How is the PIF Calculated

The PIF is comprised of two components that can be described as follows:

• Credit PIF. One component of the PIF corresponds to the 1.25% rate of the Town of Firestone's sales tax credit. For this reason, it is known as the Credit PIF. As discussed above, until the sales tax credit termination milestones are met, the Credit PIF applies to all taxable transactions occurring within Firestone City Centre where goods are received or delivered to a location inside the municipal boundaries of the Town of Firestone. The effective Town of Firestone sales tax rate on such taxable transactions is 0.75% rather than the 2.00% rate that otherwise would apply.

• Retail Sales Fee. The other component of the PIF is known as the Retail Sales Fee, or RSF, and also is sometimes called the Add-On PIF because it is not offset by the Town of Firestone's sales tax credit ordinance. Initially, it is imposed at the rate of 1.00% and applies to all taxable transactions occurring within Firestone City Centre where goods are received or delivered to a location outside or inside the municipal boundaries of the Town of Firestone.

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