Virginia Virginia Bank Franchise with Schedules and Instructions

Virginia Bank Franchise with Schedules and Instructions
2024 Virginia Bank Franchise Tax Form 64, Schedules, and Instructions
Virginia Bank Franchise Tax
2024 Form 64, Schedules, and Instructions

Commonwealth of Virginia
Department of Taxation
Richmond, Virginia
(804) 404-4215
www.tax.virginia.gov

6214005  Rev. 09/23

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.
In the event that a multi-state bank becomes subject to the Bank
Franchise Tax, the Department permits multi-state 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 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;
•	 provide a statement regarding why the statutory method is
inapplicable or inequitable as applied to the taxpayer; and
•	 submit an explanation of the proposed method of apportionment
in sufficient detail for the Department to make a meaningful
review.
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

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, 2024,
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 such bank’s
principal office is located must maintain a record of the deposits
made through such 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 out-of-state
1

Official Report of Condition and Income

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.

You must enclose with Form 64, when filed, a complete copy of
the official Report of Condition and Income (Call Report) required
by the Comptroller of the Treasury, U.S. Department of the
Treasury or the Bureau of Financial Institutions, State Corporation
Commission, for the December 31 immediately preceding the
current tax year. No other reports, newspaper copies, or other
financial statements are acceptable.

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.

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. Write “Amended
Return” on the top of the form to indicate that it is an adjusted
return. The amended Form 64 and all accompanying schedules
(Schedules  C  –  H) must be filed in DUPLICATE with the
Commissioner of the Revenue for the city or county in which the
principal office of the bank or trust company is located. File the
amended return within 3 years from the due date of the original
return. See Va. Code § 58.1-1823.

When to File
Form 64 and all accompanying schedules must be filed on or
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
Capital,” adjust the “Total Equity Capital” as reported on the Call
Report by the amounts reported as unrealized gains or losses on
available-for-sale securities.
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 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.

Form 64 and all accompanying schedules (Schedules C – H) must
be filed in DUPLICATE with the Commissioner of the Revenue
for the city or county in which the principal office of the bank or
trust company is located. Mailing addresses for the Commissioners
of the Revenue are listed on the last page of the instructions. A
bank that was formerly headquartered in Virginia should continue
to file with the locality in which its principal office was located.
Banks that move into Virginia should file with the locality where
the first branch is established. Banks that move into Virginia via
the purchase of a Virginia bank should file in the locality of the
former Virginia bank’s principal office. In addition, the bank must
file copies of Schedules C and H with the assessing officer of each
locality imposing tax on the filing bank. No payment should be
submitted with Form 64.
For additional information, call or write to:
Virginia Department of Taxation
P.O. Box 715
Richmond, VA 23218-0715
(804) 404-4215
You can obtain most tax forms at www.tax.virginia.gov. Tenemos
servicios disponible en Español.

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

Assessment of Tax
The Department will issue a Notice of Assessment to each bank
on or about May 1 of the taxable year.

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.

Penalty
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.

Interest
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%.

2

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

•	 Transacting business as of September 30, 2023, but not
before July 1, 2023, $.50 of tax per $100 of net taxable
capital.
•	 Transacting business as of December 31, 2023, but not
before October 1, 2023, $.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).
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 16.
Line 19 – Nonrefundable Tax Credits: Enter the total
nonrefundable tax credit amount calculated on Line 13A of the
Schedule CR (Form 64).
Line 20 – Subtract the amount on Line 19 from the tentative state
bank franchise tax on Line 18. This is the reduced liability after
nonrefundable credits are applied.
Line 21 – Refundable Tax Credits: Enter the total refundable
tax credit amount calculated on Line 14A of the Schedule CR
(Form 64).
Line 22 – Bank Franchise Tax Due: If the adjusted bank franchise
tax calculated on Line 20 is greater than the refundable credit
amount (if any) on Line 21, subtract Line 21 from Line 20. This
is the tax due amount.
Line 23 – Tax Overpayment: if the refundable tax credits reported
on Line 21 are greater than the adjusted bank franchise tax on
Line 20, subtract Line 20 from Line 21. This is the amount of
your overpayment.

