A. A credit is allowed annually to every person engaged in processing fisheries resources against taxes imposed by this chapter. The amount of the credit is equal to the amount of tax that would be payable on 10,000,000 pounds of fisheries resources at the annual rate of levy determined under § 5.40.116.
B. The amount of the annual credit allowed to a person by this section shall not exceed the amount of tax imposed on the person by this chapter in that calendar year.
C. In no event shall the credit be applied to any other amount owed to the city, including, but not limited to, fees, penalties, fines, interest, or any other amounts owed to the city, whether under this chapter or otherwise.
(Ord. 2002-12 § 3, 2002)