(a) Upon every person engaging or continuing within this City in the business of banking or financial business, from and after July 1, 1971, the tax shall be equal to twenty-five one-hundredths percent (.25%) 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.
(b) Gross income shall not include:
(1) Interest received on the obligations of the Federal government, its agencies and instrumentalities;
(2) Interest received on the obligations of this or any other state, territory or possession of the Federal government or any political subdivision of any of the foregoing or of the District of Columbia, or
(3) Interest received on investments or loans primarily secured by first mortgages or deeds of trust on residential property occupied by nontransients.
(c) All interest derived on activities exempt under subsection (b)(3) hereof, shall be reported, as to amounts, on the return of a person taxable under the provisions of this section. (Passed 4-4-78)