ORANGE COUNTY, VIRGINIA

CODE OF ORDINANCES

 
112 W. Main Street
Orange, Virginia 22960

Article VI - Bank Franchise Tax

Sec. 58-286. - Imposed.

There is imposed a county franchise tax upon any bank located within the county, but outside the corporate limits of any town within the county, upon the net capital of such bank as defined by Code of Virginia, § 58.1-205 at the rate of 80 percent of the state rate of taxation for each $100.00 of the net capital of such bank established by Code of Virginia, § 58.1-1204.

(Ord. of 5-13-1980)

 

Sec. 58-287. - Tax on branches.

If any bank located within the boundaries of this county but outside any incorporated town located in the county is not the principal office but is a branch, extension or affiliate of the principal office, the tax upon such branch shall be upon only such proportion of the taxable value of the net capital as the total deposits of such bank or offices located inside the county bears to the total deposits of the bank as of the end of the preceding year.

(Ord. of 5-13-1980)


Sec. 58-288. - Filing of return.

On or after January 1 of each year, but not later than March 1 of any such year; all bank's principal offices located within this county but outside any incorporated town in the county shall prepare and file with the commissioner of the revenue the return as provided by Code of Virginia, § 58.1-1207, in duplicate, which shall set forth the tax on net capital computed pursuant to Code of Virginia, § 58.1-1200 et seq. The commissioner of the revenue shall certify a copy of such filing of the bank's return and schedule and forthwith transmit such certified copy to the state department of taxation.

(Ord. of 5-13-1980)


Sec. 58-289. - Filing of real estate deduction schedule.

If the principal office of a bank is located outside of the boundaries of this county or within any town located in the county and such bank has branch offices located within this county, in addition to the filing requirements set forth in section 58-288, any bank conducting such branch business shall file with the commissioner of the revenue of this county a copy of the real estate deduction schedule, apportionment and other items which are required by Code of Virginia, §§ 58.1-1207, 58.1-1211 and 58.1-1212.

(Ord. of 5-13-1980)


Sec. 58-290. - Time of payment.

Each bank on or before June 1 of each year shall pay into the county treasurer's office all taxes imposed pursuant to this article.

(Ord. of 5-13-1980)


Sec. 58-291. - Penalty upon bank for failure to comply.

Any bank which fails to file a return or pay the tax required by this article or fails to comply with any other provision of this article shall be subject to a penalty of five percent of the tax due. If the commissioner of the revenue is satisfied that such failure is due to providential or other good cause, such return and payment of tax shall be accepted exclusive of such penalty, but with interest determined in accordance with Code of Virginia, § 58.1-15.

 

ecs. 58-292--58-325. - Reserved.