§ 24-15. Bank franchise tax imposition.

(a)

Definitions. The following words, terms and phrases, when used in this chapter, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Bank shall be as defined in the Code of Virginia, § 58-485.01.

Net capital means a bank's net capital computed pursuant to the Code of Virginia, § 58-485.07.

(b)

Imposition of town bank franchise tax.

(1)

Pursuant to the provisions of chapter 10.01 of title 58 of the Code of Virginia, there is hereby imposed upon each bank located within the boundaries of this town a tax on net capital equaling 80 percent of the state rate of franchise tax set forth in the Code of Virginia, § 58-485.06.

(2)

In the event that any bank located within the boundaries of this town is not the principal office but is a branch extension or affiliate of the principal office located outside the corporate limits hereof, the tax upon such branch shall be apportioned as provided by the Code of Virginia, § 58-485.012.

(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 years, all banks whose principal offices are located within this town shall prepare and file with the commissioner of the revenue/treasurer a return as provided by the Code of Virginia, § 58-485.013 in duplicate which shall set forth the tax on net capital computed pursuant to chapter 10.01 of title 58 of the Code of Virginia. The commissioner of revenue/treasurer shall certify a copy of such filing of the bank's return and schedule 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 corporate boundaries of this town and such bank has branch offices locates within this town, in addition to the filing requirements set forth in subsection (a) of this section, any bank conducting such branch business shall file with the commissioner of the revenue of Scott County, Virginia, a copy of the real estate deduction schedule apportionment and other items which are required by the Code of Virginia, §§ 58-485.012, 58-485.013 and 58-485.014.

(3)

Each bank, on or before June 1 of each year, shall pay into the treasurer's office of this town all taxes imposed pursuant to this chapter.

(d)

Penalty upon bank for failure to comply with chapter. Any bank which shall fail or neglect to comply with any provision of this chapter shall be fined not less than $100.00 nor more than $500.00, which fine shall be recovered upon motion, after five days' notice in the circuit court of this locality. The motion shall be in the name of the commonwealth and shall be presented by the attorney for the commonwealth of this locality.

(Comp. Ords., § 6.2)

State Law reference— Bank franchise tax, Code of Virginia, § 58.1-1200 et seq.; tax by city on banks within jurisdiction, Code of Virginia, § 58.1-1208.

(Comp. Ords., § 6.2)

State law reference

Bank franchise tax, Code of Virginia, § 58.1-1200 et seq.; tax by city on banks within jurisdiction, Code of Virginia, § 58.1-1208.