Deduction: Banks are allowed to take a Bank tax calculated on Line 20 is greater than the refundable credit
Franchise Tax deduction of up to 90% of goodwill created in amount (if any) on Line 21, subtract Line 21 from Line 20. This
connection with the acquisition or merger of a bank on or after is the tax due amount.
July 1, 2001, for purposes of determining a bank’s capital subject Line 23 – Tax Overpayment: if the refundable tax credits reported
to the Bank Franchise Tax. The deduction is available for Bank on Line 21 are greater than the adjusted bank franchise tax on
Franchise Tax that is payable on or after January 1, 2002. The Line 20, subtract Line 20 from Line 21. This is the amount of
Goodwill Deduction may be claimed on Line 7 of Form 64. A your overpayment.
separate schedule (not provided) indicating the amount of goodwill
and showing the deduction computation must be enclosed. INSTRUCTIONS FOR SCHEDULE C
Line 8 – Interest Related to Intangible Assets of Affiliates: When (FORM 64)
a bank receives interest from an affiliated corporation in connection
with the acquisition, ownership, use, or disposition of patents, The assessed value of the real estate listed on this schedule
trademarks, copyrights and similar property by the affiliate, the should be reported from the most recent assessment made prior to
deduction of interest may be disallowed on the affiliate’s Corporate January 1, 2023. Real estate acquired or improvements constructed
Income Tax return. The bank would be allowed a deduction from after January 1, 2023, should not be listed.
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 following items may qualify for deduction:
the interest added back by the affiliate was paid to the bank by the 1. Real estate owned by the bank.
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, 2. Real estate used or occupied by the bank and held in the
and (iii) the interest has not otherwise been deducted or excluded name of a majority owned subsidiary of the bank.
from the bank’s gross capital. Report such interest on Line 8 of 3. Real estate used or occupied by the bank and held in the
Form 64 and a statement providing the name, federal employer name of a bank holding company that owns a majority of
identification number, and Virginia account number of the affiliate the capital stock of the bank, or in the name of any wholly
together with a detailed explanation of the transaction generating owned subsidiary of such bank holding company.
the interest, the taxable year or years for which the addback was 4. The assessed value attributable to leasehold improvements
made by the affiliate, and the date on which the affiliate’s liability owned by the bank (or used or occupied by the bank if owned
for the addback was finally determined. by a qualified affiliate) up to the amount of the unencumbered
Line 11 – Apportionment Percentage. Divide Virginia core equity, even though it was assessed in the name of the owner
deposits by total core deposits. Round the number to no more than of the underlying land.
4 decimal places. The percentage cannot exceed 100%. 5. Real estate used or occupied by a majority owned subsidiary
Line 16 – Tax Rate Schedule: Rates are provided for new banks of the bank, if it was otherwise taxed to the subsidiary, up to
that have not been in business for a full year before the January 1 that portion of the assessed value which represents the bank’s
date for valuing the taxable capital. The prorated tax rates are as percentage of ownership of the subsidiary’s common stock
follows: (computation).
• Transacting business on or before March 31, 2022, $1 of 6. Real estate reacquired by a subsidiary upon foreclosure of
tax per $100 of net taxable capital. mortgage loans, up to that portion of the assessed value
which represents the bank’s percentage of ownership of the
• Transacting business as of June 30, 2022, but not before subsidiary’s common stock (enclose computation).
April 1, 2022, $.75 of tax per $100 of net taxable capital.
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Real estate meeting any of the qualifications shown above must be Neighborhood Assistance Act Tax Credit:
owned, used, or occupied by the bank as of January 1, 2023. Any
property sold prior to or acquired after that date does not qualify The Virginia Neighborhood Assistance Tax Act provides tax
for the deduction. In addition, all real estate listed on this schedule credits to businesses that donate money, marketable securities,
must be subject to taxation under Va. Code § 58.1-3200 et seq. property, limited professional services and contracting services
directly to pre-approved Neighborhood Assistance Program
organizations whose primary function is to provide educational
INSTRUCTIONS FOR SCHEDULE CR or other qualified services for the benefit of low-income families.
(FORM 64) Licensed veterinarians, physicians, dentists, nurses, nurse
practitioners, physician assistants, optometrists, dental hygienists,
Complete Schedule CR (Form 64) when claiming any tax credits pharmacists, professional counselors, clinical social workers,
to offset the bank franchise tax. clinical psychologists, marriage and family therapists, physical
therapists, chiropractors, pharmacists and physician specialists
Many Virginia tax credits may not be claimed on your return until who donate their services for an approved clinic, and mediators
after you have submitted an application and have been notified in certified by the Judicial Council of Virginia may also be eligible
writing that you are allowed to claim the credit. If your return is due for tax credits. In addition, a trust, or a fiduciary for a trust,
and you have not yet been notified, you have the option to either: may receive a tax credit for a donation made to an approved
organization. The amount of credit attributable to a partnership, S
• Pay at least 90% of your tax liability by the return due date corporation, or limited liability company must be allocated to the
and file your return on extension after receiving notification, partners, shareholders, or members in proportion to their ownership
or or interest in the partnership, S corporation, or limited liability
• File your return by the due date without claiming the company. Any unused tax credits may be carried forward for the
credit, and file an amended return after you have received next 5 taxable years. To claim the tax credit, a certificate from the
notification. Department of Social Services or the Department of Education
must be enclosed with your return.
If the total of your nonrefundable credits exceeds the balance of
the maximum nonrefundable credits available as shown in Part 1, For a list of approved organizations or additional information,
Line 1A, the following rules will ensure that you receive the contact:
maximum benefit of your credits: Virginia Department of Social Services
Neighborhood Assistance Program
• Nonrefundable credits without a carryover provision are 801 E. Main Street
claimed first. Richmond VA 23219-3301
• Carryover credits must be fully used before any current or the
year credits are allowed.
Virginia Department of Education
• To maximize allowable credit, carryover credits may be 23rd Floor, P.O. Box 2120
claimed in their order of expiration, regardless of the order Richmond, VA 23218-2120
shown on Schedule CR (Form 64). ATTN: Neighborhood Assistance Tax
Enterprise Zone Act Credit Credit Program for Education
Email address: tax.credits@doe.virginia.gov
This credit expired June 30, 2019. Only Enterprise Zone Real
Property Investment Tax Credit carryover amounts from prior years To claim the Neighborhood Assistance Act Tax Credit, complete
are allowed. Use the worksheet below to determine the carryover Part 3 of Schedule CR (Form 64) and enclose a copy of the
amount that can be used on this year’s tax return. Enclose the applicable certificate from the Department of Social Services or
computation with your return. the Department of Education with your return.
