A. An excise tax is hereby imposed on the storage, use, or other consumption in this municipality of tangible personal property from any retailer on or after the operative date of the ordinance codified in this chapter for storage, use or other consumption in the municipality at the rate of one percent of the sales price of the property.

B. Except as hereinafter provided, and except insofar as they are inconsistent with the provisions of the Uniform Local Sales and Use Tax Law of Utah, all of the provisions of Title 59, Chapter 12, Utah Code Annotated 1953, as amended and in force and effect on the effective date of the ordinance codified in this chapter, applicable to use taxes, excepting the provisions of Sections 59-12-101 and 59-12-119 thereof, and excepting for the amount of the tax levied therein, are hereby adopted and made a part of this section as though fully set forth herein.

C. Wherever and to the extent that in Title 59, Chapter 12, Utah Code Annotated 1953, the state of Utah is named or referred to as the “taxing agency,” the name of this municipality shall be substituted therefor. Nothing in this subsection shall be deemed to require the substitution of the name of this municipality for the word “State” when that word is used as part of the name of the municipality in any section when the results of that substitution would require action to be taken by or against the municipality or any agency thereof, rather than by or against the State Tax Commission in performing the functions incident to the administration or operation of this chapter.

D. There shall be exempt from the tax due under this section: