§ 58.1-1204.1. Proration for new banks
Notwithstanding § 58.1-1204, any bank which did not operate for the entire twelve-month period preceding the January 1 assessment date provided for under § 58.1-1207 shall be entitled to a prorated tax rate as follows:
1. Transacting business as of March 31 of the preceding year, no proration shall be available and the tax rate shall be $1 on each $100 of net capital.
2. Transacting business as of June 30 of the preceding year but not before April 1, the tax rate shall be 75 cents 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 cents 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 cents on each $100 of net capital.
For purposes of this section, "transacting business" shall mean accepting deposits from customers in the regular course of doing business. A bank shall be eligible for the prorated tax rate provided for hereunder with respect to the first return it is required to file after accepting deposits; provided, that a bank shall not be eligible for the prorated tax rate if it was organized or created as part of a reorganization within the meaning of § 368 (a) of the Internal Revenue Code.
(1989, c. 64.)
Sections: Previous 58.1-1200 58.1-1201 58.1-1202 58.1-1203 58.1-1204 58.1-1204.1 58.1-1205 58.1-1206 58.1-1207 58.1-1208 58.1-1209 58.1-1210 58.1-1211 58.1-1212 58.1-1213 NextLast modified: April 16, 2009