V
*This information is for Model City Tax Code purposes only
Local Option V
Impose a two-level tax structure on sales/purchases of "big-ticket" items. Replace Sec. ___-460(d) with:
(d) Notwithstanding the provisions of subsection (a) above, when the gross income from the sale of a single item of tangible personal property exceeds __________ dollars ($__________), the __________ percent (____%) tax rate shall apply to the first $__________. Above $__________, the measure of tax shall be at a rate of ___ percent (____%).
[Local Option #V (continued)]. ONLY IF YOU HAVE NOT CHOSEN MODEL OPTION #15, replace Sec. ___-610(e) with:
(e) Notwithstanding the provisions of subsection (a) above, when the amount subject to the tax for any single item of tangible personal property exceeds __________ dollars ($__________), the _______ percent (____%) tax rate shall apply to the first $__________. Above $__________, the measure of tax shall be at a rate of_______ percent (____%).