Historic Rehabilitation Tax Credit
Line A: Credit carried over from prior years:
A bank or trust company incurring eligible expenses in the
$ ________________ .00 rehabilitation of a certified historic structure is entitled to claim a
credit against the tax imposed by Va. Code § 58.1-1202. The credit
Line B: Allowable credit: Enter the amount from Line A or is equal to 25% of eligible rehabilitation expenses. To qualify
the maximum credit allowed: for this credit, the cost of the rehabilitation must equal at least
50% (25% if the building is an owner-occupied residence) of the
$ ________________ .00 assessed value of the building for local real estate tax purposes
in the year preceding the start of the rehabilitation. For taxable
Line C: Amount to be carried over to next year (subtract years beginning on and after January 1, 2017, the amount of the
Line B from Line A) Historic Rehabilitation Tax Credit that may be claimed by each
taxpayer, including carryover amounts, may not exceed $5 million
$ ________________ .00 for any taxable year. The rehabilitation work must be certified by
the Virginia Department of Historic Resources as consistent with
Enter the allowable credit from Line B of the worksheet on Line 2A the Secretary of the Interior’s Standards for Rehabilitation. The
of Schedule CR (Form 64). request for certification of the completed project must be submitted
within 1 year of the completed work. Any unused credit may be
For additional information, contact: carried forward for 10 years. Applications for participation in the
program may be obtained by contacting:
Virginia Department of Housing and Community Development
Community Revitalization & Development Office Virginia Department of Historic Resources
Special Needs Housing 2801 Kensington Avenue, Richmond, VA 23221
Main Street Centre (804) 482-6446
600 East Main Street, Suite 300 www.dhr.virginia.gov/tax-credits/.
Richmond, VA 23219-1321 To claim this credit, complete Part 4 of Schedule CR (Form 64).
(804) 371-7171
ezone@dhcd.virginia.gov
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Major Business Facility Job Tax Credit fiscal year. The Department will determine the allowable credit
amount for the taxable year and provide a written certification
For taxable years beginning on and after January 1, 1995, but of the credit amount to each taxpayer. Taxpayers can claim this
before July 1, 2025, individuals, estates, trusts, corporations, credit against the Individual Income Tax, the Corporate Income
banks, insurance companies, and telecommunications companies Tax, the Tax on Estates and Trusts, the Bank Franchise Tax, the
may claim a Virginia tax credit if the taxpayer creates at least Insurance Premiums License Tax, and the Tax on Public Service
50 new full-time jobs in connection with the establishment or Corporations. Any unused tax credits may be carried over for
expansion of a major business facility or if the company is engaged 5 taxable years.
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 The business must apply by April 1st using Form BRU.
zone or in an economically distressed area (as defined by the Submitting a late application will disqualify you from the credit.
Virginia Economic Development Partnership), the threshold is All applications must be sent to Department of Taxation, Tax
reduced from 50 to 25. Credits will be recaptured proportionately Credit Unit, P.O. Box 715, Richmond, VA 23218-0715.
if employment decreases during the 5 years following the initial This credit requires certification from the Tax Credit Unit to be
credit year. claimed on your tax return. A letter will be sent to you to certify
Qualifying industries include: (1) manufacturing or mining; the credit. To claim this credit, complete Part 6 of the Schedule CR
(2) agriculture, forestry or fishing; and (3) transportation and (Form 64) and enclose the certification letter with your return. For
telecommunications companies. A major business facility includes assistance, contact the Tax Credit Unit at (804) 786-2992.
a headquarters or portion of such a facility located in Virginia,
where the majority of the company’s financial, personnel, legal, Education Improvement Scholarships Tax Credit
or planning functions are handled either on a regional or national For taxable years beginning on or after January 1, 2014, but before
basis. A major business facility shall also include facilities located January 1, 2028, an income tax credit may be claimed for monetary
in Virginia that perform a central management or administrative or marketable securities donations made to scholarship foundations
function for other establishments of the same enterprise such as included on an approved list published by the Virginia Department
general management, accounting, computing, tabulating, data of Education. Tax credits earned during the taxable year must be
processing, purchasing, transportation or shipping, engineering claimed beginning with the taxable year during which they were
and systems planning, advertising, legal, financial, and research earned. The credit is equal to 65% of the monetary or marketable
and development. securities donation made to the scholarship foundation. The credit
can be claimed against the individual income tax, corporate income
This nonrefundable credit is equal to $1,000 per qualifying tax, bank franchise tax, insurance premiums license tax, or tax on
new job in excess of the 50/25 job threshold and is spread over public service corporations. For individuals, the minimum value
2 years for taxpayers whose initial credit year begins on or after of any monetary or marketable securities donation eligible for a
January 1, 2009. The credit only applies to facilities where an tax credit is $500 in a taxable year, and the maximum value of
announcement to expand or establish such a facility was made on monetary or marketable securities donations eligible for tax credits
or after January 1, 1994. The credit must be claimed beginning is the first $125,000 in value of donations made in a taxable year.
with the taxable year following the year in which the facility is Limitations on the minimum and maximum values of donations
established or expanded, or the new qualifying jobs are added. eligible for tax credits in a taxable year do not apply to donations
Any amount unused this year may be carried forward for the made by any business entity, including a sole proprietorship.
next 10 taxable years. Credits will be recaptured proportionately Tax credits will be awarded to taxpayers on a first-come, first-
if employment decreases during the 5 years following the initial served basis in accordance with procedures established by the
credit year. If employment decreases below the threshold, the Virginia Department of Education. The total amount of credits
entire credit will be recaptured. available in any fiscal year is capped at $25 million. Any unused
All pass-through entities must complete Form PTE within 30 days tax credits may be carried over for the next 5 succeeding taxable
of certification, but at least 90 days before the participants file their years or until the total amount of credit has been taken, whichever
income tax return. If the participants’ income tax return is due is sooner. To claim this credit, complete Part 7 of the Schedule CR.
before the Form 502 is filed, they must file an amended return to For additional information on how to qualify for certification,
claim the credit or file for an extension. contact:
Taxpayers may qualify for the Major Business Facility Job Tax Virginia Department of Education
Credit even if they have also received an Enterprise Zone Job ATTN: Scholarships Tax Credits Program
Creation Grant. However, qualified business firms are not eligible 23rd Floor, P.O. Box 2120
to receive both an Enterprise Zone Job Creation Grant and a Major Richmond, Virginia 23218-2120
Business Facility Job Tax Credit for the same jobs. tax.credits@doe.virginia.gov
To apply for this credit, complete Form 304. All applications must Worker Training Tax Credit
be submitted to the Department of Taxation, Tax Credit Unit, For taxable years beginning on and after January 1, 2019, but
P.O. Box 715, Richmond, VA 23218-0715, 90 days prior to the before July 1, 2025, the Worker Training Tax Credit allows
due date of your return. A letter will be sent to certify the credit. businesses to claim a tax credit for providing eligible worker
To claim this credit, complete Part 5 of Schedule CR (Form 64). . training to qualified employees. The credit is 35% of expenses
Barge and Rail Usage Tax Credit incurred by the business during the taxable year for eligible
worker training, subject to certain limitations. If the recipient of
For taxable years beginning on and after January 1, 2011, but the training is a qualified employee, the credit may not exceed
before January 1, 2025, a business may receive an income tax $500 per qualified employee annually. If the recipient of the
credit for the usage of barge and rail to move cargo containers training is a non-highly compensated worker, the credit may not
throughout the Commonwealth rather than using trucks or other exceed $1,000 per non-highly compensated worker annually.
motor vehicles on the Commonwealth’s highways.
