(a) There is hereby levied and imposed, subject to all other provisions of this Chapter, an excise tax on the storage or use in the Town of tangible personal property, for the purpose of raising revenue to be used in defraying the necessary expenses of the Town, such taxes to be collected by the Tax Collector.
(b) The tax rate shall be at an amount equal to two percent (2%) of the:
(1) cost of tangible personal property acquired from a retailer, upon every person storing or using such property in this Town.
(2) gross income from the business activity upon every person meeting the requirements of subsection 12-620(b) or (c) who is engaged or continuing in the business activity of sales, rentals, leases, or licenses of tangible personal property to persons within the Town for storage or use within the Town, to the extent that tax has been collected upon such transaction.
(3) cost of the tangible personal property provided under the conditions of a warranty, maintenance, or service contract.
(4) cost of complimentary items provided to patrons without itemized charge by a restaurant, hotel, or other business.
(5) cost of food consumed by the owner or by employees or agents of the owner of a restaurant or bar subject to the provisions of Section 12-455 of this Chapter.
(c) It shall be presumed that all tangible personal property acquired by any person who at the time of such acquisition resides in the Town is acquired for storage or use in this Town, until the contrary is established by the taxpayer.
(d) Exclusions. For the purposes of this Article, the acquisition of the following shall not be deemed to be the purchase, rental, lease, or license of tangible personal property for storage or use within the Town:
(1) stocks, bonds, options, or other similar materials.
(2) lottery tickets or shares sold pursuant to Article I, Chapter 5, Title 5, Arizona Revised Statutes.
(3) Platinum, bullion, or monetized bullion, except minted or manufactured coins transferred or acquired primarily for their numismatic value as prescribed by Regulation.
(e) (Reserved)