§ 95.31. TAX ON BANK SHARES OF STOCK OF SHAREHOLDERS.

(A) For each fiscal year, there shall be imposed, levied and collected, a tax by the city, pursuant to KRS 136.270, 136.280, 132.190(6) and 132.200(7) on the valuation of shares of stock owned by shareholders in banks of trust companies.

(B) The tax shall be imposed on each one hundred dollars ($100) of the taxable fair cash value of the shares of bank stock whose principal office is located in the city. The amount of the tax shall be determined by multiplying an amount determined by the City Council by a fraction, the numerator of which is the fair cash value of shares of all banks or trust companies within the city and the denominator of which is the taxable fair cash value of shares of all banks or trust companies within the city.

(C) The fair cash value of shares of banks and taxable fair cash value of shares of banks shall be determined in accordance with KRS 136.270.

(Ord. 1994-9-2, passed 10-13-94; Am. Ord. 1995-9-5, passed 10-12-95)

Cross-reference:

See Table of Special Ordinances V for rates