City Tax on Stock of Banks and Trust Companies / _ f
2
AN ORDINANCE LEVYING A CITY TAX ON I
.STOCK OF BANKS AND TRUST COMPANIES
Be it ordained by the City Council of the City of Fairfax, Virginia:
( 1) There is hereby imposed a tax of forty cents (406 on each
$100.00 of the taxable value of the shares of stock in any bank or trust
company located in the City of Fairfax; but if any such bank or trust
company has any branch or branches located outside the corporate limits
of the City of Fairfax, the tax imposed by this ordinance shall be upon only
such proportion of the taxable value of the shares of stock in such bank
or trust company as the total deposits of the bahk or trust company, minus
deposits through any branch or branches located outside the corporate limits
of this City, bear to the total deposits of the bank or trust company as
of the beginning of the tax year.
(2) There is hereby imposed a tax of forty cents (401) per $100.00
on such proportion of the taxable value of the shares of stock of any bank
or trust company having a branch or branches located in the City of Fairfax,
whose principal office is located outside the corporate limits of the City
of Fairfax, as the deposits through the branch or branches so located in
this City bear to the total deposits of the bank or trust company as of the
beginning of the tax year.
(3) This ordinance and the tax herein levied shall be effective
for the tax year beginning January 1 , 1962, and for each tax year thereafter.
(4) Each bank and trust company located in the City of Fairfax, and
each bank or trust company located outside the City of Fairfax which has as
of the beginning of any tax year a branch or branches located in the City
of Fairfax, shall on or before February_ lst of each year deliver to the
Commissioner of the Revenue of the City of Fairfax a copy or copies of
the report which such bank or trust company It required by Chapter 10 of
Title 58 of the Code of Virginia to file; and the assessment and collection
of the taxes herein imposed shall be in conformity with the applicable
sections of Chapter 10 of Title 58 of the Code of Virginia.
Enacted: