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C. Credit losses of accrual basis taxpayers. In computing tax, there may be <br />deducted from the measure of tax the amount of credit losses actually sustained <br />by taxpayers whose regular books of account are kept upon an accrual basis. <br />D. Constitutional prohibitions. In computing tax, there may be deducted from the <br />measure of the tax amounts derived from business which the City is prohibited <br />from taxing under the Constitution of the State of Washington or the Constitution <br />of the United States. <br />E. Receipts From the Sale of Tangible Personal Property and Retail Services <br />Delivered Outside the City but Within Washington. Effective January 1, <br />2008, amounts included in the gross receipts reported on the tax return derived <br />from the sale of tangible personal property delivered to the buyer or the buyer's <br />representative outside the City but within the State of Washington may be <br />deducted from the measure of tax under the retailing, retail services, or <br />wholesaling classification. <br />F. Professional employer services. In computing the tax, a professional <br />employer organization may deduct from the calculation of gross income the gross <br />income of the business derived from performing professional employer services <br />that is equal to the portion of the fee charged to a client that represents the actual <br />cost of wages and salaries, benefits, workers' compensation, payroll taxes, <br />withholding, or other assessments paid to or on behalf of a covered employee by <br />the professional employer organization under a professional employer <br />agreement. <br />G. Interest on investments or loans secured by mortgages or deeds of trust. In <br />computing tax, to the extent permitted by Chapter 82.14A RCW, there may be <br />deducted from the measure of tax by those engaged in banking, loan, security or <br />other financial businesses, amounts derived from interest received on <br />investments or loans primarily secured by first mortgages or trust deeds on non - <br />transient residential properties. <br />.110 Application to City's business activities. Any department, division, employee <br />association, or other subsection of the City that engages in any business activity which <br />if engaged in by any person would under this chapter require a business license and the <br />payment of any tax or fee shall make application, file returns, and pay any taxes or fees <br />imposed by this chapter. <br />.120 Tax part of overhead. <br />It is not the intention of this chapter that the taxes or fees herein levied upon persons <br />engaging in business be construed as taxes or fees upon the purchasers or customer, <br />but that such taxes or fees shall be levied upon, and collectible from, the person <br />engaging in the business activities herein designated and that such taxes or fees shall <br />constitute a part of the cost of doing business of such persons. <br />.130 Severability Clause. <br />If any provision of this chapter or its application to any person or circumstance is held <br />invalid, the remainder of the chapter or the application of the provision to other persons <br />or circumstances shall not be affected. <br />30 Draft B&O Ordinance Page 22 of 23 <br />