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<br />,...., jr:" <br /> <br />~ 'll..) <br /> <br />TUESDAY <br /> <br />APRIL 22, 1980 <br /> <br />Brought forward from Council's April 8th meeting to second reading, the following <br /> <br />Bank Franchise Tax Ordinance was unanimously adopted to conform to amended legislation <br /> <br />(enacted by the 1980 Virginia General Assembly) authorizing local governments to impose <br /> <br />a bank franchise tax, which ordinance replaces the City's Bank Stock Tax Ordinance <br /> <br />formerly in effect: <br /> <br />-- <br /> <br />WHEREAS, Chapter 10.01 of Title 58 of the CODE OF VIRGINIA (1950, and <br />as amended), provides that any city in this State in which there is <br />located any bank, or branch bank, may, by ordinance, impose a bank <br />franchise tax upon same according to the provisions of said Chapter. <br /> <br />NOW THEREFORE, BE IT ORDAINED by the Council of the City of Martinsville, <br />Virginia, in regular session held on April 22, 1980, as follows: <br /> <br />- <br /> <br />Section I. Definitions. <br />For the purposes of this ordinance, the following words shall <br />have the meanings ascribed to them by this section: <br />A. "Bankll shall be as defined in Section 58-485.01 of <br />the Code of Virginia. <br />B. ''Net Capital"shall mean a bank's net capital <br />computed pursuant to Section 58-485.07 of the <br />Code of Virginia. <br />Section II. Imposition of City Bank Franchise Tax. <br />A. Pursuant to the provisions of Chapter 10.01 of <br />Title 58 of the Code of Virginia, there is hereby <br />imposed upon each bank located within the <br />boundaries of this city a tax on net capital <br />equalling eighty percentum (80%) of the state <br />rate of franchise tax set forth in Section 58-485.06 <br />of the Code of Virginia. <br />B. In the event that any bank located within the <br />boundaries of this city is not the principal office <br />but is a branch extension or affiliate of the <br />principal office, the tax upon such branch shall <br />be apportioned as provided by Section 58-485.012 <br />of the Code of Virginia. <br />Section III. Filing of Return and Payment of Tax. <br />A. On or after the first day of January of each year, <br />but not later than March 1 of any such year, all <br />banks whose principal offices are located within <br />this city shall prepare and file with the <br />Commissioner of the Revenue (or comparable local <br />assessing officer) a return as provided by Section <br />58-485.013 of the Code of Virginia in duplicate <br />which shall set forth the tax on net capital computed <br />pursuant to Chapter 10.01 of Title 58 of the Code of <br />