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74 3 9 • <br /> ORDINANCE NO. 3 %Z, — 7 Co <br /> AN ORDINANCE imposing a leasehold excise tax on <br /> the act or privilegeof occupying or using <br /> publicly owned real or personal property <br /> through a leasehold interest and declaring <br /> 1 an emergency to exist. <br /> 2 <br /> 3 THE CITY OF EVERETT DOES ORDAIN: <br /> 4 Section 1: There is hereby levied and shall be collected a leasehold excise <br /> 5 tax on and after January 1, 1976, upon the act or privilege of occupying or using <br /> 6 publicly owned real or personal property within the City of Everett through a <br /> 7 <br /> "leasehold interest" as defined by Section 2, Chapter 61 , Laws of 1975-76, Second <br /> 8 <br /> Extraordinary Session (hereafter "the state act") . The tax shall be paid, collected, <br /> 9 <br /> and remitted to the Department of Revenue of the State of Washington at the time <br /> 10 <br /> 11 and in the manner prescribed by Section 5 of the state act. <br /> 12 Section 2: The rate of the tax imposed by Section 1 shall be f ur (4%) per- <br /> 13 cent of the taxable rent (as defined by Section 2 of the state act): `PROVIDED, <br /> 14 That the following credits shall be allowed in determining the tax payable: <br /> 15 1. With respect to a leasehold interest arising out of any lease <br /> 16 or agreement, the terms of which were binding on-the <br /> leasee prior to July 1, 1970, where such lease or agreement <br /> 17 has not been renegotiated (as defined by Section 2 of the <br /> state act) since that date, and excluding from such credit <br /> 18 (a) any leasehold interest arising out of any lease of property <br /> covered by the provisions of RCW 28B20-394 and (b) any <br /> 19 lease or agreement including options to renew which extends <br /> 20 beyond January 1, 1985, as follows: <br /> 21 With respect to taxes due in calendar year 1976, a credit <br /> equal to eighty percent of the tax produced by the above rate. <br /> 22 <br /> With respect to taxes due in calendar year 1977, a credit <br /> 23 equal to sixth percent of the tax produced by the above rate. <br /> 24 With respect to taxes due in calendar year 1978, a credit <br /> 25 equal to forty percent of the tax produced by the above rate. <br /> 26 With respect to taxes due in calendar year 1979, a credit <br /> equal to twenty percent of the tax produced by the above rate. <br /> 27 <br /> 2. With respect to a product lease (as defined by Section 2 of <br /> 28 the state act) , a credit of thirty-three percent of the tax pro- <br /> duced by the above rate. <br /> 29 <br /> 30 Section 3: The administration and collection of the tax imposed by this <br /> 31 ordinance shall be in accordance with the provisions of the state act. <br /> 32 <br />