“Eligible worker training” means the training of a qualified
The amount of the credit is $25 per 20-foot equivalent unit (TEU) employee or non-highly compensated worker in the form of:
or 16 tons of non-containerized cargo or one unit of roll-on/
roll-off cargo moved by barge or rail. To receive this credit, an • credit or noncredit courses at any institution recognized on
international trade facility is required to apply to the Department. the Eligible Training Provider List or at any Virginia public
No more than $500,000 in tax credits can be issued in any institution of higher education, as such term is defined in Va.
Code § 23.1-100, or as described in Va. Code §§ 23.1-3111,
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23.1-3115, 23.1-3120, and 23.1-3125, that results in the any 1 of the 3 taxable years immediately preceding the taxable
qualified employee or non-highly compensated worker year for which the credit is being determined, the credit is equal to
receiving a workforce credential; or 5% of the Virginia qualified research and development expenses
• instruction or training that is part of an apprenticeship paid or incurred by the taxpayer during the taxable year. Using
agreement approved by the Commissioner of Labor and such method, a taxpayer may claim up to $45,000 of credits for
Industry. a taxable year, or $60,000 of credits for a taxable year if the
Virginia qualified research was conducted in conjunction with a
“Qualified employee” means an employee of a business eligible Virginia public or private college or university.
for the Worker Training Tax Credit in a full-time position
requiring a minimum of 1,680 hours in the entire normal year No taxpayer with Virginia qualified research and development
of the business’ operations if the standard fringe benefits are expenses in excess of $5 million may claim both the Research
paid by the business for the employee. Employees in seasonal and Development Expenses Tax Credit and the Major Research
or temporary positions may not qualify as qualified employees. and Development Expenses Tax Credit for the same taxable year.
“Qualified employee” does not include an owner or relative. To claim this tax credit, a taxpayer must apply by September 1
“Non-highly compensated worker” means a worker whose using Form RDC and the applicable schedules. Taxpayers
income is less than Virginia’s median wage, as reported by the electing to use the primary method to determine the proposed
Virginia Employment Commission, in the taxable year prior to credit amount must complete Section 1 – Primary Credit
applying for the credit. “Non-highly compensated worker” does Calculation. Taxpayers electing to use the simplified method to
not include an owner or relative. determine the proposed credit amount must complete Section
Before claiming the credit on their income tax return, employers 2 – Alternative Simplified Credit Calculation. Submitting a late
and businesses must apply for certification of the amount of application will disqualify you for the credit. All applications
allowable credit using Form WTC, Worker Training Tax Credit must be sent to the Virginia Department of Taxation, Tax
Application, by April 1 of the year following the year in which Credit Unit, P.O. Box 715, Richmond, VA 23218-0715. This
the expenses were paid or incurred. All approved employers and credit requires certification from the Tax Credit Unit in order to
businesses filing a timely Form WTC will be notified of their be claimed on your tax return. A letter will be sent to certify the
allowable credit by June 30 of the calendar year following the credit.
year in which the expenses were incurred. The maximum amount The amount of the credit attributable to a partnership, electing
of Worker Training Tax Credits that may be granted to taxpayers small business corporation (S corporation), or limited liability
in a taxable year is capped at $1 million. If the total amount of company (LLC) must be allocated to the individual partners,
credits applied for and approved exceeds $1 million, credits will shareholders, or members in proportion to their ownership
be apportioned on a pro rata basis. This credit is nonrefundable interests in such entities or in accordance with a written agreement
but excess credit may be carried over for the next 3 taxable years. using Form PTE within 30 days after the credit is granted unless
To claim this credit, complete Part 9 of Schedule CR (Form the partnership, limited liability company, or electing small
64). For information on pre-approved apprenticeship programs, business corporation (S corporation) elects for such credits not to
contact the Virginia Department of Labor and Industry at be so allocated but to be received and claimed at the entity level
(804) 786-1035. by the partnership, limited liability company, or electing small
business corporation (S corporation).
Research and Development Expenses Tax Credit
A refundable bank franchise tax credit is allowed for qualified The Department requires taxpayers applying for the credit to
research and development expenses for taxable years beginning provide information including:
on or after January 1, 2021, but before January 1, 2025. The tax (i) the number of full-time employees employed by the
credit is equal to: taxpayer in the Commonwealth during the taxable year
(i) 15% of the first $300,000 in Virginia qualified research for which the credit is sought;
and development expenses, or (ii) the taxpayer’s sector or sectors according to the 2012
(ii) 20% of the first $300,000 of Virginia qualified research edition of the North American Industry Classification
and development expenses if the research was conducted System (NAICS) as published by the United States
in conjunction with a Virginia public or private college Census Bureau;
or university, to the extent the expenses exceed a base (iii) a brief description of the area, discipline, or field of
amount. Virginia qualified research performed by the taxpayer;
There is a cap on the total amount of credits allowed in any fiscal (iv) the total gross receipts or anticipated total gross receipts
year. If the total amount of approved tax credits is less than the of the taxpayer for the taxable year for which the credit is
credit cap amount, the Department will allocate the remaining sought; and
amount to the taxpayers already approved for the tax credit on a (v) whether the Virginia qualified research was conducted in
pro rata basis. If the total amount of approved credits exceeds the conjunction with a Virginia public or private college or
credit cap amount, the Department will allocate credits on a pro university.
rata basis. The maximum annual amount of tax credits that may
be issued for each fiscal year is $7.7 million. Any taxpayer that is allowed a Research and Development
Expenses Tax Credit is not allowed to use the same expenses
Taxpayers may elect to determine the credit using a simplified as the basis for claiming any other Virginia tax credit. Research
method. Under the simplified method, the credit is equal to 10% and development expenses that are paid or incurred for research
of the difference of: conducted in Virginia on human cells or tissue derived from
(i) the Virginia qualified research and development expenses induced abortions or from stem cells obtained from human
paid or incurred by the taxpayer during the taxable year; embryos do not qualify for the credit. However, if a taxpayer
and engages in research in Virginia on human cells or tissue derived
(ii) 50% of the average Virginia qualified research and from induced abortions from stem cells obtained from human
development expenses paid or incurred by the taxpayer embryos, it may receive a nonrefundable credit for other Virginia
for the 3 taxable years immediately preceding the taxable qualified research and development expenses. Accordingly, if
year for which the credit is being determined. you conducted embryonic stem cell research in Virginia, this
credit is nonrefundable and you must enter the amount of credit
If a taxpayer electing to use the simplified method did not pay or granted in Part 10 of Schedule CR (Form 64). If you did not
incur Virginia qualified research and development expenses in
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conduct embryonic stem cell research in Virginia, this credit is Housing Development Authority (“VHDA”) to such projects. To
refundable and you must enter the amount of credit granted in be qualified, the project is required to be a qualified low-income
Part 14 of Schedule CR (Form 64). building, as defined under federal law, that is:
Major Research and Development Expenses Tax Credit • Located in Virginia;
For taxable years beginning on or after January 1, 2021, but • Placed in service on or after January 1, 2021; and
before January 1, 2025, a taxpayer with Virginia qualified • Allocated HOTC by VHDA.
