(a) There shall be an annual exemption in every case of five dollars ($5.00) in the amount of the tax computed under the provisions of this article. A person exercising a privilege taxable hereunder for a fractional part of the tax year shall be entitled to an exemption of the sum bearing the proportion to five dollars ($5.00) that the period of time the privilege is exercised bears to the whole year. Only one annual exemption shall be allowed to any one person, whether he exercises one or more privileges taxable hereunder.
(b) It is the purpose and intention of Council to enact a tax similar to the State Business and Occupation Tax and the rates adopted in this article are equal to fifty-five percent (55%) of the maximum rate permitted by State law on all classifications, except as otherwise expressly provided.
(1970 Code Sec. 29-37)