Limited Exemption for Certain Small Businesses

Notwithstanding any other provision of law, the taxes levied under this Article in excess of those generated from three percent (3%) of the gross proceeds of business privilege tax referenced in § 26202 shall not apply to the first Five Hundred Thousand Dollars ($500,000) earned or received per taxable year by any person from real property rentals, rental others, profession, retailing, service income, commission income, licensed insurance premium, and/or farming, whose gross annual income is in excess of Fifty Thousand Dollars ($50,000) but not more than Five Hundred Thousand Dollars ($500,000) during the most recent tax year; provided, however, that such person(s) shall be fully subject to three percent (3%) of the gross proceeds of business privilege tax referenced in § 26202, subject to the existing requirements and CH. 26 BUSINESS PRIVILEGE TAX LAW exemptions referenced elsewhere in this Article. The exemption set forth in this Section shall apply annually, commencing on the first day of the month of the new tax year, based on the gross annual income of a person during the most recent year, and shall end on the last day of the last month of the same tax year.