|Gross Rec.||Tax Rate|
|$333,334–500,000||$0.30 per $1,000|
|$500,001–1,000,000||$150 + $0.25 per $1,000 over $500,000|
|>/=$1,000,001||$275 + $0.15 per $1,000 over $1,000,000|
Chart 1: COMPARISONS
The following chart shows actual business license tax revenue collected by Brentwood and three surrounding cities in 2001
Chart 2: EXISTING
BUSINESSES – RAMP UP
Existing businesses (licenses issued prior to June 1, 2002) shall pay only forty percent (40%) of the tax rate for the first year that this ordinance is in effect and only seventy percent (70%) of the tax rate for the second year that this ordinance is in effect.
Chart 3: PROPOSED
This chart shows proposed business license tax rates for a range of gross receipts and what tax businesses with these same gross receipts would pay in three neighboring cities. These business tax rates are for all gross receipt amounts between $50,000 and $5,000,000.
CHAMBER OF COMMERCE
Currently, 20% of the business license tax is earmarked for the Chamber of Commerce, with the City Council having no authorization over how the money is spent. With this projected increase in revenue, the City proposes that while these funds should continue to be used for economic development, the City Council should distribute these funds annually for the explicit purpose of business promotion and institutional advertisement for the City of Brentwood.