(a) Mere Change in Form of Business. Property shall not be treated as disposed of under Section 787.34
by reason of a mere change in the form of conducting the industrial business as long as the property is retained in an industrial business in this City and the taxpayer retains a substantial interest in the successor business. In this event, the successor business shall be allowed to claim the amount of credit still available with respect to the industrial facility or facilities transferred and the taxpayer (transferor) shall not be required to redetermine the amount of credit allowed in earlier years.
(b) Sale to Successor. Property shall not be treated as disposed of under Section 787.34
by reason of any sale to a successor business which continues to operate the industrial facility in this City. Upon sale the successor shall acquire the amount of credit that remains available under this article for each subsequent taxable year and the taxpayer (transferor) shall not be required to redetermine the amount of credit allowed in earlier years.
(Ord. 7564. Passed 5-18-82.)