[Adopted 4-7-1997]
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.
A bank's net capital computed pursuant to § 58.1-1205
of the Code of Virginia, as amended.
A.
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.
B.
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.
A.
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.
B.
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.
C.
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.
