[Code 1991, § 17-101]
The following words, terms and phrases, when used in this article,
shall have the meanings ascribed to them in this section, except where
the context clearly indicates a different meaning:
Any incorporated bank, banking association or trust company
organized by or under the authority of the laws of the commonwealth
and any bank or banking association organized by or under the authority
of the laws of the United States, doing business or having an office
in the commonwealth or having a charter which designates any place
within the commonwealth as the place of its principal office, and
any bank which establishes and maintains a branch in the commonwealth
under Code of Virginia, § 6.1-44.1 et seq., or Code of Virginia, § 6.1-44.15
et seq., whether such bank or banking association is authorized to
transact business as a trust company or not, and any joint stock land
bank or any other bank organized by or under the authority of the
laws of the United States upon which the commonwealth is authorized
to impose a tax. The term shall exclude all corporations organized
under the laws of other states and doing business in the commonwealth,
corporations organized not as banks under the laws of the commonwealth
and all natural persons and partnerships.
Any corporation that is organized under the laws of the commonwealth,
is doing business in the commonwealth, and is a bank holding company
under the provisions of the Federal Bank Holding Company Act of 1956.
The bank's net capital computed pursuant to Code of Virginia,
§ 58.1-1205.
[Code 1991, § 17-102]
A.
Pursuant to the provisions of Code of Virginia, § 58.1-1200
et seq., there is hereby imposed upon each bank located within the
boundaries of the City a tax on net capital equaling 80% of the state
rate of taxation on each $100 of the net capital of such bank, as
set forth in Code of Virginia, § 58.1-1208.
B.
If any bank located within the boundaries of the City also has offices
that are located outside the corporate limits of the City, the tax
upon such branch shall be apportioned as provided by Code of Virginia,
§ 58.1-1211.
[Code 1991, § 17-103]
A.
Not later than March 1 of each year, all banks whose principal office
is located within the City shall prepare and file with the Commissioner
of the Revenue a return in duplicate, which shall set forth the tax
on net capital as computed pursuant to Code of Virginia, § 58.1-1200
et seq. The return shall be in a form prescribed by the state department
of taxation, and shall include all information required by Code of
Virginia, § 58.1-1207. The Commissioner of the Revenue shall
certify a copy of the bank's return and schedules and shall forthwith
transmit such certified copy to the state department of taxation.
B.
If the principal office of a bank is located outside the boundaries of the City and such bank has branch offices located within the City, in addition to the filing requirements set forth in Subsection A of this section, any bank conducting such branch business shall file with the Commissioner of the Revenue a copy of the real estate deduction schedule, apportionment, and other items which are required by Code of Virginia, §§ 58.1-1207, 58.1-1211, and 58.1-1212.
C.
Each bank, on or before June 1 of each year, shall pay to the treasurer
all taxes imposed pursuant to this section.
