Virginia Code Title 58.1. Taxation § 58.1-1204.1. Proration for new banks

1. Transacting business as of March 31 of the preceding year, no proration shall be available and the tax rate shall be $1 on each $100 of net capital.

2. Transacting business as of June 30 of the preceding year but not before April 1, the tax rate shall be 75¢ on each $100 of net capital.

3. Transacting business as of September 30 of the preceding year but not before July 1, the tax rate shall be 50¢ on each $100 of net capital.

4. Transacting business as of December 31 of the preceding year but not before October 1, the tax rate shall be 25¢ on each $100 of net capital.

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