Chapter 3.80
BANK FRANCHISE TAX

Sections:

3.80.010    Definitions.

3.80.020    Imposition of city bank franchise tax.

3.80.030    Filing of return and payment of tax.

3.80.040    Effective date.

3.80.050    Penalty upon bank for failure to comply with chapter.

3.80.010 Definitions.

For the purposes of this chapter, the following words shall have the meanings ascribed to them by this section:

(1) “Bank” shall be as defined in Section 58.1-1201 of the Code of Virginia.

(2) “Net capital” shall mean a bank’s net capital computed pursuant to Section 58.1-1205 of the Code of Virginia. (Ord. eff. 1-1-80 § I).

3.80.020 Imposition of city bank franchise tax.

(1) Pursuant to the provisions of Chapter 12 of Title 58.1 of the Code of Virginia, there is hereby imposed upon each bank located within the boundaries of this city a tax on net capital equaling 80 percent of the state rate of franchise tax set forth in Section 58.1-1204 of the Code of Virginia.

(2) In the event that any bank located within the boundaries of this city 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 Section 58.1-1211 of the Code of Virginia. (Ord. eff. 1-1-80 § II).

3.80.030 Filing of return and payment of tax.

(1) On or after the first day of January of each year, but not later than March 1st, of any such year, all banks whose principal offices are located within this city shall prepare and file with the commissioner of the revenue (or comparable local assessing officer) a return as provided by Section 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 (or comparable assessing officer) 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.

(2) In the event that the principal office of a bank is located outside the boundaries of this city and such bank has branch offices located within this city, in addition to the filing requirements set forth in subsection (1) of this section, any bank conducting such branch business shall file with the commissioner of the revenue or appropriate assessing officer of this city a copy of the real estate deduction schedule, apportionment and other items which are required by Sections 58.1-1207, 58.1-1211 and 58.1-1212 of the Code of Virginia.

(3) 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 city all taxes imposed pursuant to this chapter. (Ord. eff. 1-1-80 § III).

3.80.040 Effective date.

The provisions of this chapter shall be effective for the year beginning January 1, 1980. (Ord. eff. 1-1-80 § IV).

3.80.050 Penalty upon bank for failure to comply with chapter.

Any bank which shall fail or neglect to comply with any provision of this chapter shall be fined not less than $100.00 nor more than $500.00, which fine shall be recovered upon motion, after five days’ notice in the circuit court of this city. The motion shall be in the name of the commonwealth and shall be presented by the attorney for the commonwealth of this locality. (Ord. eff. 1-1-80 § V).