AGENDA #4e
TO: Mayor and Town Council
FROM: W. Calvin Horton, Town Manager
SUBJECT: Technical Correction to Privilege License Ordinance
DATE: Jun 26, 2006
The attached Ordinance would make a technical correction to the Town Code.
BACKGROUND AND DISCUSSION
On September 12, 2005, the Council amended the rate schedule for privilege licenses based on gross receipts to establish the rates shown below. (See Attachment 1.)
|
Gross Receipts |
|
Tax |
|
$0 to $25,000 |
$ |
25 |
|
$25,000.01 to $50,000 |
$ |
50 |
|
$50,000.01 to $75,000 |
$ |
75 |
|
$75,000.01 to $100,000 |
$ |
100 |
|
$100,000.01 to $300,000 |
$ |
250 |
|
$300,000.01 to $500,000 |
$ |
500 |
|
>$500,000 |
$ |
750 |
Chapter 10, sections 185, 193, 194 and 195, detail the privilege license gross receipts schedule at the rates in effect prior to July 1, 2005, as shown below.
|
Gross Receipts |
|
Tax |
|
$0 to $50,000 |
$ |
25 |
|
$50,000.01 to $100,000 |
$ |
50 |
|
>$100,000 |
$ |
50 |
These sections need to be revised to reflect the gross receipts schedule adopted at the September 12, 2005 meeting.
RECOMMENDATION
That the Council adopt the proposed technical correction.
ATTACHMENT
1. Memorandum of September 12, 2005 (p. 5).