§ 20-112. Imposed.

Latest version.

(a)

There is hereby imposed upon each bank located within the boundaries of this county and outside any incorporated town a tax on net capital equalling eighty (80) percentum of the state rate of franchise tax set forth in section 58-485.06 of the Code of Virginia.

(b)

In the event that any bank located within the boundaries of this county is not the principal office, but is a branch extension or affiliate of the principal office located outside the corporate limits hereof, the tax upon such branch shall be apportioned as provided by section 58-485.012 of the Code of Virginia.

(Ord. of 5-19-80, § II)

State Law reference— Authority for above tax, Code of Virginia, § 58-485.011.

(Ord. of 5-19-80, § II)

State law reference

Authority for above tax, Code of Virginia, § 58-485.011.

                    
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