No building permit shall be issued when the contractor that will do the work does not have a permanent place of business within the State of Ohio unless the applicant, whether owner or contractor, has posted a bond with the Commissioner of Taxation in an amount equal to the Oregon Municipal income tax obligation for taxes on profits and withholding tax on wages on the work which is the subject of the building permit. In computing the amount of taxes due for the bond it shall be sufficient to post a bond in the amount of one and one-half percent (1 ½%) of the total value of the work as set forth on the application for building permit.