[Adopted 10-21-2008, effective 1-1-2009]
For the purposes of this article, the following terms shall have the meanings indicated:
BANK
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.
BANK HOLDING COMPANY
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. 
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. 
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. 
The assessed value of real estate as provided in § 58.1-1206 of the Code of Virginia;
B. 
The book value of tangible personal property under § 58.1-1206 of the Code of Virginia;
C. 
The pro rata share of government obligations as set forth in § 58.1-1206 of the Code of Virginia;
D. 
The capital accounts of any bank subsidiaries under § 58.1-1206, Code of Virginia;
E. 
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. 
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. 
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) 
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) 
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) 
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) 
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. 
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.