(A) Any taxpayer who conducts a new business in this city which has gross revenue or gross proceeds of sale in excess of or equal to $1,000,000 per year, or other amount deemed appropriate by the Municipal Court, that is subject to the tax imposed by this subchapter shall be allowed a credit of 100% of assessed business and occupation tax for a period of three years after the credit is taken.
(B) Any taxpayer who conducts a new business in this city which has gross revenue or gross proceeds of sale in excess of, or equal to, $500,000 but less than $1,000,000 per year, or other amount deemed appropriate by the Municipal Court, that is subject to the tax imposed by this subchapter shall be allowed a credit of 50% of assessed business and occupation tax for a period of one year after the credit is taken. Such business shall thereafter be allowed a credit of 25% of assessed business and occupation tax for a period of the two years following the initial year of credit.
(C) Any taxpayer who conducts a new business in this city which has gross revenue or gross proceeds of sale in excess of, or equal to, $100,000 but less than $500,000 per year, or other amount deemed appropriate by the Municipal Court, that is subject to the tax imposed by this subchapter shall be allowed a credit of 25% of assessed business and occupation tax for a period of one year after the credit is taken. Such business shall thereafter be allowed a credit of 15% of assessed business and occupation tax for a period of the two years following the initial year of credit.
(D) Any tax payer who conducts an expanded business within this city that is subject to the tax imposed by this subchapter shall be allowed a credit of 50% for a period of one year after the credit is taken. Such business must prove through sufficient documentation that the expansion has been undertaken at a level of, at minimum, a 10% increase.
(E) The amount of tax credit allowable begins with the taxable year in which the taxpayer places the qualified investment into use within this city and continues thereafter for a one- to three-year period unless the taxpayer elects to delay the beginning of the one- to three-year period to the next succeeding taxable year. Such delay shall only be allowable at the start of the tax credit period.
(F) (1) The administration of the tax credit is vested in, and shall be exercised by the collector of business taxes who, in connection therewith, shall prescribe all necessary forms. The collector of business taxes may prescribe all necessary rules and regulations that are in conformity with §§ 39.076 through 39.083 for the making of returns and for the ascertainment, assessment, and collection of all the taxes imposed hereunder.
(2) The collector of business taxes shall cause examples of different hypothetical situations resulting from an application of §§ 39.076 through 39.083 to be prepared and filed with the City Clerk and the Council, in order that correct interpretations regarding applicability may be made to the public. The collector of business taxes may also prescribe such rules and regulations as may be necessary to enable verification of the taxpayer’s continued entitlement to claim such credit and to verify proper good faith application of the credit allowed. Such regulations may include, but not be limited to, the requirement that taxpayers receiving any tax credit file a quarterly business and occupation tax return.
(G) If any existing business located within the corporate limits of the city is damaged by fire, flood, and the like, and the dollar amount of the damage to the business is greater than 50% of the fair market value of the real and personal property of the business, such business will be entitled to receive a “special” tax credit, if the business is completely remodeled and reopened and all jobs existing at the time of the damage occurred are retained. The amount of the tax credit will be 50% of the business and occupation taxes owed in the first year after the business is reopened.
(Ord. passed 12-18-1998)