Issuing Organization
Tax Status
Federal Savings & Loan Insurance Corp. (FSLIC)
Exempt
Inter-American Development Bank
Taxable
International Bank for Reconstruction & Development Taxable
Maritime Administration
Taxable
Mutual Mortgage Insurance Fund
Exempt
National Defense Housing Insurance
Exempt
Private Export Funding Corporation (PEFCO)
Taxable
Production Credit Association
Exempt
Puerto Rico, Government of
Exempt
Rental Housing Insurance
Exempt
Resolution Trust Commission (RTC)
Exempt
Samoa, American
Exempt
Small Business Administration (SBA)
Taxable
State & Local Issued Obligations
Taxable
Student Loan Market Association (SLMA)
Exempt
Tennessee Valley Authority (TVA)
Exempt
United States Savings Bonds
Exempt
United States Postal Service
Exempt
United States Treasury Bills, Notes, and Bonds
Exempt
United States Gov’t Guaranteed Notes-HUD
Taxable
Virgin Islands, Government of
Exempt
War Housing Insurance
Exempt
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. The
Goodwill Deduction may be claimed on Line 7 of Form 64. A
separate schedule (not provided) indicating the amount of goodwill
and showing the deduction computation must be enclosed.
Line 8 – 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 a statement providing the name, federal employer
identification number, and Virginia account number of the affiliate
together with a detailed explanation of the transaction generating
the interest, the taxable year or years for which the addback was
made by the affiliate, and the date on which the affiliate’s liability
for the addback was finally determined.
Line 11 – Apportionment Percentage. Divide Virginia core
deposits by total core deposits. Round the number to no more than
4 decimal places. The percentage cannot exceed 100%.
Line 16 – Tax Rate Schedule: Rates are provided for new banks
that have not been in business for a full year before the January 1
date for valuing the taxable capital. The prorated tax rates are as
follows:
•	 Transacting business on or before March 31, 2023, $1 of
tax per $100 of net taxable capital.
•	 Transacting business as of June 30, 2023, but not before
April 1, 2023, $.75 of tax per $100 of net taxable capital.

INSTRUCTIONS FOR SCHEDULE C
(FORM 64)
The assessed value of the real estate listed on this schedule
should be reported from the most recent assessment made prior to
January 1, 2024. Real estate acquired or improvements constructed
after January 1, 2024, 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).
3

Neighborhood Assistance Act Tax Credit:

Real estate meeting any of the qualifications shown above must be
owned, used, or occupied by the bank as of January 1, 2024. 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.

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,
pharmacists, professional counselors, clinical social workers,
clinical psychologists, marriage and family therapists, physical
therapists, chiropractors, pharmacists and physician specialists
who donate their services for an approved clinic, and mediators
certified by the Judicial Council of Virginia may also 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, S
corporation, or limited liability company must be allocated to the
partners, shareholders, or members in proportion to their ownership
or interest in the partnership, S corporation, or limited liability
company. Any unused tax credits may be carried forward for the
next 5 taxable years. To claim the tax credit, a certificate from the
Department of Social Services or the Department of Education
must be enclosed with your return.
For a list of approved organizations or additional information,
contact:
Virginia Department of Social Services
Neighborhood Assistance Program
801 E. Main Street
Richmond VA 23219-3301
or the
Virginia Department of Education
23rd Floor, P.O. Box 2120
Richmond, VA 23218-2120
ATTN: Neighborhood Assistance Tax
Credit Program for Education
Email address: [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.

INSTRUCTIONS FOR SCHEDULE CR
(FORM 64)
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 have the option to either:
•	 Pay at least 90% of your tax liability by the return due date
and file your return on extension after receiving notification,
or
•	 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).

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.

Historic Rehabilitation Tax Credit

Line A: 	 Credit carried over from prior years:
	

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 § 58.1-1202. 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, the amount of the
Historic Rehabilitation Tax Credit that may be claimed by each
taxpayer, including carryover amounts, may not exceed $5 million
for 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) 482-6446
www.dhr.virginia.gov/tax-credits/.
To claim this credit, complete Part 4 of Schedule CR (Form 64).

$_________________ .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
Community Revitalization & Development Office
Special Needs Housing
Main Street Centre
600 East Main Street, Suite 300
Richmond, VA 23219-1321
(804) 371-7171
[email protected]
4

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
of the credit amount to each taxpayer. Taxpayers can claim this
credit against the Individual Income Tax, the Corporate Income
Tax, the Tax on Estates and Trusts, the Bank Franchise Tax, the
Insurance Premiums License Tax, and the Tax on Public Service
Corporations. Any unused tax credits may be carried over for
5 taxable years.
The business must apply by April 1st using Form BRU.
Submitting a late application will disqualify you from the credit.
All applications must be sent to Department of Taxation, Tax
Credit Unit, P.O. Box 715, Richmond, VA 23218-0715.
This credit requires certification from the Tax Credit Unit to be
claimed on your tax return. A letter will be sent to you to certify
the credit. To claim this credit, complete Part 6 of the Schedule CR
(Form 64) and enclose the certification letter with your return. For
assistance, contact the Tax Credit Unit at (804) 786-2992.

