Town of Hillsville, VA Bank Franchise Tax

Pursuant to the provisions of § 58.1-1200 et seq., Code of Virginia, there is hereby imposed upon each bank located within the boundaries of this town a tax not to exceed 80% of the state rate of taxation for each $100 of net capital as set forth in § 58.1-1206, Code of Virginia.

§ 144-6 Filing of return and payment of tax.

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 town shall prepare and file with the Commissioner of Revenue a return as provided by § 58.1-1207, Code of Virginia, in duplicate, which shall set forth the tax on net capital computed pursuant to § 58.1-1205, Code of Virginia. The Commissioner of Revenue shall certify a copy of such filing of the bank's return and schedule and shall forthwith transmit such certified copy to the State Department of Taxation.

[Amended 11-11-1996]

In the event that the principal office of a bank is located outside the corporate boundaries of this town and such bank has branch offices located within this town, in addition to the filing requirements set forth in Subsection A hereof, any bank conducting such branch business shall file with the Commissioner of Revenue or appropriate assessing officer of this county a copy of the real estate deduction schedule, apportionment and other items which are required by §§ 58.1-1212 and 58.1-1213, Code of Virginia.

[Amended 11-11-1996]

Each bank, on or before the first day of June of each year, shall pay into the Treasurer's office (or other appropriate official) of this town all taxes imposed pursuant to this Article.

§ 144-7 Penalty upon bank for failure to comply.

[Amended 11-11-1996]

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.