A. Tax Credit: A business subject to the tax imposed by this chapter is entitled to a tax credit against the tax imposed by section 4-2-4 of this chapter whenever it generates sales and/or use tax in the year immediately preceding the year in which the tax is due. The credit is applied to the business registration tax due for the following year.
B. Percentage Of Tax: The tax credit referred to in subsection A of this section, will equal up to forty percent (40%) of the sales or use tax generated by the business and received by the city during the twelve-month period ending on June 30 preceding the date the tax is due.
C. Amount Of Tax Credit: Under no circumstances can the amount of the tax credit for any year be calculated to be greater than the total amount of tax due for any year under this chapter.
D. A business may only be granted business license tax credits under this section for the first three (3) consecutive years after the initial year of issuance of the business license or such longer term as determined pursuant to subsection 3-2-3C of this chapter.
E. In no event may a tax credit granted to any business pursuant to this section exceed a cumulative total of twenty-five thousand dollars ($25,000.00). Any business that has received a business license tax credit totaling more than twenty-five thousand dollars ($25,000.00) as of December 1, 2023, shall not be entitled to any additional business license tax credit under this section. (Ord. 1252, 4-9-1996; amd. Ord. 1643, 12-13-2022)