Sec. 36-151.1. Tax rates - Machinery and tools used in certain food processing businesses.
Pursuant to the authority granted to the city by Sec. 58.1-3508.1 of the Code of Virginia, 1950, as amended, effective on and after July 1, 1997, for the fiscal year beginning July 1, 1997 and ending June 30, 1998 and for every fiscal year thereafter unless otherwise changed by council, on each one hundred dollars ($100) of the assessed value of all machinery and tools used by a food processing plant that is located in a designated enterprise zone there shall be a tax of three dollars ($3.00) for the purpose of establishing and maintaining the public schools of the city and for the purpose of providing the interest and sinking fund of loans negotiated and bonds issued by the city for school purposes, and for general governmental purposes. Provided, however, that each food processor located in an enterprise zone shall receive the following tax credits for each product line and/or manufacturing or warehouse expansion constructed within the first eight (8) years of its operation: for the first five (5) tax years there shall be a one hundred percent (100%) tax credit and for tax years six (6) through ten (10) there shall be a fifty percent (50%) tax credit. Thereafter, the tax shall be at the rate provided for in this section. (Ord. No. O-96-273, 10-8-96)
Last updated date: 10/23/2006 4:15:21 PM