[Adopted 5-14-1980]
For the purpose of this article, the following
words shall have the meanings ascribed to them by this section:
As defined in § 58.1-1201 of the Code of Virginia.
A bank's net capital computed pursuant to § 58.1-1205
of the 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 outside any incorporated town but otherwise within the boundaries
of this county a tax not to exceed 80% of the state rate of taxation
for each $100 of net capital of a bank located in the county outside
the corporate limits of any town therein pursuant to § 58.1-1210.
[Amended 8-13-1998]
B.
In the event that any bank located within the boundaries
of this county but outside any incorporated town located herein and
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.
A.
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 county but outside any incorporated
town herein shall prepare and file with the Commissioner of the Revenue
a return as provided by § 58.1-1207 of the 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 schedules and shall forthwith transmit such
certified copy to the State Department of Taxation. Additionally,
a copy of the real estate deduction schedules and the apportionment
under § 58.1-1211 shall be filed with the county. Such return
shall set forth the tax on net capital owing to the county as computed
under this article 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.
Every bank, on or before June 1 of each year, shall pay into the state
treasury the state taxes assessed under § 58.1-1200 et seq.
of the Code of Virginia.
[Amended 8-13-1998]
B.
In the event that the principal office of a bank is
located outside the boundaries of this county or within any town located
herein, and such bank has branch offices located within this county,
in addition to the filing requirements set forth in Section A hereof,
any bank conducting such branch business shall file with the Commissioner
of the Revenue of this county a copy of the real estate deduction
schedule, apportionment and other items which are required by §§ 58.1-1207,
58.1-1211 and 58.1-1212 of the Code of Virginia.
[Amended 8-13-1998]
Any bank which fails to file a return or pay
the tax required by this article or fails to comply with any other
provision of this article shall be subject to a penalty of 5% of the
tax due.
