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AN ORDINANCE AMENDING CHAPTER 35 OF THE CODE OF TEE CITY OF <br />PORTSMOUTH, VIRGINIA, 1973, BY ADDING THERETO, ARTICLE XIV, <br />PERTAINING TO A BANK FRANCHISE TAX. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Chapter 35 of the Code of the City of <br />mouth, Virginia, 1973, be amended by adding thereto, <br />to read as follows: <br /> <br />Ports- <br /> Article XIV <br /> <br />ARTICLE XIV: Bank Franchise Tax <br /> <br />Section 35-240. Definitions. <br /> <br /> For the purposes of this Article, the following words <br />shall have the meanings ascribed to them by this section: <br /> <br /> (a) "Bank" shall be as defined in Section 58-485.01 <br />of the Code of Virginia. <br /> <br /> (b) "Net Capital" shall mean a bank's net capital computed <br />pursuant to Section 58-485.07 of the Code of Virginia. <br /> <br />Section 35-241. Imposition of City Bank Franchise Tax. <br /> <br /> (a) Pursuant to the provisions of Chapter 10.O1 of <br />Title 58 of the Code of Virginia, there is hereby imposed <br />upon each bank located within the boundaries of this City, a <br />tax on net capital equalling eighty per centum of the state <br />rane of franchise tax set forth in Section 58-485.06 of the <br />Code of Virginia. <br /> <br /> (b) In the event any bank located within the boundaries <br />of this City is not the principal office but is a branch ex- <br />tension or affiliate of the principal office, the tax upon such <br />branch shall be apportioned as provided by Section 58-485.012 <br />of the Code of Virginia. <br /> <br />Section 35-242. Filing of return and payment of tax. <br /> <br /> (a) On and after the 1st day of January of each year, but <br />not later than March 1st of any such year, all banks whose <br />principal offices are located within this City shall prepare <br />and file with the Commissioner of the Revenue a return as pro- <br />vided by Section 58-485.O13 of the Code of Virginia, in duplicate, <br />which shall set forth the tax on net capital computed pursuant to <br />Chapter 10.O1 of Title 58 of the Code of Virginia. The Cont~issioner <br />of the Revenue shall certify a copy of such filing of the bank's <br />return and schedule and shall forthwith transmit such certified <br />copy to the State Department of Taxation. <br /> <br /> <br />