(A) There is imposed a tax in the amount of 80% of the state rate of taxation on each $100 of net capital of any bank located within the town.
(B) If any bank described in division (A) above has a branch located outside the town, the tax imposed shall be upon such proportion of the taxable value of the net capital as the total deposits of the bank or offices located in the town bear to the total deposits of the bank as of the end of the preceding year.
(1998 Code, § 58-5) (Ord. O-2023-15, passed 9-19-2023)
Statutory reference:
Bank franchise tax, see VA Code §§ 58.1-1200 et seq.