(A) Upon every person engaging or continuing within the state in the business of banking or financial business, from and after July 1, 1971, (the tax shall be equal to 0.75% of the gross income received from interest, premiums, discounts, dividends, service fees or charges, commissions, fines, rents from real or tangible personal property, however denominated, royalties, charges for bookkeeping or data processing, receipts from check sales, charges, or fees, and receipts from the sale of tangible personal property.
(B) Gross income shall not include:
(1) Interest received on the obligations of the United States, its agencies and instrumentalities;
(2) Interest received on the obligations of this or any other state, territory, or possession of the United States, or any political subdivision of any of the foregoing or of the District of Columbia; or
(3) Interest received on investments or loans primarily secured by first mortgages or deeds of trust on residential property occupied by nontransients. However, all interest derived on activities exempt under division (C) below, shall be reported, as to amounts, on the return of a person taxable under the provisions of this section; and
(4) Such other exemptions as defined in W. Va. Code 11-24-6(f)(1)(A) to (f)(1)(D).
(D) Council hereby finds and declares that it is the intent of the Council to subject national banking associations and other financial organizations to the tax imposed by this subchapter, in accordance with the authorization contained in Section 5219 of the Revised Statutes (12 U.S.C. § 548) as amended by Pub. Law No. 91-156 enacted December 24, 1969.
(E) Businesses taxed pursuant to this section shall apportion their taxable gross income in accordance with the provisions of W. Va. Code 11-23-5a, subject to the deductions from gross income as allowable under the provisions of W. Va. Code 11-24-6(f)(1)(A) to (f)(1)(D). Such determination of apportionment shall be done in conjunction with consultations with the collector of business taxes who may, upon a showing of need for verification, examine such documents as are necessary to reach a determination of apportionment, in accordance with the provisions and requirements as set forth more fully in W. Va. Code 11-10-1 et seq.
(Ord. passed 12-18-1998)