A. In the event of a tax rate change,
the rate imposed on gross income from construction contracting shall be computed based upon the
rate in effect when the contract was executed, subject to the "enactment date" as
defined in this section. Gross income from a contract executed prior to the enactment date
shall not be subject to the tax rate change, provided the contract contains no provision that
entitles the construction contractor to recover the amount of the tax.
B. In the event of a rate increase, in
order to qualify for the lower rate, the construction contractor shall, upon request,
provide sufficient documentation, in a manner and form prescribed by the tax collector, to
verify that a contract was entered into before the enactment date.
C. For purposes of this section,
"enactment date" shall be:
(1) in the event an election is
held, the date of election.
(2) in the event no election is
held, the date of final adoption by the mayor and council.
(3) notwithstanding the above,
nothing in this section shall be construed to prevent the city from establishing a
later enactment date.
