(a) Purpose: In order to encourage business longevity within the corporate limits of the City, there is hereby provided a business anniversary tax credit for taxpayers who meet certain anniversary milestones.
(b) Definitions.
"Anniversary": means the yearly re-occurrence of the date that a business initially commenced operation in the City.
"Anniversary Milestone" means a scheduled anniversary signifying the completion of a set number of years that a business has continually maintained operation in the City from the date the business initially commenced operation.
"Longevity" means continued operation without interruption in the corporate limits of the City of Fairmont from the date the business initially commenced operation.
(c) Amount of Credit Allowed: There shall be allowed to taxpayers a credit against the business and occupation tax imposed by this Article for businesses which meet certain anniversary milestones for continued operation in the corporate limits of the City.
(1) Prerequisite. The following prerequisites must be met before a credit will be allowed:
This credit is authorized for a businesses which meets certain anniversary milestones for continued operation in the corporate limits of the City.
The taxpayer must apply for the credit on forms provided by the Collector together with all necessary documentation to support the credit and to permit the Collector to make a determination that all prerequisites have been satisfied; The taxpayer must be current in the payment of all municipal fees, charges, and taxes; The taxpayer must demonstrate that all necessary permits and licenses have been issued and are current.
(2) Amount of the Credit. The credit is to be allowed based upon longevity of business operations within the corporate limits
(3) Measuring the Credit. The taxpayer will be permitted a credit against the tax imposed by this Article on January 1 of the calendar year in which the business meets or will meet certain anniversary milestones and in the percentages as follows:
ANNIVERSARY MILESTONE | PERCENTAGE OF CREDIT |
Year Five | 5% |
Year Ten | 10% |
Year Twenty | 20% |
Year Twenty-Five | 25% |
Year Fifty | 50% |
Year One Hundred | 100% |
(d) Limitation on Credit. Credit may be used in all estimate periods in the calendar year a business meets the applicable anniversary milestone.
(e) Forfeiture of Credit: If the taxpayer ceases business within any estimate period in the calendar year of the applicable anniversary milestone, such credit shall be forfeited for the estimate period in which such event occurs and all ensuing estimate periods, unless and until such taxpayer satisfies all the pre-requisites for such anniversary credit.
Any taxpayer who operated a commercial entity under a different name and/or undergoes a name change or change in business structure shall be considered a new business under this section and shall not be entitled to the anniversary tax credits until such taxpayer otherwise satisfies all the pre-requisite of such anniversary credit; provided however, the acquisition of an ongoing operation or of an existing commercial entity, without a change of name or business identity by another taxpaying entity shall be entitled to consider all of the years of operation of the acquired entity for purposes of such anniversary credit.
(Ord. 1654. Passed 9-8-15.)