During the 2023 Session, the Virginia General Assembly enacted House Bill 1896 (Chapter 50) and Senate Bill 1182 (Chapter 51) requiring banks to file their annual bank franchise tax returns electronically. Under these Acts, Virginia Tax is required to maintain a secure online portal to receive returns and other required submissions for use by Commissioners of the Revenue or other assessing officers. Any bank is permitted, in accordance with procedures established by the Tax Commissioner, to elect a 60-day filing extension for the return and schedules. In addition, all localities imposing a local bank franchise tax are required to provide electronic processes for banks to access real estate assessment records. In addition, these Acts require that Virginia Tax convene a work group and publish a report regarding certain potential changes to the bank franchise tax.

Legislative Documents

Work Group Documents