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). .

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 minimum and 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. 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:
Virginia Department of Education
ATTN: Scholarships Tax Credits Program
23rd Floor, P.O. Box 2120
Richmond, Virginia 23218-2120
[email protected]

Worker Training Tax Credit
For taxable years beginning on and after January 1, 2019, but
before July 1, 2025, the Worker Training Tax Credit allows
businesses to claim a tax credit for 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,

Barge and Rail Usage Tax Credit
For taxable years beginning on and after January 1, 2011, but
before January  1,  2025, a business may receive an income tax
credit for the usage of barge and rail to move cargo containers
throughout the Commonwealth rather than using trucks or other
motor vehicles on the Commonwealth’s highways.
The amount of the credit is $25 per 20-foot equivalent unit (TEU)
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
international trade facility is required to apply to the Department.
No more than $500,000 in tax credits can be issued in any
5

23.1-3115, 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 Commissioner of Labor and
Industry.
“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 Labor and Industry at
(804) 786-1035.

any 1 of the 3 taxable years immediately preceding the taxable
year for which the credit is being determined, the credit is equal to
5% of the Virginia qualified research and development expenses
paid or incurred by the taxpayer during the taxable year. Using
such method, a taxpayer may claim up to $45,000 of credits for
a taxable year, or $60,000 of credits for a taxable year if the
Virginia qualified research was conducted in conjunction with a
Virginia public or private college or university.
No taxpayer with Virginia qualified research and development
expenses in excess of $5 million may claim both the Research
and Development Expenses Tax Credit and the Major Research
and Development Expenses Tax Credit for the same taxable year.
To claim this tax credit, a taxpayer must apply by September 1
using Form RDC and the applicable schedules. Taxpayers
electing to use the primary method to determine the proposed
credit amount must complete Section 1 – Primary Credit
Calculation. Taxpayers electing to use the simplified method to
determine the proposed credit amount must complete Section
2 – Alternative Simplified Credit Calculation. Submitting a late
application will disqualify you for the credit. All applications
must be sent to the Virginia Department of Taxation, Tax
Credit Unit, P.O. Box 715, Richmond, VA 23218-0715. This
credit requires certification from the Tax Credit Unit in order to
be claimed on your tax return. A letter will be sent to certify the
credit.
The amount of the credit attributable to a partnership, electing
small business corporation (S corporation), or limited liability
company (LLC) must be allocated to the individual partners,
shareholders, or members in proportion to their ownership
interests in such entities or in accordance with a written agreement
using Form TCA within 30 days after the credit is granted unless
the partnership, limited liability company, or electing small
business corporation (S corporation) elects for such credits not to
be so allocated but to be received and claimed at the entity level
by the partnership, limited liability company, or electing small
business corporation (S corporation).
The Department requires taxpayers applying for the credit to
provide information including:
(i)	 the number of full-time employees employed by the
taxpayer in the Commonwealth during the taxable year
for which the credit is sought;
(ii)	 the taxpayer’s sector or sectors according to the 2012
edition of the North American Industry Classification
System (NAICS) as published by the United States
Census Bureau;
(iii)	 a brief description of the area, discipline, or field of
Virginia qualified research performed by the taxpayer;
(iv)	 the total gross receipts or anticipated total gross receipts
of the taxpayer for the taxable year for which the credit is
sought; and
(v)	 whether the Virginia qualified research was conducted in
conjunction with a Virginia public or private college or
university.
Any taxpayer that is allowed a Research and Development
Expenses Tax Credit is not allowed to use the same expenses
as the basis for claiming any other Virginia tax credit. Research
and development expenses that are paid or incurred for research
conducted in Virginia on human cells or tissue derived from
induced abortions or from stem cells obtained from human
embryos do not qualify for the credit. However, if a taxpayer
engages in research in Virginia on human cells or tissue derived
from induced abortions from stem cells obtained from human
embryos, it may receive a nonrefundable credit for other Virginia
qualified research and development expenses. Accordingly, if
you conducted embryonic stem cell research in Virginia, this
credit is nonrefundable and you must enter the amount of credit
granted in Part 10 of Schedule CR (Form 64). If you did not

