730.03 SERVICE BUSINESS OR CALLING NOT OTHERWISE SPECIFICALLY TAXED.

   (a)   Any service business taxable under Section 729.12 which shall initially locate its principal place of business within the corporate limits of the City and which is subject to the City’s Business and Occupation Tax, shall be eligible for a fifty percent (50%) tax credit against the business’ normal Business and Occupation Tax liability. Provided, however, that a service business which, at the time of the passage of this section, is paying taxes to the City under the service classification for work performed within the City, although its principal place of business is without the City, shall be eligible for a credit upon location of its principal place of business within the City, such credit to be based on that incremental increase in taxable income greater than that generated by the business, within the City, during the twelve-month period immediately preceding first application for the credit.

   (b)   “Normal Business and Occupation Tax liability”, as used in this article, means that tax computed by the application of rates contained in Section 729.12 to income generated from activities described therein, less the amounts of annual exemptions allowed and determined under Section 729.15.

   (c)   This tax credit shall apply only to income taxable under Section 729.12.

   (d)   The tax credit may be available for a period of three consecutive years.

(Ord. 552. Passed 8-7-95.)