(a) Upon every person or corporation engaging in or continuing within the City in the business of banking or financial business, the business and occupation tax shall be equal to one percent (1%) of the gross income received from interest, premiums, discounts, dividends, service fees or charges, commissions, fines, rents from real or tangible personal property, however denominated, royalties, charges for bookkeeping or data processing, receipts from check sales, charges or fees, and receipts from the sale of tangible personal property; provided, that gross income shall not include:
(1) Interest received on the obligations of the United States, its agencies and instrumentalities;
(2) Interest received on the obligations of this State or any other state, territory or possession of the United States, or any political subdivision of any of the foregoing or of the District of Columbia; or
(3) Interest received on investments or loans primarily secured by first mortgages or deeds of trust on residential property occupied by nontransients; provided that all interest derived on activities exempt under this sections shall be reported as to amounts, on the return of a person taxable under the provisions of this section.
(b) City Council hereby finds and declares that it is the intent of Council to subject national banking associations and other banks and financial organizations to the tax imposed by this section.
(1975 Code Sec. 10-76)