Any city in this Commonwealth in which is located any bank may, by ordinance, impose a tax not to exceed 80 percent of the state rate of taxation on each $100 of the net capital of such bank located in such city. If such bank also has offices that are located outside the corporate limits of such city, the tax shall be apportioned as provided in § 58.1-1211.
Va. Code Ann. § 58.1-1208
City tax
Known as the Virginia Bank Franchise Tax Act
The act spans §§ 58.1-1200 to 58.1-1217 (19 sections).
Code 1950, § 58-485.09; 1980, c. 578; 1984, c. 675.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.