19781205 1978-24ORDINANCE NO. 1978-24
AN ORDINANCE AMENDING ARTICLE IV OF
CHAPTER 7 OF THE CODE OF THE CITY OF
FAIRFAX, VIRGINIA, PROVIDING FOR THE
TAXATION OF BANK STOCK.
BE IT ORDAINED by the City Council of the City of Fairfax,
Virginia, that Article IV of Chapter 7 of the Code of the City
of Fairfax, Virginia, be and it hereby is.amended in the following
manner:
1. That Section 7-15 of the said Article be and it hereby
is amended to read in its entirety as follows:
"Sec. 7-15 Levy and amount of tax--
Banks within city; credit for branches
outside of city~4
There is hereby imposed a tax equal to eighty per centum
of the State rate of taxation on each one hundred dollars of the
taxable value of the shares of stock in any bank or trust company
located in the city; but if any such bank or trust company has any
branch or branches located outside the corporate limits of the
city, the tax imposed hereby 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 such bank or trust company, minus
deposits through any branch or branches located outside the cor-
porate limits of the city, bear to the total deposits of the bank
or trust company as of the beginning of tax year."
2. That Section 7-16 of the said Article be and it hereby
is amended to read in its entirety as follows:
"Sec. 7-16 Same--Branches of banks having
main office outside city. 5
There is hereby imposed a tax equal to eighty per centum
of the State rate of taxation on such proportion of the taxable
value of the shares of stock in any bank or trust company having
a branch located in the city whose principal office is located
outside the city, as the deposits through the branch or branches
so located in the city bear to the total deposits of the bank or
trust company as of the beginning of the tax year."
1978-24 2
This amendment shall be become effective January 1, 1979.
Introduced: November 2], ]978
Adopted: December 5, 1978
ATTEST:
Mayor
City Cler 'h~ ~