[Adopted 5-13-1980]
This article shall be known as "An Ordinance
Imposing a Bank Franchise Tax and Fixing Penalties for its Provisions."
For the purpose of this article, the following
words shall have the meanings ascribed to them for this section:
As defined in § 58.1-1201 of the Code of Virginia,
1950, as amended.
A bank's net capital computed pursuant to § 58.1-1205
of the Code of Virginia, 1950, as amended.
A.
Pursuant to the provisions of Chapter 12 of Title
58.1 of the Code of Virginia, 1950, as amended, there is hereby imposed
upon each bank located outside any incorporated town but otherwise
within the boundaries of Mathews County a tax not to exceed 80% of
the state rate of taxation for each $100 of net capital of the bank
set forth in § 58.1-1204 of the Code of Virginia, 1950,
as amended.
[Amended 9-25-2001]
B.
In the event that any bank located within the boundaries
of Mathews County but outside any incorporated town located herein
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 of the Code of Virginia, 1950,
as amended.
A.
On or after the first day of January of each year,
but not later than the first day of March of any such year, all banks
whose principal offices are located within Mathews County but outside
any incorporated town herein shall prepare and file with the Commissioner
of Revenue of Mathews County a return as provided by § 58.1-1207
of the Code of Virginia, 1950, as amended, 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, 1950, as amended. The Commissioner
of Revenue shall certify a copy of such filing of the bank's return
and schedules and shall forthwith transmit such certified copy to
the State Department of Taxation.
B.
In the event that the principal office of a bank is located outside the boundaries of Mathews County or within any town located herein and such bank has branch offices located within Mathews County, in addition to the filing requirements set forth in Subsection A above, any bank conducting such branch business shall file with the Commissioner of Revenue of Mathews County a copy of the real estate deduction schedule, apportionment, and other items which are required by §§ 58.1-1211, 58.1-1212 and 58.1-1213 of the Code of Virginia, 1950, as amended.
C.
Each bank, on or before the first day of June of each
year, shall pay into the Treasurer's office of Mathews County all
taxes imposed pursuant to this article.
Any bank which shall fail or neglect to comply
with any provisions of this article shall be fined not less than $100
nor more than $500, which fine shall be recovered upon motion, after
five days' notice in the Circuit Court of Mathews County. The motion
shall be in the name of the commonwealth and shall be presented by
the Attorney for the Commonwealth of Mathews County.
