3.20.020 Rate:
The rate of the tax imposed by Section 3.24.010 of this chapter shall be four percent (4%) of the taxable rent (as defined by RCW 82.29A.020); provided, that the following credits shall be allowed in determining the tax payable:
A. With respect to a leasehold interest arising out of any lease or agreement, the terms of which were binding on the lessee prior to July 1, 1970, where such lease or agreement has not been renegotiated (as defined by RCW 82.29A.010) since that date, and excluding from such credit any leasehold interest arising out of any lease of property covered by the provisions of RCW 28B.20.394 and any lease or agreement including options to renew which extend beyond January 1, 1985, as follows:
1. With respect to taxes due in calendar year 1976, a credit equal to eighty percent (80%) of the tax produced by the rate imposed in this section;
2. With respect to taxes due in calendar year 1977, a credit equal to sixty percent (60%) of the tax produced by the rate imposed in this section;
3. With respect to taxes due in calendar year 1978, a credit equal to forty percent (40%) of the tax produced by the rate imposed in this section;
4. With respect to taxes due in calendar year 1979, a credit equal to twenty percent (20%) of the tax produced by the rate imposed in this section.
B. With respect to a produce lease (as defined by RCW 82.29A.020), a credit of thirty-three percent (33%) of the tax produced by the rate imposed in this section. (Ord. 761, 1976)