Research and Development Expenses Tax Credit

A refundable bank franchise tax credit is allowed for qualified
research and development expenses for taxable years beginning
on or after January 1, 2021, but before January 1, 2025. The tax
credit is equal to:
(i)	 15% of the first $300,000 in Virginia qualified research
and development expenses, or
(ii)	 20% of the first $300,000 of Virginia qualified research
and development expenses if the research was conducted
in conjunction with a Virginia public or private college
or university, to the extent the expenses exceed a base
amount.
There is a cap on the total amount of credits allowed in any fiscal
year. If the total amount of approved tax credits is less than the
credit cap amount, the Department will allocate the remaining
amount to the taxpayers already approved for the tax credit on a
pro rata basis. If the total amount of approved credits exceeds the
credit cap amount, the Department will allocate credits on a pro
rata basis. The maximum annual amount of tax credits that may
be issued for each fiscal year is $7.7 million.
Taxpayers may elect to determine the credit using a simplified
method. Under the simplified method, the credit is equal to 10%
of the difference of:
(i)	 the Virginia qualified research and development expenses
paid or incurred by the taxpayer during the taxable year;
and
(ii)	 50% of the average Virginia qualified research and
development expenses paid or incurred by the taxpayer
for the 3 taxable years immediately preceding the taxable
year for which the credit is being determined.
If a taxpayer electing to use the simplified method did not pay or
incur Virginia qualified research and development expenses in
6

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 pass-through
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.
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
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.
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.

conduct embryonic stem cell research in Virginia, this credit is
refundable and you must enter the amount of credit granted in
Part 14 of Schedule CR (Form 64).

Major Research and Development Expenses Tax Credit

For taxable years beginning on or after January 1, 2021, but
before January 1, 2025, a taxpayer with Virginia qualified
research and development expenses for the taxable year in excess
of $5 million may claim a nonrefundable tax credit against the
bank franchise tax in an amount equal to 10% of the difference
between (i) the Virginia qualified research and development
expenses paid or incurred by the taxpayer during the taxable
year and (ii) 50% of the average Virginia qualified research and
development expenses paid or incurred by the taxpayer for the 3
taxable years immediately preceding the taxable year for which
the credit is being determined. If the taxpayer did not pay or incur
Virginia qualified research and development expenses in any 1 of
the 3 taxable years immediately preceding the taxable year for
which the credit is being determined, the tax credit is equal to
5% of the Virginia qualified research and development expenses
paid or incurred by the taxpayer during the relevant taxable year.
No more than $24 million in tax credits may be issued in any
fiscal year. If the approved applications for the tax credits exceed
$24 million for any taxable year, the credits will be allocated
proportionately among all qualified taxpayers.
No taxpayer is permitted to claim credits in excess of 75% of the
income tax imposed on the taxpayer for the taxable year. Any
credit not usable for the taxable year for which the credit was
first allowed may be carried over for credit against the income
taxes of the taxpayer in the next 10 succeeding taxable years or
until the total amount of the tax credit has been taken, whichever
is sooner.
Any taxpayer who claims the tax credit for Virginia qualified
research and development expenses is not allowed to use such
expenses as the basis for claiming any other credit provided
under the Code of Virginia.
Applications for the tax credit must be received by the Department
no later than September 1 of the calendar year following the close
of the taxable year in which the expenses were paid or incurred.
To apply, the business must file Form MRD and the applicable
schedules. Submitting a late application will disqualify you
from the credit. All applications must be sent to the Virginia
Department of Taxation, Tax Credit Unit, P.O. Box 715,
Richmond, VA 23218-0715. This credit requires certification
from the Tax Credit Unit to be claimed on your tax return. A
letter will be sent to certify the credit.
No taxpayer with Virginia qualified research and development
expenses in excess of $5 million may claim both the Research
and Development Expenses Tax Credit and the Major Research
and Development Expenses Tax Credit for the same taxable year.
Credits granted to a partnership, limited liability company, or
electing small business corporation (S corporation) must be
allocated to the individual partners, members, or shareholders,
respectively, in proportion to their ownership interests in the
entities or in accordance with a written agreement entered into
by individual partners, members, or shareholders.
No tax credit is allowed for any expenses that are paid for
or incurred by a taxpayer for research conducted in the
Commonwealth on human cells or tissue derived from induced
abortions or from stem cells obtained from human embryos. The
foregoing provision does not apply to research conducted using
stem cells other than embryonic stem cells.

