(Conditionally Rpld.)
A.The district shall levy a transaction privilege tax on business activity in the district that is subject to taxation under title 42, chapter 5. The tax shall be levied at up to a maximum rate of nine percent of the gross proceeds of sales or gross income derived from the business, including admission and user fees. The board may use its discretion in approving differing percentage rates for the tax imposed pursuant to this section that may vary by type of tangible personal property sold or by revenue source.
B.The board may not approve a tax rate that is less than nine percent for a theme park if all of the following apply:
1.The total amount of bonds sold for the theme park is less than $300,000,000.
2.The theme park is less than twenty acres.
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(Conditionally Rpld.)
A. The district shall levy a transaction privilege tax on business activity in the district that is subject to taxation under title 42, chapter 5. The tax shall be levied at up to a maximum rate of nine percent of the gross proceeds of sales or gross income derived from the business, including admission and user fees. The board may use its discretion in approving differing percentage rates for the tax imposed pursuant to this section that may vary by type of tangible personal property sold or by revenue source.
B. The board may not approve a tax rate that is less than nine percent for a theme park if all of the following apply:
1. The total amount of bonds sold for the theme park is less than $300,000,000.
2. The theme park is less than twenty acres.
3. The theme park contains less than one million square feet of buildings or other improvements.
C. The tax imposed pursuant to this section is in addition to transaction privilege and use taxes imposed by this state pursuant to title 42, chapter 5 and any county, city, town or other local transaction privilege tax.
D. Unless the context otherwise requires, section 42-6102 governs the administration of the tax imposed under this section.
E. Each month the state treasurer shall remit to the district the net revenues collected under this section during the preceding month. The district shall deposit the monies in the district's general fund.
F. The tax imposed pursuant to this section expires when all bonds, interest and other charges related to bonds issued under article 4 of this chapter have been paid. The district shall immediately notify the department of revenue when those expenses have been satisfied. Any amounts collected after payment of the bonds, interest and related charges, after audit by the auditor general, shall be retained or remitted by the state treasurer and credited to the state general fund.