During Tuesday night's meeting, the Paducah Board of Commissioners approved an ordinance amending the city's Code of Ordinances regarding taxation and the gross receipts threshold.

At its previous meeting, Interim Finance Director Audra Kyle explained that the ordinance establishing a gross receipts threshold of $3.5 million was approved in 1986.

Once a business reached $3.5 million in gross receipts the excess would be subject to a rate of 0.00005. This new ordinance provides an increase to the threshold over a five-year period to restore equity to the business license tax system and account for inflation.

Beginning January 1st, the threshold increases to $5.13 million and by year five the threshold will be $11.65 million. Beginning in year six, further adjustments will occur annually

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