research and development expenses for the taxable year in excess
of $5 million may claim a nonrefundable tax credit against the For taxable years beginning on and after January 1, 2021,
bank franchise tax in an amount equal to 10% of the difference but before January 1, 2026, a qualified taxpayer may claim a
between (i) the Virginia qualified research and development housing opportunity tax credit against its Virginia tax liability
expenses paid or incurred by the taxpayer during the taxable prior to reduction by any other credits allowed the taxpayer. The
year and (ii) 50% of the average Virginia qualified research and housing opportunity tax credit may be allocated by pass-through
development expenses paid or incurred by the taxpayer for the 3 entities to some or all of its partners, members, or shareholders
taxable years immediately preceding the taxable year for which in any manner agreed to by such persons, regardless of whether
the credit is being determined. If the taxpayer did not pay or incur or not any such person is allocated or allowed any portion of
Virginia qualified research and development expenses in any 1 of any federal low-income housing tax credit with respect to the
the 3 taxable years immediately preceding the taxable year for qualified project, whether or not the allocation of the housing
which the credit is being determined, the tax credit is equal to opportunity tax credit under the terms of the agreement has
5% of the Virginia qualified research and development expenses substantial economic effect within the meaning of § 704(b) of
paid or incurred by the taxpayer during the relevant taxable year. the Internal Revenue Code, and whether or not any such person
is deemed a partner for federal income tax purposes as long as
No more than $24 million in tax credits may be issued in any the partner or member would be considered a partner or member
fiscal year. If the approved applications for the tax credits exceed as defined under applicable state law, and has been admitted as a
$24 million for any taxable year, the credits will be allocated partner or member on or prior to the date for filing the qualified
proportionately among all qualified taxpayers. taxpayer’s tax return, including any amendments thereto, with
No taxpayer is permitted to claim credits in excess of 75% of the respect to the year of the housing opportunity tax credit. Such
income tax imposed on the taxpayer for the taxable year. Any pass-through entities or qualified taxpayer may assign all or any
credit not usable for the taxable year for which the credit was part of its interest, including its interest in the tax credits, to one
first allowed may be carried over for credit against the income or more pass- through entities or qualified taxpayers, and the
taxes of the taxpayer in the next 10 succeeding taxable years or qualified taxpayer shall be able to claim the housing opportunity
until the total amount of the tax credit has been taken, whichever tax credit so long as its interest is acquired prior to the filing of its
is sooner. tax return claiming the housing opportunity tax credit.
Any taxpayer who claims the tax credit for Virginia qualified For calendar years 2022 through 2025, the total amount of
research and development expenses is not allowed to use such housing opportunity tax credits authorized for qualified projects
expenses as the basis for claiming any other credit provided under this article shall not exceed $60 million per calendar year.
under the Code of Virginia. Such credits issued each calendar year shall be allowed ratably,
with one-tenth of the total amount of credits allowed annually
Applications for the tax credit must be received by the Department for 10 years over the credit period, except that there shall be a
no later than September 1 of the calendar year following the close reduction in the tax credit allowable in the first year of the credit
of the taxable year in which the expenses were paid or incurred. period due to the calculation in 26 U.S.C. § 42(f)(2) and any
To apply, the business must file Form MRD and the applicable reduction by reason of 26 U.S.C. § 42(f)(2) in the credit allowable
schedules. Submitting a late application will disqualify you for the first taxable year of the credit period shall be allowable for
from the credit. All applications must be sent to the Virginia the first taxable year following the credit period.
Department of Taxation, Tax Credit Unit, P.O. Box 715,
Richmond, VA 23218-0715. This credit requires certification $20 million of such credits shall be first allocated exclusively
from the Tax Credit Unit to be claimed on your tax return. A for qualified projects located in a locality with a population no
letter will be sent to certify the credit. greater than 35,000 as determined by the most recent United
States census. Such allocation of Virginia housing opportunity tax
No taxpayer with Virginia qualified research and development credits shall constitute the minimum amount of such tax credits
expenses in excess of $5 million may claim both the Research to be allocated for qualified projects in such localities. However,
and Development Expenses Tax Credit and the Major Research if the amount of such tax credits requested for qualified projects
and Development Expenses Tax Credit for the same taxable year. in such localities is less than the total amount of such credits
Credits granted to a partnership, limited liability company, or available for qualified projects in such localities, the balance of
electing small business corporation (S corporation) must be such credits shall be allocated for any qualified project, regardless
allocated to the individual partners, members, or shareholders, of location
respectively, in proportion to their ownership interests in the Credits must be allocated by pass-through entities to its partners,
entities or in accordance with a written agreement entered into shareholders, or members using Form PTE which must be filed
by individual partners, members, or shareholders. within 30 days of credit certification, but at least 90 days before
No tax credit is allowed for any expenses that are paid for the participants file their income tax return.
or incurred by a taxpayer for research conducted in the The credit is allowed against the individual income tax, estate
Commonwealth on human cells or tissue derived from induced and trust income tax, corporate income tax, bank franchise
abortions or from stem cells obtained from human embryos. The tax, insurance premiums license tax, and license tax telegraph,
foregoing provision does not apply to research conducted using telephone, water, heat, light, power, and pipeline companies.
stem cells other than embryonic stem cells.
Any unused credit amount may be carried forward for 5 years
Virginia Housing Opportunity Tax Credit from the year in which the credit is allocated to the taxpayer.
Effective for taxable years beginning on and after January 1, For more information, contact Virginia Housing Development
2021, but before January 1, 2026, a housing opportunity tax Authority, 601 S. Belvidere Street, Richmond, VA 23220,
credit (“HOTC”) is available for certain low-income building call Stephanie Flanders at (804) 343-5939, or visit www.
projects in an amount up to the amount of federal low-income virginiahousing.com.
housing tax credit (“LIHTC”) allocated or allowed by the Virginia
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FORM 64 Virginia Bank Franchise Tax Return 2023
Each bank and trust company Name of Bank or Trust Company Federal ID Number
must file this return in duplicate
on or before March 1, 2023,
with the Commissioner of the Street Address or P.O. Box Date Chartered
Revenue for the county or city
in which the principal office of City, Town, or Post Office State ZIP Code
the bank or trust company is
located.
EACH BANK AND TRUST COMPANY MUST PROVIDE THE INFORMATION SPECIFIED BELOW:
Principal office is located in __________________________________, Virginia. (Check Only One) City County Town
IMPORTANT: Enclose a copy of your Report of Condition and Income (Call Report) for December 31, 2022.
BANK CAPITAL ASSESSABLE AS OF JANUARY 1, 2023
CAPITAL ACCOUNTS
1. Equity Capital (total equity capital as shown on your official Report of Condition and Income adjusted by the amounts
reported as unrealized gains or losses on available-for-sale securities). See the instructions. 1
ADDITIONS
2. Unallowable Portions of Valuation Reserves:
a. Valuation Reserve for Losses on Loans (From Schedule G, Line 4) 2a
b. Other (Enclose schedule) 2b
3. Total Additions (Sum of Lines 2a and 2b) 3
4. Total (Sum of Lines 1 and 3) 4
DEDUCTIONS
5. Pro-rata Share of United States Obligations (From Schedule E, Line 5) 5
6. Retained Earnings and Surplus of Subsidiaries Included in Gross Capital (From Schedule F) 6
7. Deduction for Goodwill (Enclose schedule) 7
8. Other (Enclose schedule) 8
9. Total Deductions Before Apportionment (Sum of Lines 5 through 8) 9
COMPUTATION OF CAPITAL AND APPORTIONMENT
10. Capital Before Virginia Modifications (Line 4 less Line 9) 10
11. Apportionment Percentage. (Virginia core deposits divided by total core deposits. Enclose computation.) Enter as a
percentage. NOTE: Apportionment percentage applies only to multistate banks. All other banks enter 100%. Banks
with no deposits in Virginia - see the Interstate Branch Banks section on Page 1 of the instructions. 11 %
12. Capital Attributable to Virginia (Multiply Line 10 by the percentage on Line 11) 12
13. Virginia Real Estate Taxed by Virginia Locality (From Schedule C, Total) 13
14. Tangible Personal Property Otherwise Taxed by Virginia Localities (From Schedule D, Total) 14
COMPUTATION OF NET CAPITAL AND TAX
15. Net Taxable Capital (Line 12 less the total of Line 13 and Line 14) 15
16. Total Franchise Tax (See Tax Rate Schedule). Enter the total tax or $18,000,000 whichever is less. 16
17. Credit for Bank Franchise Tax Due to Localities (From Schedule H, Line 2) 17
18. Tentative State Bank Franchise Tax Due (Line 16 less Line 17) 18
19. Nonrefundable Tax Credits from Schedule CR, Line 13A 19
20. Adjusted State Bank Franchise Tax (Line 18 less Line 19) 20
21. Refundable Tax Credits from Schedule CR, Line 14A 21
22. State Bank Franchise Tax Due.
If Line 20 is greater than Line 21, subtract Line 21 from Line 20. This is the amount of tax you owe. 22
23. State Bank Franchise Tax Overpayment. 23
If Line 20 is less than Line 21, subtract Line 20 from Line 21. This is your refund.
Declaration and Signature Commissioner of the Revenue’s
I, the undersigned officer of the bank or trust company for which this Certificate of Assessment
return is made, declare under the penalties provided by law that this I, the undersigned Commissioner of the Revenue for the (County/City)
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 of , Virginia, do hereby certify that
the taxable year stated. I have this day assessed the bank or trust company aforesaid with state
Bank Franchise Taxes for the tax year 2023, as shown hereon.
(Signature) (Title of Officer) Given under my hand this day of , 2023.
(Phone Number) (Date) (Commissioner of the Revenue)
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Schedule C Virginia Department of Taxation 2023
(Form 64) 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, 2023.
• A property may not be listed more than once.
• Instructions for this Schedule are on Page 3 of the instructions.
Name of Bank or Trust Company Federal ID Number
Street Address or P.O. Box
City, Town, or Post Office State ZIP Code
Location
(Include Physical Street Address, County or Name in Which Assessed Assessed Value Value Deductible
City / Town)
Address
County, City, or Town (Check One: County City Town) $ $
Address
County, City, or Town (Check One: County City Town) $ $
Address
County, City, or Town (Check One: County City Town) $ $
Address
County, City, or Town (Check One: County City Town) $ $
Address
County, City, or Town (Check One: County City Town) $ $
Address
County, City, or Town (Check One: County City Town) $ $
Address
County, City, or Town (Check One: County City Town) $ $
Address
County, City, or Town (Check One: County City Town) $ $
TOTAL (Enter on Form 64, Line 13.) $
Bank Representative Contact Phone Number Email Address
I, the undersigned Commissioner of the Revenue, do hereby certify that I have verified the Real Estate Assessments listed in this schedule, that the
property was assessed to the bank or its affiliate, and that the valuations shown represent the most recent assessment made prior to January 1, 2023.
I further certify that the information as reported, or as corrected hereon by me, is true and correct to the best of my knowledge and belief.
(Commissioner of the Revenue) (Date)
A copy of this schedule must be filed with the assessing officer of each locality imposing tax on the filing bank.
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Schedule CR Virginia Department of Taxation 2023
(Form 64) Bank Franchise Tax
Credit Computation Schedule
Name of Bank or Trust Company Federal ID Number
Street Address or P.O. Box
City, Town, or Post Office State ZIP Code
PART 1 – MAXIMUM NONREFUNDABLE TAX CREDITS
A Enter the tax from Form 64, Line 18. The maximum total nonrefundable credits claimed on
Line 13A may not exceed this amount...................................................................................................................1A .00
PART 2 – ENTERPRISE ZONE ACT TAX CREDIT
Expired for taxable years beginning on or after January 1, 2020. Only Enterprise Zone Real Property Investment
Tax Credit carryover amounts from prior years are allowed. Use the worksheet in the instructions to determine
the carryover amount that can be used this year.
A Nonrefundable credit allowable this year .........................................................................................................2A .00
PART 3 – NEIGHBORHOOD ASSISTANCE ACT TAX CREDIT
A Enter the authorized amount of credit ..............................................................A .00
B Carryover credit from prior year(s) ..................................................................B .00
C Add Lines A and B ...........................................................................................C .00
D Credit allowable this year: Line C or balance of maximum credit available, whichever is less ........................ 3D .00
E Carryover credit: Line C less Line 3D if within 5-year carryover period............E .00
PART 4 – HISTORIC REHABILITATION TAX CREDIT
A Enter the amount of eligible expenses .............................................................A .00
B Enter 25% of the amount on Line 8 ..................................................................B .00
C Carryover credit from prior year(s) [enclose computation] ...............................C .00
D Add Line B and Line C......................................................................................D .00
E Credit allowable this year: Line D or balance of maximum credit available, whichever is less.
