(A) Every business entity engaged in any business in the city shall, at the time the license herein required is obtained, pay the annual license tax on the taxable gross receipts derived from such activity as herein computed.
(B) Every business entity shall compute and pay said license tax in the same form of business entity (i.e., corporation, partnership, etc.) as they report income to the federal government.
(C) The license tax shall be computed and is hereby levied in the amount of 0.1% of taxable gross receipts with a minimum license tax of $40 per year and maximum license tax of $10,000 per year.
(D) The license tax for each license year shall be computed based upon the income shown on the last federal income tax return filed by the business entity liable for the license tax prior to the license year for which the license is obtained. A new business, defined as one which has not yet filed a federal income tax return with respect to income from business operations in the city, shall estimate license fee based on projected first year income at the time of obtaining the occupational license and upon filing its first federal income tax return shall report the applicable amount of income therefrom to the City Clerk and either pay an additional fee or receive a corresponding credit for the first license year equal to the difference between the estimated fee paid and the fee which would have been paid had the amount of such income been known at the time the license for the first year was obtained. If an underpayment occurs, then penalty and interest shall be assessed on the amount of the difference if the licensee underestimates more than 50%.
(E) The license tax as computed and levied in (E) above shall become effective for the license period beginning July 1, 2002, and shall apply to all new licenses and renewals of licenses.
(Ord. O-67-60, passed 6-30-60; Am. Ord. O-191-64, passed 6-23-64; Am. Ord. O-302-67, passed 5-9-67; Am. Ord. O-17-82, passed 6-8-82; Am. Ord. O-18-82, passed 6-8-82; Am. Ord. O-25-83, passed 8-23-83; Am. Ord. O-17-84, passed 6-26-84; Am. Ord. O-32-94, passed 11-15-94; Am. Ord. O-6-96, passed 5-14-96; Am. Ord. 0-3-98, passed 3-24-98; Am. Ord. O-13-02, passed 6-25-02; Am. Ord. O-27-07, passed 12-11-07) Penalty, see § 110.99