§ 26-613. Levy; rate; branch bank.

Latest version.

(a)

Pursuant to Code of Virginia, § 58.1-1208, there is hereby imposed upon each bank located within the boundaries of the City a tax on net capital equaling 80 percent of the State rate of franchise tax set forth in Code of Virginia, § 58.1-1204.

(b)

If any bank located within the boundaries of the 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 Code of Virginia, § 58.1-1211.

(Code 1993, § 27-137; Code 2004, § 98-282)

(Code 1993, § 27-137; Code 2004, § 98-282)

                    
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