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Bill

SB 93

Data centers; taxes on banks that are tenants of a center.

2026 Regular Session Introduced by Michelle Maldonado and 1 co-sponsor

Virginia bill taxes banks operating as data center tenants, potentially increasing state revenue while affecting financial institution location decisions and operational costs.

Continued to next session in Finance and Appropriations (15-Y 0-N)
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Bill Summary · SB 93

Legislative bill overview

SB 93 would impose state taxes on banks that operate as tenants within data center facilities in Virginia. The bill targets financial institutions leasing space in data centers, subjecting them to taxation based on their tenant status within these facilities rather than their primary banking operations.

Why is this important

Data centers represent a growing sector in Virginia's economy, and this bill addresses how the state taxes financial services within these facilities. The measure could affect both bank operating costs and state revenue, while establishing precedent for how Virginia treats specialized commercial tenancy arrangements.

Potential points of contention

  • Competitive impact on data centers: Banks may reduce Virginia data center presence or increase costs passed to customers if taxation makes these locations less attractive compared to out-of-state alternatives
  • Definition and scope ambiguity: The bill's precise definition of which banking activities qualify as "tenant" operations could create compliance confusion and disputes over tax liability
  • Revenue reliability: Fiscal impact remains uncertain; the Finance Committee's continued review suggests questions about actual revenue generation versus administrative burden

Compiled from official sources — confirm details with the bill’s official record.

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