<br><br>91.260 Ad valorem taxes -- Taxes based on income, licenses and franchises -- <br>Exemption of manufacturing establishments. <br>(1) Each city of the first class shall raise a revenue from ad valorem taxes and from <br>taxes based on income, licenses and franchises. The board of aldermen may each <br>year, by ordinance, levy an ad valorem tax on all real and personal property subject <br>to taxation for city purposes, at a rate within the limits prescribed in the <br>Constitution, and may provide for taxation, for city purposes, on personal property <br>based on income, licenses or franchises in lieu of an ad valorem tax thereon, but <br>may not omit the imposition of an ad valorem tax on the taxable personal property <br>of any steam, railroad, street railway, ferry, bridge, gas, water, heating, telephone, <br>telegraph, electric light or electric power company, and may not levy or collect an <br>income tax. <br>(2) The board of aldermen shall provide for the collection of all taxes imposed under <br>this section. <br>(3) The board of aldermen may by ordinance exempt manufacturing establishments <br>from city taxation for a period not exceeding five (5) years, as an inducement to <br>their location within the city limits. <br>Effective: October 1, 1942 <br>History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. <br>Stat. secs. 2980, 2980a. <br><br>