(A) A franchise tax is hereby levied and imposed for the period(s) designated in § 52.03 of this chapter upon the electric power companies engaged in the business of furnishing electricity, electric lights, current or power within the corporate limits of the town. The tax shall be 3.09% of the companies’ taxable gross receipts from the business of furnishing electricity, electric lights, current or power within the corporate limits of the town. It is intended that taxable gross receipts hereunder shall be the same as those taxable under the State Franchise Tax Act, being G.S. Chapter 105, Article 3.
(B) When a distribution to the town as required under the State Franchise Tax Act, being G.S. Chapter 105, Article 3, shall not be made, the Town Franchise Tax shall be levied for the periods herein described. A period for which the tax shall be due shall begin on the first day of the first calendar month following the month during which a distribution under the State Franchise Tax Act was due, but not made, to the town and shall continue from month to month until the time as a distribution as required under the State Franchise Tax Act shall be made. The town shall notify taxpayers within a reasonable time after a required distribution is or is not made by the Secretary of Revenue.
(Ord. passed 6-3-2002)