Ordinance 3304-12 - Laserfiche WebLink

9. Professional Employer Services. In computing the tax, a professional employer organization may deduct from the calculation of gross income the gross income of the business derived from performing professional employer services that is equal to the portion of the fee charged to a client that represents the actual cost of wages and salaries, benefits, workers' compensation, payroll taxes, withholding, or other assessments paid to or on behalf of a covered employee by the professional employer organization under a professional employer agreement. 10. Interest on Investments or Loans Secured by Mortgages or Deeds of Trust. In computing tax, to the extent permitted by Chapter 82.14A RCW, there may be deducted from the measure of tax by those engaged in banking, loan, security or other financial businesses, amounts derived from interest received on investments or loans primarily secured by first mortgages or trust deeds on non-transient residential properties. Section 5. Section 1, subsection 3.24.060, of Ordinance No. 2810-04 is hereby repealed. Section 6. Effective Date. This Ordinance shall take effect on January 1, 2013. Section 7. Referendum Provisions. To the extent RCW 35.21.706 is applicable, the citizens of the City of Everett are put on notice that this ordinance is subject to Article XI of the Charter of the City of Everett. Article XI entitles direct legislation and provides procedures which must be followed for exercising the power of initiative or referendum and shall be the special initiative procedure adopted in this chapter pursuant to RCW 35.21.706. Section 8. General Duty. It is expressly the purpose of this Ordinance to provide for and promote the health, safety, and welfare of the general public and not to create or otherwise establish or designate any particular class or group of persons who will or should be especially protected or benefited by the terms of this Ordinance. It is the specific intent of this Ordinance that no provision or any term used in this Ordinance is intended to impose any duty whatsoever upon the City or any of its officers or employees. Nothing contained in this Ordinance is intended nor shall be construed to create or form the basis of any liability on the part of the City, or its officers, employees, or agents, for any injury or damage resulting from any action or inaction on the part of the City related in any manner to the enforcement of this Ordinance by its officers, employees, or agents. Section 9. Severability. Should any section, subsection, paragraph, sentence, clause, phrase, or portion of this Ordinance or its application to any person or situation, be declared unconstitutional or invalid for any reason, such decision shall not affect the validity of the remaining portions of this Ordinance or Page 55 of 56