(a)   Any service business taxable under Section 757.09 , which shall locate its principal place of business within the corporate limits of the City, which constitutes a New Business as defined in Section 759.01 , which located within the City is not merely by reason of annexation by the City, and which is subject to the City's Business and Occupation Tax, shall be eligible to make application with the City Treasurer's Office for a tax credit against the business' normal Business and Occupation Tax liability as follows:
      (1)   75% during the first calendar year of taxable activity;
      (2)   50% during the second calendar year of taxable activity; and
      (3)   25% during the third calendar year of taxable activity.
   Provided, however, that a service business which, at the time of the passage of this section, is paying taxes to the City under the service classification for work performed within the City, although it's principal place of business is without the City, shall be eligible for a credit upon location of its principal place of business within the City such credit to be based on the incremental increase in taxable income greater than that generated by the business, within the City, during the 12-month period immediately preceding first application for the credit.
   (b)   "Normal Business and Occupation Tax Liability", as used in this subsection, means that tax computed by the application of rates contained in Section 757.09 , to income generated from activities described therein, less the amount of annual exemption allowed and determined under Section 757.39 .
   (c)   This tax credit shall apply only to income taxable under Section 757.09 .
   (d)   The tax credit may be available for a period of three consecutive calendar years from the date of location of its principal place ofbusiness within the limits of the City.  Upon the request of the tax payer, the City Treasurer's Office shall provide information regarding this tax credit section to any business which commences retail or wholesale business within the City.
   (e)    Any taxpayer who fails to file returns and pay the City's Business and Occupation Tax, interest and penalties due under this Article within three calendar months of the initial due date for such tax hereby waives and forfeits any right to apply for or receive any credit against the tax due and owing under the City's Business and Occupation Tax as authorized in the Section 757.42 .
(Ord. 2018-03.  Passed 2-20-18.)