§ 9-101. Imposed.

Latest version.

(a)

Pursuant to the provisions of Code of Virginia, tit. 58.1, ch. 12 [§ 58.1-1200 et seq.], there is hereby imposed upon each bank located in the county 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)

In the event that any bank located within the county is not the principal office of such bank, 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 1978, § 8-28.2)

(Code 1978, § 8-28.2)

                    
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