(a) Disposition of Property or Cessation of Use. If during any taxable year, property with respect to which a tax credit has been allowed under this article:
(1) Is disposed of prior to the end of its useful life, as determined under Section 787.32; or
(2) Ceases to be used in the industrial business of the taxpayer in this State prior to the end of its useful life, as determined under Section 787.32, then the unused portion of the credit allowed for such property shall be forfeited for the taxable year and all ensuing years. Additionally, except when the property is damaged or destroyed by fire, flood, storm or other casualty or is stolen, the taxpayer shall redetermine the amount of credit allowed in all earlier years by reducing the applicable percentage of cost of such property allowed under Section 787.32, to correspond with the percentage of cost allowable for the period of time that the property was actually used in this City in the industrial business of the taxpayer. Taxpayer shall then file a reconciliation statement with its annual business and occupation tax return for the year in which the forfeiture occurs and pay any additional business and occupation taxes, plus interest and any applicable penalties.
(b) Cessation of Operation of Industrial Facility. If during any taxable year the industrial taxpayer ceases operation of an industrial facility in this City for which revitalization credit was allowed under this article before expiration of the useful life of property with respect to which tax credit has been allowed under this article, then the unused portion of the allowed credit shall be forfeited for the taxable year and all ensuing years. Additionally, except when the cessation is due to fire, flood, storm or other casualty, the taxpayer shall redetermine the amount of credit allowed in earlier years by reducing the applicable percentage of cost of such property allowed under Section 787.32
, to correspond with the percentage of cost allowable for the period of time that the property was actually used in this City in the industrial business of the taxpayer. Taxpayer shall then file a reconciliation statement with its annual business and occupation tax return for the year in which the forfeiture occurs and pay any additional business and occupation taxes, plus interest and any applicable penalties.
(Ord. 7564. Passed 5-18-82.)