Any incorporated town in this Commonwealth in which is located a bank may, by ordinance, impose a tax not to exceed 80 percent of the state rate of taxation for each $100 of the net capital of a bank located in such town. If such bank also has offices that are located outside the corporate limits of such town, the tax shall be apportioned as provided in § 58.1-1211.
Va. Code Ann. § 58.1-1209
Town tax
Known as the Virginia Bank Franchise Tax Act
The act spans §§ 58.1-1200 to 58.1-1217 (19 sections).
Code 1950, § 58-485.010; 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.