19800415 1980-7ORDINANCE NO. 1980-7
AN ORDINANCE TO REPEAL EXISTING ARTICLE IV
OF CHAPTER EIGHT OF THE CODE OF THE
CITY OF FAIRFAX, VIRGINIA, AND ORDINANCE
NO. 1978-28 AND TO ENACT A NEW ARTICLE IV OF
CHAPTER 8 OF THE CODE OF THE CITY OF
FAIRFAX, VIRGINIA, ESTABLISHING A BANK
FRANCHISE TAX.
BE IT ORDAINED by the City Council of the City of
Fairfax, Virginia, that existing Article IV of Chapter 8 of
the Code of the City of Fairfax, Virginia, is hereby repealed
in its entirety; and be it
FURTHER ORDAINED that Ordinance Number 1978-24 adopted
by the City Council of the City of Fairfax on December 5,
1978, is hereby repealed in its entirety; and be it
FURTHER ORDAINED that a new Article IV of Chapter 8 of
the Code of the City of Fairfax, Virginia, be and hereby is
enacted to read in its entirety:
ARTICLE IV. BANK FRANCHISE TAX
Section 8-15.1 Definitions
For purposes of this Article, the following words shall have
the meanings ascribed to them by this section:
(a)
"Bank" shall be as defined in Section 58-485.01
of the Code of Virginia.
(b)
"Net Capital" shal 1 mean a bank's net capital
computed pursuant to Section 58-485.07 of the
Code of Virginia.
Section 8-15.2 Imposition of City Bank Franchise Tax.
(a)
Pursuant to the provisions of Chapter 10.01 of
Title 58 of the Code of Virginia, there is hereby
imposed upon each bank located within the boundaries
of this city a tax on net capital equalling 80
percentum of the state rate of franchise tax set
forth in Section 58-485.06 of the Code of Virginia.
(b)
In the event that any location of a bank within
the boundaries of this city is not the principal
office of said bank, but is a branch extension or
affiliate of the principal office, the tax upon
such branch shall be apportioned as provided by
Section 58-485.012 of the Code of Virginia.
Section 8-15.3 Filing of Return and Payment of Tax.
(a)
On or after the first day of January of each year,
but not later than March 1 of any such year except
1980, all banks whose principal offices are located
within this city shall prepare and file with the
Commissioner of the Revenue a return as provided
by Section 58-485.013 of the Code of Virginia in
1980-7
duplicate. The return shall set forth the tax on
net capital computed pursuant to Chapter 10.01 of
Title 58 of the Code of Virginia. The Commissioner
of the Revenue shall certify a copy of such return
and schedule, and shall forthwith transmit such
certified copy to the State Department of Taxation.
For the year 1980, all such banks shall file
returns within 30 days of the date of adoption of
this Article.
(b)
In the event that the principal office of a
bank is located outside the boundaries of this
city and such bank has branch offices located
within this city, any bank conducting such branch
business shall file with the Commissioner of the
Revenue or appropriate assessing officer of this
city a copy of the real estate deduction schedule,
apportionment and other items which are required
by Sections 58-485.012, 58-485.013 and 58-485.014
of the Code of Virginia.
(c)
Each bank, on or before the first day of June of
each year, shall pay into the treasurer's office
of this city all taxes imposed pursuant to this
Article. In the event that this Article is adopted
after May 1, 1980, the taxes shall be due and
payable 30 days after the due date for the filing
of the return for the year 1980.
Section 8-15.4 Effective Date of Article.
The provisions of this Article shall be effective for the
year beginning January 1, 1980.
Section 8-15.5 Penalty upon bank for failure to comply with
Article.
Any bank which shall fail or neglect to comply with any
provision of this Article shall be fined not less than one
hundred nor more than five hundred dollars, which fine shall
be recovered upon motion, after five days' notice in the
Circuit Court for this city. The motion shall be in the
name of the Commonwealth and shall be presented by the
attorney for the Commonwealth of this locality.
Introduced:
Adopted:
April i, 1980
April 15, 1980
ATTE S T:
MAYOR
CI T~ CUERK