[Adopted 4-14-1980; amended in its entirety 11-13-1990]
For the purposes of this article, the following words shall have the meanings ascribed to them by this section:
BANK
As defined in § 58.1-1201, Code of Virginia.
NET CAPITAL
A bank's net capital computed pursuant to § 58.1-1205, Code of Virginia.
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 80% of the state rate of franchise tax set forth in §§ 58.1-1204 and 58.1-1208, 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 § 58.1-1211, Code of Virginia.
A. 
Filing of return.
(1) 
On or after the first day of January of each year, but not later than March 1 of any such year, all banks whose principal offices are located within this City shall prepare and file with the Commissioner of the Revenue a return as provided by § 58.1-1207, Code of Virginia, in duplicate, which shall set forth the tax on net capital computed pursuant to Chapter 12 of Title 58.1 of the Code of Virginia. The Commissioner of the Revenue 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 boundaries of this City and such bank has branch offices located within this City, in addition to the filing requirements set forth in Subsection A(1) hereof, any bank conducting such branch business shall file with the Commissioner of the Revenue of this City a copy of the real estate deduction schedule, apportionment and other items which are required by §§ 58.1-1211, 58.1-1207 and 58.1-1212, Code of Virginia.
B. 
Each bank, on or before the first day of June of each year, shall pay into the Director of Finance's office of the City all taxes imposed pursuant to this Article.
Any bank which shall fail or neglect to comply with any provision of this Article shall be subject to a penalty of 5% of the tax due.