In Virginia, a franchise tax is imposed on the net capital of banks and trust companies. See Form 64 for specific information about who must file the bank franchise tax.

Information for Banks

How to file

Starting in 2025, banks must file Form 64 and schedules electronically on our website through a business account (iFile).

Add the Bank Franchise Tax Type to your online account

To file electronically, you need to first add the bank franchise tax type to your business's online account with us.

  • If you don't have an online business account, you'll need to enroll.
  • If you have an online business account but haven't used your account in a while and it's expired, you'll need to enroll in an account again.
  • Banks must be registered with us before creating an online account.

Once you've logged into your online account, add the bank franchise tax type by clicking "Add a New Tax Type to Existing Account" under the Update Your Business Profile section.

File the tax in your online account

File the tax return by logging into your online account and selecting "File/Pay Your Bank Franchise Tax."

  • Download the Form 64 Excel Template and enter your return details.
  • Use the General Information tab in the template as a guide when entering your return information.
  • Once you've entered your return information, upload the file in your online account.

Once you successfully upload your completed template, the Commissioner of the Revenue in the locality where your bank has its principal location will review the return. Check your online account to monitor the status of certification of the return by your locality.

When to file

Online filing is now open. Returns are due March 1. For banks that need more time to file, there is an automatic May 1 extension deadline (no application required).

How and when to pay

After a return is certified by your locality, your bank needs to pay the tax by June 1. Banks should not wait until they get a bill to pay the tax due.

  • Electronic payments for the state portion of the tax can be made through ACH credit, or through your Virginia Tax online account.
  • Continue to pay localities directly for the local portion of the tax due.

Any bank that fails to file and pay the tax will be subject to a 5% penalty of the tax due. Interest is charged on any unpaid tax due from the payment due date until we receive the tax payment. Interest is calculated at the rate established by the current IRS underpayment rate plus 2%.

Information for Localities

The Commissioner of the Revenue or Director of Finance in a locality where a bank has its principal location will receive and certify a bank franchise return electronically.

Localities with a bank franchise location will now view Schedules H and C electronically, for the purposes of reviewing the local portion of the tax due.

Contact us

For help with the bank franchise tax, please call 804.404.4215.

Tax rate and local credit

  • State tax - $1 per $100 of taxable value on Jan. 1 of each year except for new banks.

    • New banks - The bank franchise tax for new banks will be prorated as follows:

      • First transacting business before March 31: $1 on each $100 of net capital, no proration
      • First transacting business between April 1 and June 30: 75 cents on each $100 of net capital
      • First transacting business between July 1 and Sept. 30: 50 cents on each $100 of net capital
      • First transacting business between Oct. 31 and Dec. 31 31: 25 cents on each $100 of net capital
  • Local tax - Any city, county, or town may impose a tax not to exceed 80% of the state rate of taxation.
    • Local credit - A credit is allowed for amounts paid to cities, towns, or counties for taxes assessed on a bank's net capital.
  • The maximum total bank franchise tax liability per bank is $18 million.