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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>62525</law_id><section_number>58.1-1209</section_number><catch_line>Town tax</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>58.1-1211</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="58.1">Taxation</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Taxes Administered by the Department of Taxation</unit><unit label="chapter" level="3" order_by="1" identifier="12">Bank Franchise Tax</unit></structure><text>
						<section><p>Any incorporated town in this Commonwealth in which is located a <span class="dictionary">bank</span> may, by <span class="dictionary">ordinance</span>, impose a tax not to exceed 80 percent of the state rate of taxation for each $100 of the net capital of a <span class="dictionary">bank</span> located in such town. If such <span class="dictionary">bank</span> also has offices that are located outside the corporate limits of such town, the tax shall be apportioned as provided in &#xA7;&#xA0;<a class="law" title="Branch banks" href="/58.1-1211/">58.1-1211</a>.</p></section></text><history>Code 1950, &#xA7; 58-485.010; 1980, c. 578; 1984, c. 675.</history><metadata></metadata></law>
