C
*This information is for Model City Tax Code purposes only
Local Option C
Create a moratorium on certain taxes involving certain real property in the City. Replace Sec. ___-285 with:
Sec. ___-285. Determination of gross income: moratorium on certain taxes relating to certain real property.
(a) A "moratorium period of 'X' years" means that consecutive passage of time commencing upon the date when real property first qualifies for the provisions of this Section and ending at midnight (12:00 p.m.) of that same month and day "X" years thereafter.
(b) Gross income derived from construction contracting upon real property not owned by a governmental entity shall be exempt from the taxes imposed by Sections ___-415 through ___-418 for a moratorium period of (___) years from the date upon which such real property shall have been annexed to and become a part of the City.
(Local Option #C). Create a moratorium on certain taxes involving certain real property in the City. Replace Sec. ___-285 with (continued)
(c) Gross income derived from the following activities shall be exempt from the taxes imposed by this Chapter for a moratorium period of (___) years, when such activities occur upon real property which, pursuant to State law, possesses appurtenant water rights which are based upon a history of agricultural irrigation, and such rights have been contractually or otherwise irrevocably committed to be surrendered, assigned or transferred to the City prior to the expiration of said moratorium period.
(1) construction contracting as provided by Sections ___-415 through ___-418.
(2) rental, leasing, or licensing for use of real property for any purpose other than for lodging or lodging space as provided by Section ___-445.
(d) The provisions of this Section shall be irrevocably vested in any real property that qualifies under this Section after the adoption of this Section as part of the City Code, or upon the adoption of any substantially similar ordinance previously adopted, whichever occurs earlier.