(a) Any manufacturing, retailing, wholesaling or service facility or business taxable under Section 729.06, 729.07 or 729.12, which is purchased by another company or proprietorship may qualify for a fifty percent (50%) tax credit against any increase in tax liability after such sale has been consummated. However, the credit shall only apply to that incremental portion of gross income which is greater than the average gross income generated by the preceding business over the previous three years. Such tax credit is available for up to two years.
(b) Any current tax credit that an existing business may have is eligible for transfer to the purchasing business or proprietorship for the remaining term of the existing credit. However, any such transfer shall, make such business ineligible for the credit available under subsection (a) hereof. (Ord. 552. Passed 8-7-95.)