(A) A tax, for general revenue purposes, of 0.5% is hereby imposed on:
(1) Earned income received during any calendar year this tax is in effect by individual residents of the borough; and
(2) Net profits earned or received during the calendar year by the residents of the borough.
(B) (1) The tax levied under this subchapter shall be applicable to earned income received and to net profits earned in the period beginning January 1 of the current year, and ending December 31 of the current year, or for taxpayer fiscal years beginning in the current year, and the tax shall continue in force on a calendar year or taxpayer fiscal year basis, without annual reenactment, unless the rate of the tax is subsequently changed.
(2) Changes in rate shall become effective on the date specified in the ordinance.
(Prior Code, Ch. 24, § 303) (Ord. 168, passed 11-3-1969, § 3)