ANNEXED BUSINESS. Includes existing commercial, wholesale, retail, manufacturing, service business which is brought within the corporate limits of the city by any of annexation and minor boundary adjustments. ANNEXED BUSINESSES include only those entities, which after annexation are subject to the city’s business and occupation tax and at the time prior to annexation were not paying such tax.
BASE YEAR RECEIPTS. The year’s gross receipts immediately prior to business expansion and application for expanding business tax credit.
EXPANDING BUSINESS. Any business (commercial, wholesale, retail, manufacturing or service business) which exists within the corporate limits of the city may apply for expanding business tax credits hereunder if, and only if, said business:
(1) Creates two new jobs, as defined herein, within the corporate boundaries of the city;
(2) Hires two new employees, as defined herein, within the corporate boundaries of the city; or
(3) Makes a qualified investment of at least an amount set by Council from time to time within the corporate boundaries of the city prior to making application for said EXPANDING BUSINESS tax credit.
INCREMENTAL RECEIPT. The incremental difference between the gross receipts of the year prior to and the three years following the business expansion.
NEW BUSINESS. Any new commercial, wholesale, retail, manufacturing or service business which physically locates its principal place of business within the corporate limits of the city or within specified commercial zones of the city, either by purchase of real property or by virtue of a lease of five years or more duration, and which is subject to the city’s business and occupational tax and is not currently paying such tax. No commercial entity which has conducted business within the corporate limits of the city currently or in the past, and which changes its name or changes its business structure shall be considered a NEW BUSINESS under this section.
NEW EMPLOYEE. A person who is hired and employed in a new business or annexed business who was not previously employed within the corporate limits of the city by such business. A NEW EMPLOYEE must be employed at least 120 hours per month at a wage not less than the federal minimum wage or must work at least six months during the taxable year.
NEW JOB. A job which did not exist in the business of the taxpayer within the corporate limits of the city prior to a qualified investment being made; provided, this job is directly attributable to the qualified investment and filled by a new employee, as defined herein.
USE. Property is said to be in use when the property is placed in a condition or state of readiness for a specifically assigned function from which new jobs have been created within the city.
(Prior Code, § 745.31) (Ord. passed 3-18-2000)