(1) A tax is hereby imposed on the value of such property as was subject to tax by the City and County of Philadelphia pursuant to the Act of June 17, 1913, P.L. 507, No. 335, as amended through and including calendar year 1996; provided, however, that, notwithstanding anything to the contrary in such Act:

(a) The fact that a loan is made taxable for State purposes by Section 17 of the Act of June 22, 1935, P.L. 414, as reenacted and amended, shall not relieve the holder of such loan from the tax imposed by this ordinance.

(b) The fact that a company is liable to a tax on its shares or a gross premiums tax, or liable to or relieved from the capital stock or franchise tax for State purposes under the laws of this Commonwealth, shall not relieve the holder of shares of stock in such company from the tax imposed by this ordinance.

(c) With respect to property representing an interest in a trade or business, such property shall not be subject to tax where the holder of such property materially participates in that trade or business. A holder shall be treated as materially participating in a trade or business only if the holder's involvement in the operations of the trade or business is regular, continuous, and substantial.