No credit holder can claim more than $5 million.................................................................................................... 4E .00
F Carryover credit: Line D less Line 4E if within the 10-year carryover period ....F .00
PART 5 – MAJOR BUSINESS FACILITY JOB TAX CREDIT
A Enter the amount of credit authorized by the Department
(include all expansions) ....................................................................................A .00
B Carryover credit from prior year(s) (include all expansions) .............................B .00
C Add Line A and Line B ......................................................................................C .00
D Credit allowable this year: Line C or the balance of maximum credit available, whichever is less ................... 5D .00
E Carryover credit: Line C less Line 5D if within the 10-year carryover period....E .00
PART 6 – BARGE AND RAIL USAGE TAX CREDIT
A Enter the total eligible credit amount ................................................................A .00
B Carryover credit from prior year(s) ...................................................................B .00
C Add Line A and Line B ......................................................................................C .00
D Credit allowable this year: Line C or the balance of maximum credit available, whichever is less ................... 6D .00
E Carryover credit: Line C less Line 6D if within the 5-year carryover period ....... E .00
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| Schedule CR Virginia Department of Taxation 2023 (Form 64) Bank Franchise Tax Page 2 Credit Computation Schedule Name of Bank or Trust Company Federal ID Number PART 7 – EDUCATION IMPROVEMENT SCHOLARSHIPS TAX CREDIT A Enter the total eligible credit amount authorized by the Department of Education. .................................................................................A .00 B Carryover credit from prior year(s). ..................................................................B .00 C Add Line A and Line B.. ....................................................................................C .00 D Credit allowable this year: Line C or the balance of maximum credit available, whichever is less. .................. 7D .00 E Carryover credit: Line C less Line 7D if within 5-year carryover period............E .00 PART 8 – RESERVED FOR FUTURE USE PART 9 – WORKER TRAINING TAX CREDIT A Enter the total eligible credit amount authorized by the Department ................A .00 B Carryover credit from prior year(s) ...................................................................B .00 C Add Line A and Line B ......................................................................................C .00 D Credit allowable this year: Line C or the balance of the maximum credit available, whichever is less. ............ 9D .00 E Carryover credit: Line C less Line 9D if within the 3-year carryover period ..........E .00 PART 10 – NONREFUNDABLE RESEARCH AND DEVELOPMENT TAX CREDIT A Enter the total eligible nonrefundable credit amount authorized by the Department ..........................................................................A .00 B Credit allowable this year: Line A or the balance of the maximum credit available, whichever is less........... 10B .00 PART 11 – MAJOR RESEARCH AND DEVELOPMENT TAX CREDIT A Enter the total eligible credit amount authorized by the Department ................A .00 B Carryover credit from prior year(s) ...................................................................B .00 C Add Line A and Line B. .....................................................................................C .00 D Credit allowable this year: Line C or the balance of the maximum credit available, whichever is less. ...........11D .00 E Carryover credit: Line C less Line 11D if within the 10-year carryover period. ........E .00 PART 12 – VIRGINIA HOUSING OPPORTUNITY TAX CREDIT A Enter the total eligible credit amount authorized by the Authority. ....................A .00 B Carryover credit from prior year(s) ...................................................................B .00 C Add Line A and Line B. .....................................................................................C .00 D Credit allowable this year: Line C or the balance of the maximum credit available, whichever is less. .......... 12D .00 E Carryover credit: Line C less Line 12D if within the 5-year carryover period. .........E .00 PART 13 – TOTAL NONREFUNDABLE CREDITS A Add the amounts on 2A, 3D, 4E, 5D, 6D, 7D, 9D, 10B, 11D, and 12D. Enter the lesser of this sum or the amount here and on Form 64, Line 19 .........................................................13A .00 PART 14 – REFUNDABLE RESEARCH AND DEVELOPMENT TAX CREDIT A Enter the total eligible refundable credit amount authorized by the Department. Enter this amount here and on Form 64, Line 21 ................................................................................................14A .00 |
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Schedule D Virginia Department of Taxation 2023
(Form 64)
Bank Franchise Tax
Book Value of Tangible Personal Property Otherwise Taxed in Virginia
• List the book value of any tangible personal property that is owned by the bank or a majority owned subsidiary of the bank on
January 1, 2023, which is (1) held for lease and (2) otherwise taxed in Virginia.
• If the bank owns less than 100% of the common stock of a subsidiary which holds such tangible personal property, its deduction
is limited to the portion of the book value of the subsidiary’s tangible personal property represented by a bank’s percentage of
ownership of the subsidiary’s common stock. (Enclose computations if applicable.)
• Property used by the bank for administrative purposes is not eligible for deduction.
Name of Bank or Trust Company Federal ID Number
Street Address or P.O. Box
City, Town, or Post Office State ZIP Code
Location Name in Which Date Description of Property Initial Cost/Price
Acquired (Kind, make, model, and (Exclusive of
(County / City / Town) Title Is Held (Mo. & Yr.) year) any trade-in Book Value
allowance)
TOTAL (Enter here and on Form 64, Line 14.)
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Schedule E Virginia Department of Taxation 2023
(Form 64)
Bank Franchise Tax
Computation of Capital Attributed to United States Obligations
• Enclose a schedule listing the breakdown, by quarter, of all items included in the computation of U.S. Obligations.
• See the list of U.S. Obligations beginning on Page 2 of the instructions.
Name of Bank or Trust Company Federal ID Number
Street Address or P.O. Box
City, Town, or Post Office State ZIP Code
1. Percentages of U.S. Obligations to Total Assets (Determined as of the four most recent Reports of Condition and Income.)
(a) (d)
Date of Report (b) (c) Percentage of U.S. Obligations
of Condition U.S. Obligations Total Assets to Total Assets [(b) ÷ (c)]
and Income
(A) 3/31/2022 $ $ 1(A) %
(B) 6/30/2022 $ $ 1(B) %
(C) 9/30/2022 $ $ 1(C) %
(D) 12/31/2022 $ $ 1(D) %
2. Total: Total percentages from Line 1 (A) through (D), Column (d). 2. %
3. Average Percentage. Total from Line 2, divided by the number 4 or by the number
3. %
of quarters in existence if less than 4.
4. Equity Capital (FromForm 64 ,Line 1). 4. $
5. Capital Attributed to U.S. Obligations. Multiply the amount of total equity capital
on Line 4 by the average percentage on Line 3. Enter the total here and on 5. $
Form 64, Line 5.
Signature of Officer Title
Name Printed Date
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Schedule F Virginia Department of Taxation 2023
(Form 64) Bank Franchise Tax
Retained Earnings and Surplus of Subsidiaries
• List the amount of retained earnings and surplus of subsidiaries to the extent that they are included in the gross
capital of the bank.
• The deduction is limited to retained earnings or surplus actually included in the gross capital of the taxpayer at the
date of acquisition as in a pooling of interest combination.
Name of Bank or Trust Company Federal ID Number
Street Address or P.O. Box
City, Town, or Post Office State ZIP Code
Name of Subsidiary Retained Earnings or Surplus
TOTAL: Enter total here and on Form 64, Line 6. $
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Schedule G Virginia Department of Taxation 2023
(Form 64) Bank Franchise Tax
Reserve for Loan Losses
The applicable deferred tax amount (entered on Line 3) is the deferred tax asset that would result if the reserve for
loan losses allowed for federal income tax purposes (the “tax reserve”) was equal to half the book reserve. Stated
mathematically, the applicable deferred tax amount is equal to the Book Reserve divided by 2 and then multiplied by the
bank’s effective federal and state income tax rates that were used to calculate any deferred tax amounts included in the
Call Report, but not less than zero.
