(A) Pursuant to the provisions of VA Code, §§ 58.1-1200 et seq., there is hereby imposed upon each bank located within the boundaries of this town a tax on net capital equaling 80%of the state rate of franchise tax set forth in VA Code, § 58.1-1204.
(B) If any bank located within the boundaries of this town also has offices that are located outside the corporate limits of the town, the tax shall be apportioned as provided by VA Code, § 58.1-1211.
(1997 Code, § 62-87)
Statutory reference:
Bank franchise tax, see VA Code, §§ 58.1-1200 et seq.
Town tax, see VA Code, § 58.1-1209