(A) Except as provided in division (C) of this section, every person or business entity engaged in any business for profit and any person or business entity that is required to make a filing with the Internal Revenue Service or the Kentucky Revenue Cabinet shall be required to file and pay to the city an occupational license tax for the privilege of engaging in such activities within the city. The occupational license tax shall be measured by 2% of:
(1) All wages and compensation paid or payable in the city for work done or services performed or rendered in the city by every resident and nonresident who is an employee;
(2) The net profit from business conducted in the city by a resident or nonresident business entity.
(B) Each business entity operating within the boundaries of the City of Wilmore shall apply to the City of Wilmore each year for a business license for the privilege of operating said business. The cost of said license shall be $50 and shall be in addition to the 2% of net profit tax referenced in division (A) of this section. This application fee shall be due not later than January 31 of each year. On February 1 a $25 late penalty fee will be added to the business license fee. If temporarily engaged in business in the city or if starting a new business, this minimum license fee shall be paid prior to starting any business activity. Any new business commencing operation after July 1 of each calendar year shall pay a minimum license fee in the amount of $25.
(C) The occupational license tax imposed in this section shall not apply to the following persons or business entities:
(1) Any bank, trust company, combined bank and trust company, or trust, banking, and title insurance company organized and doing business in this state, any savings and loan association whether state or federally chartered;
(2) Any compensation received by members of the Kentucky National Guard for active duty training, unit training assemblies and annual field training;
(3) Any compensation received by precinct workers for election training or work at election booths in state, county, and local primary, regular, or special elections;
(4) Public service corporations that pay an ad valorem tax on property valued and assessed by the Kentucky Department of Revenue pursuant to the provisions of KRS 136.120. Licensees whose businesses are predominantly non-public service who are also engaged in public service activity are required to pay a license fee on their net profit derived from the non-public service activities apportioned to the city;
(5) Persons or business entities that have been issued a license under KRS Chapter 243 to engage in manufacturing or trafficking in alcoholic beverages. Persons engaged in the business of manufacturing or trafficking in alcoholic beverages are required to file a return, but may exclude the portion of their net profits derived from the manufacturing or trafficking in alcoholic beverages; or
(6) Life insurance companies incorporated under the laws of, and doing business in, the Commonwealth of Kentucky.
(Ord. 10-17, passed 11-20-2017)