Name of Bank or Trust Company Federal ID Number
Street Address or P.O. Box
City, Town, or Post Office State ZIP Code
Bank Holding Company With Which Reporting Bank is Affiliated (if any):
1. Enter the Amount of the Reserve for Loan Losses as Shown on the FFIEC Report of
Condition (the “Call Report”) as of December 31, 2022. $
2. Divide Line 1 by the number 2. Enter the result.
$
3. Applicable Deferred Tax
Multiply the amount on Line 2 by the bank’s annual effective federal and state income tax
rate. See the instructions above for additional information. $
4. Line 1 Less the Total of Lines 2 and 3. Enter this amount on Form 64, Line 2a.
$
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Schedule H Virginia Department of Taxation 2023
(Form 64) Bank Franchise Tax
City, Town, or County Taxes
• Authorized by Va. Code §§ 58.1-1208 - 58.1-1210.
• Compute the local franchise tax as indicated on Lines 1 and 2.
• Enter the amount from Line 2 below, on Form 64, Line 17. If reporting for branches outside the Commonwealth of Virginia, enter only
the local tax to be paid for branches in Virginia on Form 64, Line 17.
• Tax attributable to branches outside the state should be included on Form 64, Lines 18 and 20.
• List in this schedule the location of the principal office and every other city, town, or county in which a branch is located.
• Enter the appropriate figures in Columns B, C, and D for each location listed.
• A copy of this schedule must be filed with the assessing officer of each locality imposing tax upon the filing bank.
Name of Bank or Trust Company Federal ID Number
Street Address or P.O. Box
City, Town, or Post Office State ZIP Code
1. Total Franchise Tax (From Form 64, Line 16.)
2. Local Franchise Tax (80% of Line 1 or Line 1 X 0.8. Enter here and on Form 64, Line 17.)
A B C D
List each Virginia city, town, or county in List total deposits in the Percentage of deposits Taxes assignable and due in
which the principal office and/or one or more principal office and/or through the principal office each Virginia city, town or county
branch is located and check the appropriate branches for each Virginia and/or branches in each pursuant to local ordinance, if one
box. city, town, or county as of Virginia city, town or county has been adopted (percentage
January 1, 2023. to total deposits of the bank from Column C times the amount
as of January 1, 2023. reported on Line 2 above).
County
City
Town
County
City
Town
County
City
Town
County
City
Town
County
City
Town
County
City
Town
County
City
Town
County
City
Town
TOTALS $ 100% $
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Commissioners of the Revenue Mailing Addresses
* Denotes Director of Finance
** Denotes Director of Tax Administration
County Address ZIP Code County Address ZIP Code
Accomack County...... P.O. Box 186, Accomac, VA ............................... 23301-0186 Page County .............. 103 S Court St. Suite C Luray VA ...............................22835
Albemarle County*..... 401 McIntire Rd, Charlottesville, VA .................. 22902-4596 Patrick County ........... P.O. Box 367, Stuart, VA .............................................24171
Alleghany County ...... 9212 Winterberry Ave. Suite E, Covington, VA ...........24426 Pittsylvania ................ P.O. Box 272, Chatham, VA ............................... 24531-0272
Amelia County ........... P.O. Box 269, Amelia, VA ............................................23002 Powhatan County 3834 Old Buckingham Rd, Ste C, Powhatan, VA ....... 23139
Amherst County ......... P.O. 719, Amherst, VA.................................................24521 Prince Edward County P.O. Box 446, Farmville, VA ........................................ 23901
Appomattox County ...P.O. Box 125, Appomattox, VA....................................24522 Prince George CountyP.O. Box 155, Prince George, VA ...................... 23875-0155
Arlington County ........2100 Clarendon Blvd, Rm 200, Arlington, VA...............22201 Prince William County 1 County Complex STE. 120
Augusta County ......... P.O. 959, Verona, VA ..................................................24482 Woodbridge,VA ...........................................................22192
Bath County ............... P.O. Box 130, Warm Springs, VA ................................24484 Pulaski County........... 52 W. Main St, Suite 200, Pulaski, VA ............... 24301-5044
Bedford County.......... 122 E. Main St, Rm 103, Bedford, VA ................ 24523-2035 Rappahannock County P.O. Box 115, Washington, VA ..................................22747
Bland County ............. P.O. Box 130, Bland, VA .............................................24315 Richmond County ...... P.O. Box 366, Warsaw, VA ..........................................22572
Botetourt County........ 57 S. Center Dr., Daleville, VA ....................................24083 Roanoke County ........ P.O. Box 20409, Roanoke, VA ........................... 24018-0513
Brunswick County ...... P.O. Box 669, Lawrenceville, VA .................................23868 Rockbridge County .... P.O. Box 1160, Lexington, VA ............................ 24450-1160
Buchanan County ......P.O. Box 1042, Grundy, VA .........................................24614 Rockingham County ..20 E. Gay St, Harrisonburg, VA ..................................22802
Buckingham County ..P.O. Box 138, Buckingham, VA ................................... 23921 Russell County ..........137 Highland Dr., Ste. C, Lebanon, VA .......................24266
Campbell County ....... P.O. Box 66, Rustburg, VA ..........................................24588 Scott County .............. 190 Beech Street, Suite 206, Gate City VA ................24251
Caroline County .........P.O. Box 819, Bowling Green, VA ...............................22427 Shenandoah County ..600 N. Main St, Ste 104, Woodstock, VA ....................22664
Carroll County............ 605-7 Pine St, Hillsville, VA .........................................24343 Smyth County ............ P.O. Box 985, Marion, VA............................................24354
Charles City ...............P.O. Box 7, Charles City, VA .............................. 23030-0007 Southampton County .P.O. Box 760, Courtland, VA .............................. 23837-0760
Charlotte County........P.O. Box 308, Charlotte Courthouse, VA .................... 23923 Spotsylvania County ..P.O. Box 175, Spotsylvania, VA ......................... 22553-0175
Chesterfield County ... P.O. Box 124, Chesterfield, VA .......................... 23832-0908 Stafford County .......... P.O. Box 98, Stafford, VA ................................... 22555-0098
Clarke County ............ P.O. Box 67, Berryville, VA .......................................... 22611 Surry County.............. P.O. Box 35, Surry, VA ................................................23883
Craig County.............. P.O. Box 186, New Castle, VA ........................... 24127-0186 Sussex County .......... P.O. Box 1398, Sussex, VA ................................ 23884-0398
Culpeper County........ P.O. Box 1807, Culpeper, VA ......................................22701 Tazewell County ........ 135 Court St., Ste 301, Tazewell, VA ................. 24651-0020
Cumberland County... P.O. Box 77, Cumberland, VA .....................................23040 Warren County .......... P.O. Box 1775, Front Royal, VA ......................... 22630-0038
Dickenson County ..... P.O. Box 1067, Clintwood, VA .....................................24228 Washington County ... One Government Center Place, Ste. C,
Dinwiddie County....... P.O. Box 104, Dinwiddie, VA .............................. 23841-0104 Abingdon, VA ..................................................... 24210-8484
