§ 58-1-1204-1

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:\n1. 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.\n2. Transacting business as of June 30 of the preceding year but not before April 1, the tax rate shall be 75 cent(s) on each $100 of net capital.\n3. Transacting business as of September 30 of the preceding year but not before July 1, the tax rate shall be 50 cent(s) on each $100 of net capital.\n4. Transacting business as of December 31 of the preceding year but not before October 1, the tax rate shall be 25 cent(s) on each $100 of net capital.\nFor 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

rated 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.\n1989, c. 64.