(a) The tax shall be levied, collected and paid with respect to the income, salaries, wages, commissions, rents and other compensation earned and/or received on and after July 1, 1971, and with respect to the net profits of business, professions or other activities earned and/or received on and after July 1, 1971. Provided, however, that where the fiscal year of the business, profession or other activity differs from the calendar year the tax shall be applied to that part of the net profits for the fiscal year as shall be earned on and after July 1, 1971, to close of the taxpayer's fiscal year. Thereafter, the taxpayer shall report on its fiscal year basis.
(Ord. C27-05. Passed 4-4-05.)
(b) Where the fiscal year of a business, profession or other activity is other than a calendar year, in computing initial tax, the profits of such taxpayer shall be determined by dividing the annual profits by twelve and multiplying the quotient by the number of months within the period commencing July 1, 1971, and ending at the conclusion of the fiscal year.
(Ord. C7-71. Passed 3-1-71.)