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The rate of the tax imposed by Section 3.48.010 of this chapter shall be four percent (4%) of the taxable rent (as defined by RCW 82.29A.020); provided, that the following credits shall be allowed in determining the tax payable:

A. With respect to a leasehold interest arising out of any lease or agreement, the terms of which were binding on the lessee prior to January 1, 1986, where such lease or agreement has not been renegotiated, as defined by RCW 82.29A.010, shall be calculated and paid as provided in RCW 82.29A.010.

B. With respect to a produce lease, as defined by RCW 82.29A.020, a credit of thirty-three percent (33%) of the tax produced by the rate imposed in this section.