[Adopted 10-21-2008, effective 1-1-2009]
For the purposes of this article, the following
terms shall have the meanings indicated:
Any incorporated bank, banking association, savings bank
that is a member of the Federal Reserve System, or trust company organized
by or under the authority of the laws of the commonwealth and any
bank or banking association organized by or under the authority of
the laws of the United States, doing business or having an office
in the commonwealth or having a charter which designates any place
within the commonwealth as the place of its principal office, whether
such bank or banking association is authorized to transact business
as a trust company or not, and any joint stock land bank or any other
bank organized by or under the authority of the laws of the United
States upon which the commonwealth is authorized to impose a tax.
The term shall exclude all corporations organized under the laws of
other states and doing business in the commonwealth, corporations
organized not as banks under the laws of the commonwealth, and all
natural persons and partnerships.
Any corporation that is organized under the laws of Virginia,
is doing business in the commonwealth, and is a bank holding company
under the provisions of the Federal Bank Holding Company Act of 1956.
A.Â
Levy with reference to bank located in the County.
Pursuant to § 58.1-1210, Code of Virginia, there is hereby
imposed a tax of $0.80 per $100 of the net capital of the bank located
in the County; provided, however, that if any such bank has any branch
or branches located outside the County, the tax imposed by this section
shall be only upon such proportion of the taxable value of the net
capital of such bank as the total deposits of the bank, minus deposits
through any branch or branches located outside the County, bear to
the total deposits of the bank as of the end of the preceding year.
B.Â
Levy with reference to branches located in the County.
Pursuant to § 58.1-1211, Code of Virginia, there is hereby
imposed a tax of $0.80 per $100 on such proportion of the taxable
value of the net capital of any bank having a branch located in the
County, the principal office of which is located outside the County,
as the deposits through the branch or branches so located in the County
bear to the total deposits of the bank as of the end of the preceding
year.
The net capital of any bank shall be ascertained
by adding together its capital, surplus, undivided profits, and one
half of any reserve for loan losses net of applicable deferred tax
to obtain gross capital and deducting therefrom:
A.Â
The assessed value of real estate as provided in § 58.1-1206
of the Code of Virginia;
B.Â
The book value of tangible personal property under
§ 58.1-1206 of the Code of Virginia;
C.Â
The pro rata share of government obligations as set
forth in § 58.1-1206 of the Code of Virginia;
D.Â
The capital accounts of any bank subsidiaries under
§ 58.1-1206, Code of Virginia;
E.Â
The amount of any reserve for marketable securities
valuation which is included in capital, surplus and undivided profits
as defined hereinabove to the extent that such reserve reflects the
difference between the book value and the market value of such marketable
securities on December 31 next preceding the date for filing the bank's
return under § 58.1-1207, Code of Virginia; and
F.Â
The value of goodwill described under Subsection 5
of § 58.1-1206, Code of Virginia.
Each bank in the County, and each bank located outside the County which has, as of January 1, a branch located in the County, shall prepare and file a return in duplicate which shall set forth the tax on net capital as computed under Title 58.1, Chapter 12, Code of Virginia, with the Treasurer of the County, as required by § 58.1-1207, Code of Virginia, on or before March 1 of each year. The return shall be in a form prescribed by the Department of Taxation. The Treasurer of the County shall certify a copy of the bank's return and schedules and shall forthwith transmit such certified copy to the Department of Taxation. Additionally, a copy of the real estate deduction schedules and the apportionment under § 58.1-1211, Code of Virginia, shall be filed with the Treasurer of the County. Such return shall set forth the tax on net capital owed as computed pursuant to Title 58.1, Chapter 12, Code of Virginia, and shall include the listing of the real estate, as assessed for the prior year, as well as a description of the total of the obligations of the United States and the average percentage thereof on the four dates prescribed in Subsection 3 of § 58.1-1206, Code of Virginia.
A.Â
Notwithstanding § 160-111, any bank which did not operate for the entire twelve-month period preceding the January 1 assessment date provided for under § 160-113 shall be entitled to a prorated tax rate as follows:
(1)Â
Transacting business as of March 31 of the preceding
year, no proration shall be available and the tax rate shall be $0.80
per $100 of net capital.
(2)Â
Transacting business as of June 30 of the preceding
year but not before April 1, the tax rate shall be $0.60 per $100
of net capital.
(3)Â
Transacting business as of September 30 of the
preceding year but not before July 1, the tax rate shall be $0.40
per $100 of net capital.
(4)Â
Transacting business as of December 31 of the
preceding year but not before October 1, the tax rate shall be $0.20
per $100 of net capital.
B.Â
For purposes of this section, "transacting business"
shall mean accepting deposits from customers in the regular course
of doing business. A bank shall be eligible for the prorated tax rate
provided for hereunder with respect to the first return it is required
to file after accepting deposits; provided that a bank shall not be
eligible for the prorated tax rate if it was organized or created
as part of a reorganization within the meaning of § 368(a)
of the Internal Revenue Code.
The assessment and collection of the taxes imposed under the provisions of this article shall be in conformity with the applicable sections of Title 58.1, Chapter 12, Code of Virginia.
The taxes imposed under this article shall be
paid to the County on or before December 5 of each tax year.
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. If the Treasurer of the County is satisfied that
such failure is due to providential or other good cause, such return
and payment shall be accepted exclusive of such penalty, but with
interest determined in accordance with § 58.1-15, Code of
Virginia.
