Upon every person engaging or continuing within this City in the business of banking or financial business, from and after the first day of August, 1971, the 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, however, that gross income shall not include:
(a) Interest received on the obligations of the United States, its agencies and instrumentalities,
(b) Interest received on the obligations of this or any other state, territory or possession of the United States, or any political subdivisions of any of the foregoing or of the District of Columbia, or
(c) Interest received on investments or loans primarily secured by first mortgages or deeds of trust on residential property occupied by nontransients. Provided however, that all interest derived on activities exempt under subsection (c) hereof, shall be reported, as to amounts, on the return of a person taxable under the provisions of this section.
Council hereby finds and declares that it is the intent of Council to subject national banking associations and other financial organizations to the tax imposed by this article, in accordance with the authorization contained in Section 5219 of the Revised Statutes of the United States as amended by Public Law 91-156 enacted December 24, 1969.
(Ord. 77-30. Passed 12-19-77.)