§ 70-152. Imposition of city bank franchise tax.
(a)
Pursuant to the provisions of state law, there is hereby imposed upon each bank located within the boundaries of this city a tax on net capital equalling 80 per centum of the state rate of franchise tax set forth in state law.
(b)
If 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 state law.
(Code 1972, § 8-21.2)
State Law reference— Virginia Bank Franchise Tax Act, Code of Virginia, § 58.1-1200 et seq.; rate of tax, Code of Virginia, § 58.1-1204; apportionment of tax, Code of Virginia, § 58.1-1211.
(Code 1972, § 8-21.2)
State law reference
Virginia Bank Franchise Tax Act, Code of Virginia, § 58.1-1200 et seq.; rate of tax, Code of Virginia, § 58.1-1204; apportionment of tax, Code of Virginia, § 58.1-1211.