(A) Definitions. For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BANK. As defined in VA Code § 58.1-1201.
NET CAPITAL. A bank’s net capital computed pursuant to VA Code § 58.1-1205.
(B) Imposition of county bank franchise tax.
(1) Pursuant to the provisions of VA Code Title 58.1, there is 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 taxation set forth in VA Code § 58.1-1204, as amended from time to time.
(2) In the event that any bank 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 VA Code § 58.1-1211.
(C) Filing of return and payment of tax.
(1) On or after January 1 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 the Revenue a return as provided by VA Code § 58.1-1207 in duplicate, which shall set forth the tax on net capital computed pursuant to VA Code Title 58.1, Chapter 12. The Commissioner of the Revenue shall certify such returns and transmit such certified copy to the State Department of Taxation.
(2) In the event that the principal office of a bank is located outside the boundaries of this county or within this county, in addition to the filing requirements set forth above, any bank conducting such branch business shall file with the Commissioner of the Revenue of this county a copy of the real estate deduction, apportionment and other items which are required by VA Code §§ 58.1-1211, 58.1-1212 and 58.1-1213.
(3) Each bank, on or before June 1 of each year, shall pay into the Treasurer’s office of this county all taxes imposed pursuant to this section.
(D) Penalty for failure to comply. Any bank which shall fail or neglect to comply with any provisions of this section shall be subject to a penalty of 5% of the tax due.
(Ord. passed 4-14-1997; Am. Ord. passed 5-14-2013)