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