CHAPTER 335

An Act to amend and reenact §§$ 58-476 and 58-476.1 of the Code of Vir-
ginia, relating to city and town taxes on shares of stock issued by
banks and trust companies, and § 58-481 of the Code of Virginia, re-
lating to credit against State taxes for amounts paid cities, towns and
counties; to amend the Code of Virginia by adding new sections num-
bered 58-476.2 and 58-476.8, reluting to town taxes on shares of stock
issued by banks and trust companies, and new sections numbered 58-
476.4 and 58-476.5, relating to county taxes on shares of stock issued
by banks and trust companies, and a new section numbered 58-476.6,
relating to records of deposits through branches of banks and the sub-
mission of reports to counties, towns and cities; and to repeal §§ 58-
477, 58-477.1, 58-478 as amended, 58-478.1 and 58-483 of the Code of
Virginia, all relating to the taxation of shares of stock issued by banks
and trust companies.

(S 184]

Approved March 17, 1960

Be it enacted by the General Assembly of Virginia:

1. That §§ 58-476, 58-476.1 and 58-481 of the Code of Virginia be
amended and reenacted as follows: -

§ 58-476. City * tax on stock when bank located in city.—Any city in
this State in which is located any bank * may, by ordinance, * impose a
tax not to exceed forty per centum of the State rate of taxation on each
one hundred dollars of the taxable value of the shares of stock in such bank
so located in such city; * but if any such bank has any branch or branches
located outside the corporate limits of such city, the tax imposed by such
city shall be upon only such proportion of the taxable value of the shares
of stock in such bank as the total deposits of such bank, minus deposits
through any branch or branches located outside the corporate limits of
such city, bear to the total deposits of the bank as of the beginning of the
tax year.

§ 58-476.1. City tax on stock when * branch located in city.—* Any
city in this State * in which is located the branch of a bank whose principal
office 1s located outside such city may, by ordinance, impose a tax not to
exceed forty per centum of the State rate of taxation on * such proportion
of the taxable value of the shares of stock in such bank as the * deposits *
through the branch or branches so located in such city bear to the total
deposits of the bank as of the beginning of the tax year.

§ 58-481. Credit against State taxes for amounts paid cities, * towns
and counties.—Any bank paying for any tax year the tax herein prescribed
assessed by any such city or by any incorporated town or by any county
within * this State shall be entitled to credit upon the State taxes assessed
against its stockholders for that year to the extent of any city, * town or
county taxes paid by such bank for that year upon its shares of stock. Such
credit shall be allowed by the Comptroller upon the presentation of the
duly authenticated receipt of the treasurer or other collecting officer of
such city, * town or county. In no event, however, shall the credit * exceed
the amount of such city and/or incorporated town and/or county levies
authorized by §§ 58-476, 58-476.1, 58-476.2, 58-476.8, 58-476.4 and 58-476.5.
§ 58-480 shall apply with respect to the payment of all such levies.

2. That the Code of Virginia be amended by adding thereto §§ 58-476.2,
58-476.3, 58-476.4, 58-476.5 and 58-476.6 as follows:

§ 58-476. 2. Town tax on stock when bank located in town.—Any tn-
corporated town in this State in which is located any bank may, by ordi-
nance, impose a tax not to exceed eighty per centum of the State rate of
taxation on each one hundred dollars of the taxable value of the shares of
stock in such bank so located in such incorporated town; but if any such
bank has any branch or branches located outside the corporate limits of
such town, the tax imposed by such incorporated town shall be upon only
such proportion of the taxable value of the shares of stock in such bank as
the total deposits of the bank, minus deposits through any branch or
branches located outside the corporate limits of such town, bear to the total
deposits of the bank as of the beginning of the tax year.

§ 58-476.8. Town tax on stock when branch located in town.—Any
incorporated town in this State in which is located the branch of a bank
whose principal office is located outside the corporate limits of such town
may, by ordinance, impose a tax not to exceed eighty per centum of the
State rate of taxation on such proportion of the taxable value of the shares
of stock in such bank as the deposits through the branch or branches so
located in such incorporated town bear to the total deposits of the bank as
of the beginning of the tax year.

§ 58-476.4. County tax on stock when bank located in county outside
any incorporated town therein—Any county in this State in which 18
located any bank outside any incorporated town therein may, by ordt-
nance, impose a tax not to exceed eighty per centum of the State rate of
taxation on each one hundred dollars of the taxable value of the shares
of stock in such bank so located in such county outside the corporate limits
of any town therein; but if any such bank has any branch or branches
located in any other county in this State or in any incorporated town any-
where in this State or in any city in this State, the tax imposed by such
county shall be upon only such proportion of the taxable value of the shares
of stock in such bank as the total deposits of the bank, minus deposits
through any branch or branches so located in any other county in this
State and/or in any incorporated town anywhere in this State and/or in
any city anywhere in this State, bear to the total deposits of the bank as
of the beginning of the tax year.

§ 58-476.5. County tax on stock when branch located in county outside
any incorporated town therein.—Any county in this State in which is
located, outside any incorporated town therein, a branch or branches of a
bank whose principal office is located in some other county in this State
or in any incorporated town anywhere in this State or in any city any-
where in this State may, by ordinance, impose a tax not to exceed eighty
per centum of the State rate of taxation on such proportion of the taxable
value of the shares of stock in such bank as deposits through such branch
or branches so located in such county, outside any incorporated town
therein, bear to the total deposits of the bank as of the beginning of the
tax year.

§ 58-476.6. Record of deposits through branches; submission of re-
ports to counties, towns and cities in which branches located.—Each bank
in this State, whether located in a county outside any incorporated town
therein or in an incorporated town or ina city, that has as of the beginning
of any tax year a branch located tn any other county or in any incorporated
town anywhere in this State or in any other city in this State, shall main-
tain a record of the deposits through each such branch as of the beginning
of the tax year; and each such bank shall, on or before February first
of each year, deliver to the commissioner of the revenue, or other assessing
officer, as the case may be, of each county and of each incorporated town
and of each city in which any such branch is so located a copy of the report
which such bank is required by this chapter to furnish the commissioner of
une | revenue of the county or city in which the principal office of the bank
1s located.

3. That §§ 58-477, 58-477.1, 58-478 as amended, 58-478.1 and 58-483
of the Code of Virginia are hereby repealed.

4. This act shall be effective for the tax year beginning January 1, 1961
and for each tax year thereafter.