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Page4 NO. <br /> 1 The rate of the tax upon the gross income of the public <br /> 2 utility shall be four per cent, provided that if: <br /> 3 (1) A county provides by ordinance for a real <br /> 1 property tax exemption for real property used <br /> 5 by a public utility in its public utility <br /> 6 business and owned by the public utility (or <br /> 7 leased to it by a lease under which the <br /> 8 public utility is required to pay the taxes <br /> 9 upon the property), and <br /> <br /> 10 (2) the county has not denied the exemption to <br /> <br /> it the public utility, but excluding a denial <br /> <br /> 12 based upon a dispute as to the ownership, <br /> 13 lease, or use of a specific parcel of real <br /> 14 property, <br /> 15 then there shall be levied and assessed a tax in excess of the <br /> 16 four per cent rate determined in the manner hereinafter provided <br /> 17 upon the gross income allocable to such county. The revenues <br /> 18 generated from the tax in excess of the four per cent rate <br /> 19 hereinbefore established shall be paid by the public utility <br /> 20 directly to such county based upon the proportion of gross <br /> 21 income from its public utility business attributable to such <br /> 22 county, based upon the allocation made in the public utility's <br /> TAX-14(01) <br /> U4ANNONO 339114 1 <br /> <br />