3.20.020 Rate of tax – Credits.
The rate of the tax imposed by ECMC 3.20.010 shall be four percent of the taxable rent (as defined by Section 2 of the State Act); provided, that the following credits shall be allowed in determining the tax payable:
(1) With respect to a leasehold interest arising out of any lease or agreement, the terms of which were binding on the lessee prior to July 1, 1970, where such lease or agreement has not been renegotiated (as defined by Section 2 of the State Act) since that date, and excluding from such credit any lease or agreement including options to renew which extends to January 1, 1985, as follows:
(a) With respect to taxes due in calendar year 1976, a credit equal to 80 percent of the tax produced by the above rate;
(b) With respect to taxes due in calendar year 1977, a credit equal to 60 percent of the tax produced by the above rate;
(c) With respect to taxes due in calendar year 1978, a credit equal to 40 percent of the tax produced by the above rate;
(d) With respect to taxes due in calendar year 1979, a credit equal to 20 percent of the tax produced by the above rate.
(2) With respect to a product lease (as defined by Section 2 of the State Act), a credit of 33 percent of the tax produced by the above rate. (Ord. 242 § 2, 1985)