237. The local municipality may provide for the granting of a business tax credit, in accordance with the second and third paragraphs, to the occupants of certain business establishments of lesser rental value. It must, in such a case, fix the coefficient referred to in the second paragraph, which shall not exceed 2, and the reference rate referred to in the third paragraph, which shall be lesser than the rate of the tax.
The amount of the credit in respect of a business establishment is the product obtained by multiplying the difference established in accordance with the third paragraph by the coefficient.
That difference is established by subtracting, from the amount referred to in subparagraph 1, the amount referred to in subparagraph 2: (1) the amount from which the amount referred to in subparagraph 2 is subtracted is the lesser of
(a) the quotient obtained by dividing, by the factor established for the roll pursuant to section 264, the product obtained by multiplying $10,000 by the reference rate; and
(b) the product obtained by multiplying the value of the business establishment, entered on the roll of rental values, by the difference obtained by subtracting, from the rate of the tax, two thirds of the reference rate;
(2) the amount subtracted from the amount referred to in subparagraph 1 is the product obtained by multiplying, by one third of the reference rate, the value of the business establishment entered on the roll of rental values.
1979, c. 72, s. 237; 1983, c. 57, s. 120; 1991, c. 32, s. 119; 1998, c. 43, s. 5; 1999, c. 40, s. 133.