Stock options which do have a readily ascertainable fair market value on the date the stock option is granted shall be considered as compensation in the amount of such value and received on such date. If an employee is offered the choice of receiving compensation in cash or compensation in stock options, and chooses stock options, then such stock options shall be deemed to have a readily ascertainable fair market value equal to the amount of cash that was offered. Any amount that would otherwise be considered as compensation arising from the exercise, exchange, sale or disposition of stock options, whether or not they had a readily 1 ascertainable fair market value when granted, shall not be taxable under this Chapter.
Italics indicate matter added.
This is a true and correct copy of the original Bill, Passed by the City Council on June 22, 2000. The Bill was signed by the Mayor on September 14, 2000.