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(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, Chapter 12, 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 VA Code § 58.1-1204.
(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 an 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, Chapter 12. The Commissioner of the Revenue 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.
(2) 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 in division (C)(1) 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 schedule, apportionment, and other items which are required by VA Code § 58.1-1206.
(D) Effective date. The provisions of this section shall be effective for the year beginning January 1, 1985.
(Ord. passed 6-13-1985) Penalty, see § 32.999