730.02 BUSINESS OF SELLING TANGIBLE PROPERTY RETAIL OR WHOLESALE BUSINESS.

   (a)   Any retail or wholesale business taxable under Section 729.07, which shall, after the passage of this section, commence retailing or wholesaling activities taxable under Section 729.07 within the corporate limits of the City, shall be eligible for a fifty percent (50%) tax credit against the business’ Normal Business and Occupation Tax liability.

   (b)   “Normal Business and Occupation Tax liability”, as used in this article means that tax computed by the application of rates contained in Section 729.07 to income generated from activities described therein, less the amount of annual exemption allowed and determined under Section 729.15.

   (c)   This tax credit shall apply only to income taxable under Section 729.07.

   (d)   The tax credit may be available for a period of three consecutive years from the date of first application. (Ord. 552. Passed 8-7-95.)