For the purpose of this article, the following words shall have the meanings ascribed to them by this section:
- As defined in § 58.1-1201 of the Code of Virginia.
- NET CAPITAL
- A bank's net capital computed pursuant to § 58.1-1205 of the Code of Virginia, as amended.
Pursuant to the provisions of § 58.1-1201 et seq. of the Code of Virginia, as amended, there is hereby imposed upon each bank located outside any incorporated town but otherwise within the boundaries of this county a tax on net capital equaling 80% of the state rate of franchise tax set forth in § 58.1-1204 of the Code of Virginia, as amended.
In the event that any bank is located within the boundaries of this county but outside any incorporated town located herein and is not the principal office but is a branch extension or affiliate of the principal office, the tax upon such branch shall be apportioned as provided by § 58.1-1211 of the Code of Virginia, as amended.
On or after the first day of January of each year, but not later than March 1 of any such year, all banks whose principal offices are located within this county but outside any incorporated town herein shall prepare and file with the Commissioner of Revenue (or comparable local assessing officer) a return as provided by § 58.1-1207 of the Code of Virginia, as amended, in duplicate, which shall set forth the tax on net capital computed pursuant to § 58.1-1201 et seq. of the Code of Virginia, as amended. The Commissioner of Revenue (or comparable assessing officer) shall certify a copy of such filing of the bank's return and schedules and shall forthwith transmit such certified copy to the State Department of Taxation.
In the event that the principal office of a bank is located outside the boundaries of this county or within any town located herein and such bank has branch offices located within this county, in addition to the filing requirements set forth Subsection A hereof, any bank conducting such branch business shall file with the Commissioner of Revenue (or appropriate assessing officer) of this county a copy of the real estate deduction schedule, apportionment and other items which are required by §§ 58.1-1211, 58.1-1207 and 58.1-1212 of the Code of Virginia, as amended.
Each bank, on or before the first day of June of each year, shall pay into the Treasurer's office (or other appropriate official) of this county all taxes imposed pursuant to this article.
Any bank which shall fail or neglect to comply with any provision of this article shall be subject to a penalty as provided in § 58.1-1216 of the Code of Virginia, as amended.