Upon every person engaging or continuing within this City in the business of banking or financial business, from and after July 1, 1985, the tax shall be equal to one percent (1%) of the gross income received from interest, premiums, discounts, dividends, service fees or charges, commissions, fines, rents from real or tangible personal property, however, denominated, royalties, charges for bookkeeping or data processing, receipts from check sales, charges or fees, and receipts from the sale of tangible personal property; provided that gross income shall not include:
(a) Interest received on the obligations of the United States, its agencies and instrumentalities,
(b) Interest received on the obligations of this State or any political subdivision of this State, or
(c) Interest received on investments or loans primarily secured by first mortgages or deeds of trust on residential property occupied by non-transients; provided that all interest derived on activities exempt hereunder shall be reported, as to amounts, on the return of a person taxable under the provisions of this section.
Council hereby finds and declares that it is the intent of Council to subject national banking associations and other financial organizations to the tax imposed by this section, in accordance with the authorization contained in Section 5219 of the Revised Statutes of the United States, as amended by Public Law 91-156 enacted December 24, 1969.
(Ord. 1216. Passed 1-28-03.)