§ 32.041  TAX IMPOSED; AMOUNT.
   (A)   A franchise tax equal to 80% of the state rate of franchise tax on each $100 of net capital of any bank whose principal office is located within the corporate limits of the town is hereby imposed. If any such bank has any branch or branches located outside the corporate limits of the town, the franchise tax herein imposed shall be upon only such proportion of the taxable value of the net capital of such bank as the total deposits of the bank, minus deposits through any branch or branches located outside the corporate limits of the town, bear to the total deposits of the bank as of the end of the preceding year.
   (B)   A franchise tax equal to 80% of the state rate of franchise tax is imposed on each $100 of the taxable value of the net capital of any branch of any bank located in the town and whose principal office is located outside the corporate limits of the town. The rate of taxation under this division (B) shall be on such proportion of the net capital of such bank as the deposits through the branch so located in the corporate limits of the town bear to the total deposits of the bank as of the end of the preceding year.
(1996 Code, § 148-18)