The City of Newport News imposes upon each bank located within the boundaries of the city a tax on net capital equaling 80% of the state rate of franchise tax set forth in §58.1-1204 of the Code of Virginia.
In the event that any bank located within the boundaries of the city is not the principal office but is a branch extension or affiliate of the principal office, the tax upon such branch shall be apportioned as provided by §58.1-1211 of the Code of Virginia.
On or after the first day of January of each year, but not later than April first of any such year, all banks whose principal offices are located within this city shall prepare and file a return in duplicate as provided in §58.1-1207 of the Code of Virginia.
In the event that the principal office of a bank is located outside the boundaries of the city and such bank has branch offices located within the city, in addition to the filing requirements set forth above, any bank conducting such branch business shall file a copy of the real estate deduction schedule, apportionment and other items which are required in §58.1-1207, §58.1-1211 and §58.1-1212 of the Code of Virginia.
The due date for the payment of the bank franchise tax is June 1 of each year.
For assistance with bank franchise tax, please call 757-926-8752.