[Adopted 11-11-1997 by Ord. No. 153 (Ch. 38, §§ 38.15
through 38.20, of the 1993 Code)]
Pursuant to KRS Chapter 136, there is hereby imposed on each financial institution, as defined in § 220-15, located within the jurisdiction of Henderson County, a franchise tax measured by the deposits in such institutions. All moneys collected pursuant to this article shall be paid into the general fund of the County to be used for the payment of proper expenditures as determined by the Fiscal Court.
For the purpose of this article, the following definitions shall
apply unless the context clearly indicates or requires a different
meaning:
All demand and time deposits, excluding deposits of the United
States government, state and political subdivisions, other financial
institutions, public libraries, educational institutions, religious
institutions, charitable institutions and certified and officers'
checks.
A national bank organized and existing as a body corporation
and existing or in the process of organizing as a national bank association
pursuant to the provisions of the National Bank Act, 12 U.S.C. § 21
et seq., in effect on December 31, 1997, exclusive of any amendments
made subsequent to that date;
Any bank or trust company incorporated or organized under the
laws of any state, except a banker's bank organized under KRS 286.3-135;
Any corporation organized under the provisions of 12 U.S.C.
§§ 611 to 631, in effect on December 31, 1997, exclusive
of any amendments made subsequent to that date, or any corporation
organized after December 31, 1997, that meets the requirements of
12 U.S.C. §§ 611 to 631, in effect on December 31,
1997; or
Any agency or branch of a foreign depository as defined in 12
U.S.C. § 3101, in effect on December 31, 1997, exclusive
of any amendments made subsequent to that date, or any agency or branch
of a foreign depository established after December 31, 1997, that
meets the requirements of 12 U.S.C. § 3101 in effect on
December 31, 1997.
A.
The rate of the franchise tax imposed on financial institutions shall
be 0.000175% of the deposits located in the jurisdiction of Henderson
County.
B.
The amount and location of deposits in the financial institutions
shall be determined by the method used for filing the summary of deposits
report with the Federal Deposit Insurance Corporation.
C.
The accounting method used to allocate deposits for completion of
the summary of deposits shall be the same as has been utilized in
prior periods.
A.
The tax bill shall be due January 31 of the next year after it has
been issued; thereafter, the bill shall be delinquent and subject
to a penalty of 10% and interest of 12% per annum.
B.
The financial institution shall be allowed a two-percent discount
if the tax bill is paid by December 31 of the same year as the tax
bill is issued.
C.
Henderson County shall have a lien for taxes upon any and all property
subject to the tax imposed by these sections, which lien shall be
superior to all encumbrances prior or subsequent.
A.
It shall be the duty of the Henderson County Sheriff's office to
collect and account for the franchise taxes imposed by this article.
The Henderson County Sheriff's office shall keep records of the amount
received from each financial institution and the date of receipt.
B.
The Department of Revenue shall be notified of the tax rate imposed
upon adoption of this article. The County shall also notify the Department
of Revenue of any subsequent rate changes.
[Amended 11-18-2014 by Ord. No. 14-05]
