Chapter 75 FINANCE AND TAXATION.

75-3    BANK FRANCHISE TAX - IMPOSITION OF TAX

A.    Levy with reference to bank located in town.  Pursuant to Section 58-485.010, Code of Virginia, there is hereby imposed a tax of eighty cents ($.80) on each one hundred dollars ($100.) of the taxable value of the shares of stock in any bank located in the town; provided, however, that if any such bank has any branch or branches located outside the corporate limits of the town, the tax imposed by this section shall be only upon such proportion of the taxable value of the net capital of such bank as the total deposits of the bank, minus deposits through any branch or branches located outside the corporate limits of the town, bear to the total deposits of the bank as the end of the preceding year.

B.    Levy with reference to branches located in town.  Pursuant to Section 58-485.012, Code of Virginia, there is hereby imposed a tax of eighty cents ($.80) per one hundred dollars ($100.) on such proportion of the taxable value of the net capital of any bank having a branch located in the town, the principal office of which is located outside the corporate limits of the town, as the deposits through the branch or branches so located in the town bear to the total deposits of the bank as of the end of the preceding year.