§ 40-73. Imposition of city bank franchise tax.  


Latest version.
  • (a)

    Pursuant to the provisions of Chapter 12 of Title 58.1 of the Code of Virginia, there is hereby imposed upon each bank located within the boundaries of this city a tax on net capital equaling eighty (80) percent of the state rate of franchise tax set forth in Section 58.1-1204 of the Code of Virginia.

    (b)

    In the event that any bank located within the boundaries of this city 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 Section 58.1-1211 of the Code of Virginia.

    (Ord. No. 2646-80)

(Ord. No. 2646-80)