Essex County ............P.O. Box 879, Tappahannock, VA ...................... 22560-0879 Westmoreland CountyP.O. Box 68, Montross, VA ..........................................22520
Fairfax County** ........ 12000 Government Center Pkwy, Rm 261, Wise County .............. P.O. Box 1278, Wise, VA............................................. 24293
Fairfax, VA .........................................................22035-0075 Wythe County ............ 225 S. 4th St, Rm 101, Wytheville, VA ........................24382
Fauquier County ........ P.O. Box 149, Warrenton, VA ............................. 20188-0149 York County ............... P.O. Box 90, Yorktown, VA ................................. 23690-0090
Floyd County ............. 100 E. Main St, Box 5, Floyd, VA ............................... 24091 City of Alexandria* ..... P.O. Box 178, Alexandria ,VA ......................................22313
Fluvanna County ....... P.O. Box 124, Palmyra, VA ................................ 22963-0124 City of Bristol ............. 497 Cumberland St., Rm 101, Bristol, VA .......... 24201-4391
Franklin County ......... 1255 Franklin St, Suite 102, Rocky Mount, VA ...........24151 City of Buena Vista .... 2039 Sycamore Ave, Buena Vista, VA ............... 24416-3133
Frederick County .......P.O. Box 552, Winchester, VA .....................................22604 City of Charlottesville .P.O. Box 2964, Charlottesville, VA ..................... 22902-2964
Giles County .............. 130 N Main St, Pearisburg, VA .......................... 24134-1625 City of Chesapeake ... P.O. Box 15285, Chesapeake, VA ..................... 23328-5285
Gloucester County ..... 6489 Main St, STE. 137, Gloucester, VA ........... 23061-0137 City of Colonial Heights P. O. Box 3401, Colonial Heights, VA .......................23834
Goochland County ..... P.O. Box 60, Goochland, VA .......................................23063 City of Covington ....... P.O. Drawer 58, Covington, VA ...................................24426
Grayson County......... P.O. Box 126, Independence, VA ................................24348 City of Danville........... P.O. Box 480, Danville, VA ..........................................24543
Greene County .......... P.O. Box 438, Stanardsville, VA .................................. 22973 City of Emporia .......... P.O. Box 956, Emporia, VA .........................................23847
Greensville County .... 1781 Greensville County Circle, Rm 132, City of Fairfax ............ Rm 224, City Hall, 10455 Armstrong St., Fairfax, VA ..22030
Emporia, VA ...............................................................23847 City of Falls Church ... 300 Park Ave, #202W, Falls Church, VA ........... 22046-3301
Halifax County ........... P.O. Box 1847, Halifax, VA..........................................24558 City of Franklin........... 207 West Second Ave., Franklin, VA ..........................23851
Hanover County.........P.O. Box 129, Hanover, VA ......................................... 23069 City of Fredericksburg P.O. Box 644, Fredericksburg, VA...................... 22404-0644
Henrico County* ........ P.O. Box 90775, Henrico, VA ............................. 23273-0775 City of Galax .............. 111 E.Grayson St., Galax, VA .....................................24333
Henry County............. P.O. Box 1077, Collinsville, VA........................... 24078-1077 City of Hampton ......... P.O. Box 636, Hampton, VA ............................... 23669-0636
Highland County ........ P.O. Box 148, Monterey, VA ........................................24465 City of Harrisonburg... 409 S Main St., Harrisonburg, VA ...................... 22801-3610
Isle of Wight County ..P.O. Box 107, Isle of Wight, VA .......................... 23397-0107 City of Hopewell.........P.O. Box 1604, Hopewell, VA ......................................23860
James City County .... P.O. Box 283, Williamsburg, VA ......................... 23187-0283 City of Lexington ........ 300 E Washington St, Rm 103, Lexington, VA ............24450
King George County ..10459 Courthouse Dr, Ste 101, City of Lynchburg .......P.O. Box 858, Lynchburg, VA ............................. 24505-0858
King George, VA ................................................ 22485-3865 City of Manassas ....... P.O Box 125, Manassas, VA ....................................... 20110
King & Queen County P.O. Box 178, King & Queen CH, VA ..........................23085 City of Manassas Park 100 Park Center Plaza, Manassas Park, VA ..............20111
King William County ..P.O. Box 217, King William, VA ...................................23086 City of Martinsville .....P.O. Box 1222, Martinsville, VA..........................24114-1222
Lancaster County ......8311 Mary Ball Rd., Rm 203, Lancaster, VA ...............22503 City of Newport News 2400 Washington Ave, Newport News, VA .................23607
Lee County ................ P.O. Box 96, Jonesville, VA .........................................24263 City of Norfolk ............ P.O. 2260, Norfolk, VA ......................................23501-2260
Loudoun County ........ P.O. Box 8000, Leesburg, VA............................. 20177-9804 City of Norton............. P.O. Box 347, Norton, VA ............................................24273
Louisa County............ 1 Woolfolk Ave. Ste. 203, Louisa, VA .......................... 23093 City of Petersburg ...... 144 N. Sycamore St, Petersburg, VA ..........................23803
Lunenburg County ..... 11512 Courthouse Rd, Ste 101, Lunenburg, VA ............... 23952 City of Poquoson ....... 500 City Hall Ave, Poquoson, VA ................................23662
Madison County......... P.O. Box 56, Madison, VA ...........................................22727 City of Portsmouth ..... 801 Crawford St, Portsmouth, VA ...................... 23704-3811
Mathews .................... P.O. Box 896, Mathews, VA ............................... 23109-0896 City of Radford........... 619 Second St, Rm 161, Radford, VA ........................24141
Mecklenburg County..P.O. Box 360, Boydton, VA .........................................23917 City of Richmond .......900 E. Broad St, Rm 103,Richmond, VA .................... 23219
Middlesex County ...... P.O. Box 148, Saluda, VA .................................. 23149-0148 City of Roanoke ......... 215 Church Ave SW, Rm 251, Roanoke, VA .............. 24011
Montgomery County .. 755 Roanoke St. Ste 1-A, Christiansburg ,VA ...... 24073-3170 City of Salem ............. P.O. Box 869, Salem, VA ............................................24153
Nelson County ........... P.O. Box 246, Lovingston, VA ..................................... 22949 City of Staunton ......... P.O. Box 4, Staunton, VA ................................... 24402-0004
New Kent County....... P.O. Box 99, New Kent, VA .........................................23124 City of Suffolk ............ P.O. Box 1459, Suffolk, VA ................................. 23439-1459
Northampton County .P.O. Box 65, Eastville, VA ...........................................23347 City of Virginia Beach 2401 Courthouse Dr, Bldg 1, Virginia Beach, VA .........23456
Northumberland County P.O. Box 309, Heathsville, VA ...................................22473 City of Waynesboro ... 503 W. Main St., Rm 107, Waynesboro, VA ............... 22980
Nottoway County ....... P.O. Box 5, Nottoway, VA ............................................ 23955 City of Williamsburg ... P.O. Box 245, Williamsburg, VA ..................................23187
Orange County .......... P.O. Box 389, Orange, VA.................................. 22960-0227 City of Winchester ..... 21 S. Kent St., Ste. 100, Winchester, VA ....................22601
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