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October 20, 2008 (Regular Meeting) Page 1007 return does not separately state gross receipts for the most recently completed tax year. Taxes collected hereunder are not subject to the tax herein imposed and are not included in gross receipts. (e) "Heavy Equipment" shall mean earthmoving, construction, or industrial equipment that is mobile, weighs at least 1,500 pounds, and is either: (i) A self-propelled vehicle that is not designed to be driven on a highway; or (ii) Industrial lift equipment, industrial material handling equipment, industrial electrical generation equipment, or a similar piece of industrial equipment. The term includes anattachment for heavy equipment, regardless of the weight of the attachment. [G.S. §153A-156.1(a)(1j] (f) "Lease or Rental" shall mean a transfer of possession or control of tangible personal property for a fixed or indeterminate term for consideration. The term does not include any of the following: (i) A transfer of possession or control of property under a security agreement or. deferred payment plan that requires the transfer of title upon completion of the required payments. (ii) A transfer of possession or control of property under an agreement that requires the transfer of title upon completion of required payments and payment of an option price that does not exceed the greater of one hundred dollars ($100.00) or one percent (1$) of the total required payments. (iii) The providing of tangible property along with an operator for a fixed or indeterminate period of time if the operator is necessary for the equipment to perform as designed. Eor the purpose of this subparagraph, an operator must do more than maintain, inspect, or set up the tangible personal property. [G.S. §105-164.3(17)] (g) "Long-term lease or rental" shall mean a lease or rental made under a written agreement to lease or rent property to the same person for a period of at least three hundred sixty-five (365) continuous days. [G.S. §105-187.1(3)] (h) "Person" shall mean any individual, trustee, executor, other fiduciary, corporation, unincorporated association, partnership, sole proprietorship, company, firm, or other legal entity. (i) "Short-term lease or rental" shall mean any lease or rental that is not a long-term lease or rental. [G.S. §153A-156.1(a)(2) and G.S. § 105- 187.1(7)] (j) "Taxpayer" means any person liable for the taxes imposed by this Resolution. Section 2. Levy of Tax. A tax is hereby imposed and levied in an amount equal to one and two-tenths percent (1.2$) of the gross receipts derived from the short-term lease or rental of heavy equipment at retail. This tax on gross receipts is in addition to the privilege taxes authorized by G.S. §153A-152. [G.S. § 153A-156.1(b)] Section 3. Collection of the Tax. Every person whose principal business is the short-term lease or rental of heavy equipment at retail shall collect at the time of the lease or rental, or at the time of the payment of the consideration therefore, the tax herein levied. A person is not considered to be in the short-term lease or rental business if the majority of the person's lease and rental gross receipts are derived from leases and rentals to a person who is a related person as defined under G.S. § 105- 163.010. The tax so collected shall be placed in a segregated account as the property of the County, and thereafter remitted to the Finance Officer in accordance with the provisions of this Resolution. The taxpayer shall include a provision in each retail short-term lease or rental agreement, or other documentation evidencing the transaction, stating that the percentage amount enacted by this Resolution of the total lease or rental price,