There shall be allowed to eligible industrial taxpayers a credit against the business and occupation taxes imposed by this article , for industrial revitalization. The amount of this credit shall be equal to ten percent (10%) of the cost of eligible investment made for industrial revitalization and shall reduce the business and occupation tax imposed under Sections 787.03(b) and (f), subject to the following conditions and limitations:
(a) The allowable credit shall be applied over a ten year period at the rate of one tenth of the amount thereof per taxable year, beginning with the taxable year in which the eligible investment is first placed in service or use in this City.
(b) The amount of annual credit allowed shall not reduce the business and occupation taxes imposed on the business of manufacturing, compounding or preparing for sale under Section 787.03(b), and on the providing of a manufacturing service under Section 787.03(f), below fifty percent (50%) of the amount which would be imposed for the taxable year.
(c) When in any taxable year the eligible industrial taxpayer is entitled to claim credit under both this section and Section 787.26 et seq., the total amount of credits allowed shall not exceed the fifty percent (50%) rule outlined in subsection (b) hereof.
(d) No carryover to a subsequent tax year or carryback to a prior tax year shall be allowed for the amount of any unused portion of the credit allowed under this article for the taxable year. Any unused credit shall be forfeited.
(e) No credit shall be allowed under this article for any property purchased for industrial revitalization prior to July 1, 1981.
(Ord. 7564. Passed 5-18-82.)