If any bank has offices located in two or more political subdivisions, which includes cities, towns and counties, the tax which may be imposed by any subdivision under §§ 58.1-1208, 58.1-1209 or § 58.1-1210 shall be imposed upon only such proportion of the taxable value of the net capital under § 58.1-1204 as the total deposits of such bank, or offices located inside the taxing subdivision, bears to total deposits as of the end of the preceding year. For the purposes of this section, offices located within an incorporated town shall be deemed not within the county where such banks are located.
Va. Code Ann. § 58.1-1211
Branch banks
Known as the Virginia Bank Franchise Tax Act
The act spans §§ 58.1-1200 to 58.1-1217 (19 sections).
Applied in 1 court decision — leading case AMG National Trust Bank v. Commonwealth (2011)
Most recently applied in AMG National Trust Bank v. Commonwealth (April 2011)
Code 1950, § 58-485.012; 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.