Virginia Housing Opportunity Tax Credit

Effective for taxable years beginning on and after January 1,
2021, but before January 1, 2026, a housing opportunity tax
credit (“HOTC”) is available for certain low-income building
projects in an amount up to the amount of federal low-income
housing tax credit (“LIHTC”) allocated or allowed by the Virginia
7

FORM 64	

Virginia Bank Franchise Tax Return	

2024

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, 2024,
Date Chartered
with the Commissioner of the Street Address or P.O. Box
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, 2023.

BANK CAPITAL ASSESSABLE AS OF JANUARY 1, 2024
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

9. Total Deductions Before Apportionment (Sum of Lines 5 through 8)

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.
23. State Bank Franchise Tax Overpayment.
If Line 20 is less than Line 21, subtract Line 20 from Line 21. This is your refund.

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.
(Signature) 	
(Phone Number)	

(Title of Officer)
(Date)

22
23

Commissioner of the Revenue’s
Certificate of Assessment
I, the undersigned Commissioner of the Revenue for the (County/City)
of
, Virginia, do hereby certify that
I have this day assessed the bank or trust company aforesaid with state
Bank Franchise Taxes for the tax year 2024, as shown hereon.
Given under my hand this
(Commissioner of the Revenue)

day of

, 2024.

Schedule C	
(Form 64)	
•
•
•

2024

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, 2024.
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

Location

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

Name in Which Assessed

ZIP Code

Assessed Value

Value Deductible

Address

County, City, or Town (Check One:

County

City

Town)

County

City

Town)

County

City

Town)

County

City

Town)

County

City

Town)

County

City

Town)

County

City

Town)

County

City

Town)

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

Address

County, City, or Town (Check One:
Address

County, City, or Town (Check One:
Address

County, City, or Town (Check One:
Address

County, City, or Town (Check One:
Address

County, City, or Town (Check One:
Address

County, City, or Town (Check One:
Address

County, City, or Town (Check One:

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, 2024.
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.

Schedule CR	
(Form 64)	

2024

Virginia Department of Taxation

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
E Carryover credit: Line C less Line 3D if within 5-year carryover period............E

.00

.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
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
E Carryover credit: Line C less Line 5D if within the 10-year carryover period....E

.00

.00

.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
E Carryover credit: Line C less Line 6D if within the 5-year carryover period ........ E

.00

.00

Schedule CR	
(Form 64)	
Page 2	

2024

Virginia Department of Taxation	

Bank Franchise Tax
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
E Carryover credit: Line C less Line 7D if within 5‑year carryover period............E

.00

.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
E Carryover credit: Line C less Line 9D if within the 3-year carryover period...........E

.00

.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.
(This amount cannot be more than 75% of tax on your return)............................................................................11D

E Carryover credit: Line C less Line 11D if within the 10-year carryover period..........E

.00

.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
E Carryover credit: Line C less Line 12D if within the 5-year carryover period...........E

.00

.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

Schedule D
(Form 64)

2024

Virginia Department of Taxation

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, 2024, 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

Location
(County / City / Town)

State

Name in Which
Title Is Held

ZIP Code

Cost/Price
Date
Description of Property Initial
(Exclusive of
Acquired (Kind, make, model, and
any trade-in
(Mo. & Yr.)
year)
allowance)

TOTAL (Enter here and on Form 64, Line 14.)

Book Value

Schedule E
(Form 64)

2024

Virginia Department of Taxation

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)
Date of Report
of Condition
and Income

(b)
U.S. Obligations

(d)
Percentage of U.S. Obligations
to Total Assets [(b) ÷ (c)]

(c)
Total Assets

(A)

3/31/2023

$

$

1(A)

%

(B)

6/30/2023

$

$

1(B)

%

(C)

9/30/2023

$

$

1(C)

%

(D)

12/31/2023

$

$

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
of quarters in existence if less than 4.

3.

%

4. Equity Capital (From Form 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
Form 64, Line 5.

5. $

Signature of Officer

Name Printed

Title

Date

Schedule F	
(Form 64)	
	

2024

Virginia Department of Taxation	

Bank Franchise Tax
Retained Earnings and Surplus of Subsidiaries

•	

List the amount of retained earnings and surplu