CHAPTER 530

AN ACT to amend the Code of Virginia by adding thereto a section num-
bered 58-476.1, relating to bank stock taxes when bank is located in
a city and has a branch or branches in a county without the limits of
an incorporated town, and to payment out of State treasury to such a
county.
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Approved March 29, 1958

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding thereto a section
numbered 58-476.1 as follows: i,

§ 58-476.1. City tax on stock when bank located in city and has a
branch or branches in a county without the limits of an incorporated
town; also payment out of State treasury to such a county.—Notwith-
standing any other provision of this chapter, the tax imposed by any city
in this State under § 58-476 on the shares of stock of any bank located in
such city, which bank has a branch or branches located in a county with-
out the limits of an incorporated town, shall be on only such proportion
of the taxable value of the shares of stock in such bank as the total de-

sits of the bank, minus the deposits through such branch or branches,
r to the total deposits of the bank as of the beginning of the tax year.

The governing body of any county in which the branch or branches
of such bank is or are located may direct the treasurer of such county, at
any time between June first and December thirty-first of any tax year, to
file with the State Tax Commissioner an application for the payment to such
county of a sum equivalent to eighty per centum of such proportion of the
amount of tax which such bank has paid into the State treasury for that
current year on the taxable value of the shares of stock in such bank as
the deposits through such branch or branches so located in such county
bear to the total deposits of the bank as of the beginning of the tax year.
The State Tax Commissioner on receipt of such application, if satisfied
of its correctness, shall issue an order directing that such payment be
made out of the State treasury on warrant of the Comptroller.

2. An emergency exists and this act is in force from its passage, and

shall apply to the tax year beginning on January first, nineteen hundred

got fifty-eight and to every succeeding tax year until otherwise provided
y law.