755.03A DOWNTOWN BUSINESS TAX CREDIT.
   (a)   Designation of Martinsburg Downtown Development District. The District shall be bound by West Stephen Street extending west from the railroad right of way to Winchester Avenue, thence with Winchester Avenue to West John Street, thence west on West John Street to Porter Avenue, thence north on Porter Avenue to West King Street, thence east on West King to North Tuskeegee Drive, Thence north on Tuskeegee Drive to West Race Street, thence east on West Race Street to North Maple Avenue, thence north on North Maple to Exchange Place, thence east on Exchange Place to the B&O Railroad right of way, thence in a southerly direction with the B&O Railroad right of way to East John Street, thence west on East John Street to the railroad right of way, thence south with the right of way to the point of beginning.
   (b)   Qualifying Requirements and Amount of Tax Credit.
      (1)   Qualifying requirements:
         A.   A business shall be deemed eligible which has its principal place of business physically located within the Martinsburg Development District.
         B.   The credit may only be taken when an otherwise qualifying business files the required business and occupation tax return on or before the required due date. If the return is not filed timely then the credit will be disallowed.
      (2)   Amount of tax credit. Ten percent (10%) credit against the business and occupation tax liability.
   (c)   Administration and Enforcement of this Section. The administration of this section is vested in, and shall be exercised by, the Finance Director of the City, and who in connection therewith shall prescribe all necessary forms and returns. The Finance Director will promulgate all necessary rules and regulations that are necessary for the making of returns, and for the enforcement.
   (d)   Forfeiture. If the business relocates outside of the Martinsburg Development District, the tax credit will be forfeited. (Ord. 2009-03. Passed 4-21-09.)