Section 16184 - Imposition and rate of tax(a)Imposition on businesses generally.--Notwithstanding a contrary provision of law of the Commonwealth, including, but not limited to, the act of March 4, 1971 (P.L. 6, No. 2), known as the Tax Reform Code of 1971, and, unless otherwise exempted or excluded from the payment of tax by an ordinance of the city council of a city of the first class taking advantage of this authorization to tax, every person engaging in any business in a city of the first class, beginning with the tax year 1985, and annually thereafter, shall pay an annual tax at the rate or rates specified by the city council of the city of the first class. The rate or rates determined for regulated industries shall be based upon taxable receipts: Provided, That the amount payable shall not exceed a percent of net income established by the city council: And provided further, That any rates of tax set by the city council for regulated industries based on receipts or net income shall be set at the same millage or net income rates set for other businesses. All other businesses other than regulated industries shall pay at rates determined by city council which shall be applicable to taxable receipts, net income or any combination of the two: Provided, That, if a city of the first class imposing the tax as provided in this act already imposes or hereafter imposes a tax based on or measured by net profit or gain, after provision for all allowable costs and expenses incurred and as either paid or accrued in accordance with the accounting system used, without deduction of taxes based on income, from the operation of a business, profession or enterprise carried on by any individual, copartnership, fiduciary or association, as owner or proprietor, either individually or in association with some other individual, copartnership, fiduciary or association, a credit in an amount of 60% of the tax liability based upon net income under this act shall be granted to and applied against the tax based on net profit or gain as provided therein except that the city council of the city of the first class may provide for a credit in excess of the 60% provided herein: And provided further, That the tax authorized by this act and imposed by a city of the first class on persons registered under the act of December 5, 1972 (P.L. 1280, No. 284), known as the Pennsylvania Securities Act of 1972, shall in no event be less than the sum of 4.6 mills on the person's taxable receipts determined in accordance with this authorization without regard to the exclusion from receipts as defined in paragraph (8) of the definition of "receipts" in section 2 plus the lesser of:(1) 2.3 mills on the person's taxable receipts determined in accordance with this authorization without regard to the exclusion from receipts as defined in paragraph (8) of the definition of "receipts" in section 2; or(2) 2.3% of the person's net income determined in accordance with this authorization without regard to the deduction as defined in paragraph (1)(i)(E) of the definition of "net income" in section 2.(b)Optional calculation of portion of tax for manufacturers.--Alternatively, a manufacturer, other than a regulated industry, subject to the tax on receipts, shall, at his option, be permitted to compute the tax on receipts on manufacturing sales, at the rate established by the council of the said city of the first class, on receipts from manufacturing sales after deducting cost of goods sold as determined under the rules prescribed by the Federal Internal Revenue Code.(c)Optional calculation of portion of tax for wholesalers.--Alternatively, a wholesaler, other than a regulated industry, subject to the tax on receipts, shall, at his option, be permitted to compute the tax on receipts on wholesale sales, at the rate established by the council of said city of the first class, on receipts from wholesale sales after deducting the applicable cost of goods and the applicable cost of labor.(d)Optional calculation of portion of tax for retailers.--Alternatively, a retailer, other than a regulated industry, subject to the tax on receipts, shall, at his option, be permitted to compute the tax on receipts on retail sales, at the rate established by the council of a city of the first class, on receipts from retail sales after deducting the applicable cost of goods and the applicable cost of labor. 1984, May 30, P.L. 345, No. 69, § 4, imd. effective.