Va. Code § 55.1-2500 et seq. · Virginia Dept. of the Treasury — Division of Unclaimed Property
Virginia Tier 1 B2B Exemption, $100 Due Diligence & November 1 Filing
Virginia pairs a Tier 1 ordinary-course B2B exemption with a 5-year general corporate dormancy period and a $100 due-diligence threshold.
Deadline: November 1
Cutoff: June 30
Tier 1 — Broad B2B Exempt
Zero Report: Not Required
Virginia Statutory Dormancy & Compliance Schedule
| NAUPA Property Stream | Statutory Dormancy | Compliance Rule |
|---|---|---|
| Uncashed AP Vendor Checks (CK13) | 5 yrs | Va. Code § 55.1-2501 exempts any credit balance, vendor check, or obligation due to a business association with which the holder has an ongoing business relationship or ordinary-course B2B credit. |
| Payroll, Wages & Commissions (MS01) | 1 yr | Never B2B exempt; applies to employee final & bonus checks. |
| AR Credit Balances & Overpayments (MS09) | 5 yrs | Write-offs to income do not extinguish reporting obligation. |
| Customer Refunds (MS05) | 5 yrs | Due diligence window: 60–120 days prior to November 1. |
| Gift Cards & Stored Value (GC / MS12) | Exempt (if no exp/fees) | Unaddressed cards route to corporate domicile under 2nd Priority. |
| Securities & Dividends (SC01 / SC08) | 3 yrs | First-class mail for items >= $100 |
| Virtual Currency / Digital Assets (VC) | 5 yrs | Verify liquidation vs. native custodial transfer mandate. |
Key Virginia Compliance Traps & Enforcement Risks
Terminated Vendor Relationship Documentation
To sustain Virginia's B2B exclusion on audit, holders must document the commercial nature of the payee and separate individual/payroll items cleanly.
Virginia Treasury Voluntary Disclosure Program
Waives penalties and interest on non-exempt streams (wages, individual refunds, terminated B2B relationships).
Statutory Interest & Penalties: Statutory interest + up to $1,000/day willful failure penalty. Negative Report Policy: Not required if zero reportable property exists after valid B2B exclusions.
Statutory Questions & Answers
Does Virginia exempt B2B credit memos and AP checks?
Yes, qualifying business-to-business credits and checks in an active or ordinary-course commercial relationship qualify for statutory exclusion under Va. Code § 55.1-2501.