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(A) The city hereby adopts a franchise tax on financial institutions measured by deposits in the institution located within the jurisdiction of the city.
(B) As used in this section, “DEPOSITS” means all demand and time deposits, excluding deposits of the United States Government, state and political subdivisions, other financial institutions, religious institutions, charitable institutions and certified and officers’ checks.
(C) Pursuant to KRS 136.575, each financial institution within the city shall file with the Revenue Cabinet, on a form prescribed by the Cabinet, a report of all deposits located within the city as of the preceding June 30, along with a copy of the most recent summary of deposits filed with the Federal Deposit Insurance Corporation. The Revenue Cabinet shall review the report and certify to the city the amount of deposits within the city and the amount of tax due.
(D) The city shall issue tax bills to the financial institution by December 1 of each year and require payment with a 2% discount by December 31 of each year or without discount by January 31 of the next year.
(E) The City Clerk shall notify the Revenue Cabinet that the city has enacted a franchise tax on financial institutions and shall advise the Cabinet of the rate adopted. In the event the rate is changed at any time, the City Clerk shall so notify the Revenue Cabinet.
(Ord. 1535-2005, passed 2-9-05)