(a) Upon every person engaging or continuing within this Town in the business of banking or financial business, from and after 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 property, however denominated, royalties, charges for bookkeeping or data processing, from check sales, charges or fees, and receipts from the sale of tangible personal property; provided, however, that gross income shall not include:
(1) Interest received on the obligations of the United States, its agencies and instrumentalities;
(2) Interest received on the obligations of this or any other state, territory or possession of the United States, or any political subdivision of any of the foregoing or of the District of Columbia; or
(3) Interest received on investment; or loans primarily secured by first mortgages or deeds of trust on residential property occupied by nontransients; provided, however, that all interest derived on activities exempt under subsection (a)(3) hereof shall be reported, as to amounts, on the return of a person taxable under the provisions of this section.
(b) Persons taxed pursuant to the provisions of this section shall not be taxed under Section 763.11.
(c) Council hereby finds and declares that it is intent of Council to subject national banking associations and other financial organizations to the tax imposed by this article, in accordance with the authorization contained in Section 5219 of the Revised Statutes of the United States.
(Ord. 2011-2. Passed 1-27-11.)