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AN ORDINANCE TO AMEND SECTION 13-8 OF THE CODE OF ORDINANCES BY PROVIDING FOR THE REMOVAL OF THE MAXIMUM AMOUNT OF THE ANNUAL LICENSE FEE AND OCCUPATION TAX AND DECLARING AN EMERGENCY
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BE IT ORDAINED by the City Council of the City of Jonesboro, Arkansas:
Section 1: That Section 13-8 of the Code of Ordinances of the City of Jonesboro is hereby amended and shall hereafter read as follows:
“Section 13-8: All businesses, merchants or traders, either wholesale or retail, where merchandise is sold, unless otherwise herein provided for, shall pay an annual license fee and occupation tax of five-tenths of one percent of the average stock of merchandise carried on hand, where the total stock carried on hand is $20,000 or less; for all merchandise carried on hand in excess of $20,000 but less than $30,000, the said tax shall be four-tenths of one percent for such excess; and for all merchandise carried in excess of $30,000 the said tax shall be two-tenths of one percent on all stock carried on hand in excess of $30,000 provided that the annual license fee and occupation tax of any such business shall not be less than $15,00.”
Section 2: All businesses, merchants or traders as set out herein are required to submit to the City Collector an inventory of stock of merchandise as delineated in an audit (such as used for reporting Federal Income Tax) or certified to by a licensed certified public accountant.
Section 3: It is found and declared by the City Council that the maximum limit on the occupation tax of $300 is unrealistic and inequitable and that the merchant should be required to submit proof of the amount of inventory he maintains, and an emergency is hereby declared to exist and this ordinance shall take effect from and after its passage and approval.
PASSED and ADOPTED this 10th day of November, 1969.