787.31 ADDITIONAL DEFINITIONS.

   (a)   Any term used in Sections 787.31 through 787.35 shall have the same meaning as when used in comparable context in Section 787.01 et seq., unless a different meaning is clearly required by the context or by definition in this section.

   (b)   For purpose of this section;

      (1)   "Eligible industrial taxpayer" means an industrial taxpayer who purchases new property for the purpose of industrial revitalization of an industrial facility located in this City on July 1, 1981.

      (2)   "Industrial business" means any privilege taxable under Section 787.03(b) and includes a manfacturing service taxable under Section 787.03(f).

      (3)   "Industrial facility" means any factory, mill, plant, refinery, warehouse, building or complex of buildings located within this City on July 1, 1981, including the land on which it is located, and all machinery, equipment and other real and tangible personal property located at or within such facility used in connection with the operation of such facility in an industrial business.

      (4)   "Industrial revitalization" means capital investment in an industrial facility located in this City on July 1, 1981, to replace or modernize buildings, equipment, machinery and other tangible personal property used in connection with the operation of such facility in an industrial business of the taxpayer, including the acquisition of any real property necessary to the industrial revitalization.

      (5)   "Industrial taxpayer" means any person liable for business and occupation tax under Section 787.01, exercising any privilege taxable under Section 787.03(b) or providing a manufacturing service taxable under Section 787.03(f).

      (6)   "Manufacturing service" means a privilege that would be taxable under Section 787.03(b) if title to the raw materials used in the manufacturing process was vested in the taxpayer exercising the privilege taxable under Section 787.03(f)

      (7)   "Property purchased for industrial revitalization" means real property and improvements thereto and new tangible personal property, but only if such property is constructed or purchased for use as a component part of an ongoing industrial facility located within this City on July 1, 1981. This term includes only tangible personal property with respect to which depreciation, or amortization in lieu of depreciation, is allowed in determining the personal income tax or corporation net income tax due under West Virginia Code 11-21-1 et seq. or 11-24-1 et seq., and has a useful life at the time the property is placed in service or use in this City of four years or more. Property acquired by lease for a term of ten years or longer if used as a component part of an industrial revitalization, shall be included within this definition. "Property purchased for industrial revitalization" shall not include:

         A.   Property which qualifies or was qualified for credit under Section 787.26 et seq.;

         B.   Repair costs including materials used in making the repair;

         C.   Motor vehicles licensed by the Department of Motor Vehicles;

         D.   Airplanes;

         E.   Off-premises transportation equipment;

         F.   Property which is primarily used outside this City;

         G.   Property purchased prior to July 1, 1981. Property shall be deemed to have been purchased prior to such date only if:

            1.   The physical construction, reconstruction or erection of the property was begun prior to July 1, or such property was constructed, reconstructed, erected or acquired pursuant to a written contract existing on or before June 30, 1981, and limited to the provision of such contract as of such date, binding on the taxpayer;

            2.   The machinery or equipment was owned by the taxpayer on or before June 30, 1981, or was acquired by the taxpayer pursuant to a binding purchase contract which was in effect on such date;

            3.   In the case of leased property, there was a binding lease or contract to lease identifiable equipment in effect on or before June 30, 1981.

         H.   Property which is aquired incident to the purchase of the stock or assets of an industrial taxpayer which property was or had been used by the seller in his industrial business in this City, or which property was previously designated "property purchased for industrial expansion" under Section 787.26 et seq., and used to qualify for the tax credit provided by that section.

            (Ord. 7564. Passed 5-11-82.)