(A) The qualified investment in property purchased or leased for business growth shall be the cost of each property purchased or leased for the purpose of business expansion, which is placed in service and use in the city by the tax payer during the initial taxable year.
(B) In determining the qualified investment of business, 100% of the cost expended for each of the following may be included in the total amount:
(1) Real property and improvements thereto, having a useful life of five or more years after placed in service and use within the city;
(2) Real property and improvements theretofore tangible personal property acquired by written lease for a period of five or more years after placed in service and use within the city; and
(3) Depreciable or amortizable tangible personal property having a useful life of five or more years after property is placed in service or use within the city.
(C) The cost of purchased property may not include the value of property given in trade or exchange for the property purchased.
(D) Qualified investment property may not include repair costs unless capitalized for federal income tax purposes, vehicles purchased prior to the use and service of the qualified investment within the city, or wages and/or benefits paid to any new or existing employee.
(Prior Code, § 745.33) (Ord. passed 3-18-2000)