(A) Pursuant to the Bank Franchise and Local Deposit Tax Act, KRS 136.575, (the “Act”), by Ordinance O-18-96, the city levied a franchise tax on financial institutions measured by the deposits in financial institutions located within the boundaries of the city. This franchise tax for the calendar year shall be at the rate of 0.025% of the deposits and shall be due January 31, 2023. A 2% discount shall be allowed for any franchise tax for the calendar year 2021 which is paid on or before December 31, 2022. Pursuant to KRS 136.575(4) the city shall issue bills for the 2022 franchise tax to financial institutions on or before December 1, 2022.
(B) The definitions of the terms used in this section shall correspond to the definitions used for those terms in the Act.
(D) Any such franchise tax for the calendar year 2022 which is unpaid after the 31st day of January 2023, shall bear a penalty of 12%, plus interest on the amount of unpaid taxes at the rate of 12% per annum from January 31, 2023, until paid.
(E) In all subsequent years, the city shall issue bills to the financial institutions by December 1 and require payment, with a 2% discount by December 31, or without discount by January 31 of the next year. Franchise taxes unpaid after January 31 of the next year shall bear penalty of 12% plus interest on the amount of unpaid taxes at the rate of 12% per annum from such January 31 until paid.
(Ord. O-21-05, passed 9-27-05; Am. Ord. O-16-12, passed 9-18-12; Am. Ord. O-11-13, passed 9-17-13; Am. Ord. 0-20-14, passed 9-16-14; Am. Ord. O-15-15, passed 9-15-15; Am. Ord. O-14-17, passed 9-12-17; Am. Ord. O-12-20, passed 9-15-20; Am. Ord. O-18-22, passed 9-13-22)