For the year beginning January 1, 1974, and
ending December 31, 1974, and each and every year thereafter beginning
January 1 of each such year and ending with December 31 following,
until otherwise changed, there are hereby imposed and levied and there
shall be collected for each of said years, until otherwise changed,
the annual license taxes hereinafter set forth in this chapter, except
as otherwise provided in this chapter, on persons conducting or engaged
in the businesses in the county hereinafter set forth in this chapter,
which such license taxes shall be for the purpose of providing funds
for the operations of the county government and the payment of the
county debt, and the county merchant's license tax imposed hereunder
shall be in lieu of a county property tax on the capital of merchants.
For the purpose of ascertaining the tax to be
paid by any person beginning a new business and whose license tax
shall be based on gross receipts, the licensee shall estimate the
basis for measuring the license tax between the date of issuance of
the license and the 31st day of December following.
The license tax of every person who was licensed
for a definite place of business for only a part of the next preceding
license year shall be computed for the then current license year on
the basis of an estimate of the amount of gross receipts which the
licensee will make throughout the then current year.
Every underestimate under either §
117-24 or
117-25 shall be subject to correction by the Commissioner of Revenue, and every person obtaining a license under such sections shall, within a period of 30 days from the commencement of the succeeding license tax year, furnish the Commissioner of Revenue with the true amount of gross receipts for that part of the preceding year during which such person operated and thereupon pay to the Treasurer any additional amount of license tax due. Until such payment is made there shall not be issued to such person any license permitting such person to carry on any business in the county. Whenever the Commissioner of Revenue shall ascertain that any person should be assessed with other or any additional license tax pursuant to the provisions of this chapter, it shall be the duty of the Commissioner of Revenue to assess such person with such additional license tax as may be reported to be due.
In computing license taxes on merchants under
this chapter, an allowance for freight and other deductible items
shall be made in all cases where state law provides that the same
shall be allowed in computing state license taxes on merchants and
others, and such allowance shall be on the same basis as that provided
by state law for such state license taxes.