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 Lynchburg
 Code of Ordinances
 Chapter 36. TAX CODE
 Article V. SPECIAL TAXES
 Division 1. GENERALLY

  § 36-191. Bank franchise tax.  

Latest version.

  • (a)

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

    Bank shall be as defined in Section 58-485.01 of the Code of Virginia (1950), as amended.

    Net capital shall mean a bank's net capital computed pursuant to Section 58-485.07 of the Code of Virginia (1950), as amended.

    (b)

    Imposition of bank franchise tax. Pursuant to the provisions of Chapter 10.01 of Title 58 of the Code of Virginia (1950), as amended, there is hereby imposed upon each bank located within the boundaries of the City of Lynchburg a tax on net capital equalling 80 percentum of the state rate of franchise tax set forth in Section 58-485.06 of the Code of Virginia.

    In the event that 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 Section 58-485.012 of the Code of Virginia.

    (c)

    Filing of return and payment of tax. On or after the first day of January of each year, but not later than March 1 of any such year, all banks whose principal offices are located within this city shall prepare and file with the commissioner of revenue a return as provided by Section 58-485.013 of the Code of Virginia in duplicate which shall set forth the tax on net capital computed pursuant to Chapter 10.01 of Title 58 of the Code of Virginia. The commissioner of revenue 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.

    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 herein, any bank conducting such branch business shall file with the commissioner of revenue a copy of the real estate deduction schedule, apportionment and other items which are required by Sections 58-485.012, 58-485.013 and 58-485.014 of the Code of Virginia.

    Each bank, on or before the first day of June of each year, shall pay into the collector's office of this city all taxes imposed pursuant to this section.

    (d)

    Penalty upon bank for failure to comply with section. Any bank which shall fail or neglect to comply with any provision of this section 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 the City of Lynchburg. The motion shall be in the name of the commonwealth and shall be presented by the commonwealth's attorney for the City of Lynchburg.

    (Ord. No. O-96-319, 12-10-96, eff. 1-1-97)

(Ord. No. O-96-319, 12-10-96, eff. 1-1-97)