For the purposes of this chapter, the following words shall
have the meanings ascribed to them by this section:
BANK
Shall be as defined in § 58.1-1201 of the Code
of Virginia.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
NET CAPITAL
A bank's net capital computed pursuant to § 58.1-1205
of the Code of Virginia.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
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 outside any incorporated town but otherwise within the boundaries of this County a tax on net capital equalling 80% of the state rate of franchise tax set forth in § 58.1-1204 of the Code of Virginia.
B. In the event that any bank located within the boundaries of this
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.
The provisions of this chapter shall be effective for the year
beginning January 1, 1980.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
Any bank which fails to file a return or pay the state tax required
by this chapter or fails to comply with any other provision of this
chapter shall be subject to a penalty of five percent of the tax due.
If the Commissioner is satisfied that such failure is due to providential
or other good cause, such return and payment of tax shall be accepted
exclusive of such penalty, but with interest determined in accordance
with § 58.1-15 of the Code of Virginia.