787.41 TAX CREDIT FOR NEW INDUSTRIAL TAXPAYER.

   (a)   Any industrial taxpayer as defined in Section 787.26 and taxable under Section 787.03(b) which shall, after the adoption of this section, commence activities taxable within the corporate limits of the City, and which is subject to the City's business and occupation tax, shall be eligible for a tax credit against the normal business and occupation tax liability of the business. The tax credit may be available for a period of five consecutive years from the date of application.

   (b)   "Normal business and occupation tax liability" as used in this section, means that tax computed by the application of rates contained in Section 787.02(b), to income generated from activities described therein. This tax credit shall apply only to income taxable under Section 783.03(b).

(Ord. 9021. Passed 12-23-86.)