(a) There shall be allowed to industrial taxpayers as defined in Section 787.26 a credit against business and occupation tax imposed by this article. The amount of credit shall be equal to ten percent (10%) of the cost of qualified investment made for industrial expansion as defined in Section 787.28 and shall be applied over a ten-year period to reduce the business and occupation tax imposed under Section 787.03(b) and (f), provided that such privilege is manufacturing for another, under this article at the rate of one tenth of the amount of such credit per taxable year, commencing with the taxable year that such qualified investment is first placed in service or use.
(b) Notwithstanding any provision herein to the contrary, the annual credit allowance shall not reduce the business and occupation tax imposed under Section 787.03(b) and (f), provided that such privilege is manufacturing for another, below fifty percent (50%) of the amount which would be imposed for such taxable year. No carryover shall be allowed for the amount of any unused portion of any annual credit allowance, nor shall any credit be allowed against any tax liablity for any year prior to the effective date of this section, by reason of an assessment issuing within any period after the effective date of this section, which assessment is, in whole or in part, for any period prior to the effective date of this section.
(Ord. 7566. Passed 5-25-82.)