Subject to the exclusions, adjustments, exemptions and deductions herein provided, an annual tax of one percent on corporations and resident individuals and one-half percent on non-resident individuals for general revenue purposes and the purposes provided for in Sections 880.04 and 880.05 is hereby imposed as an excise on income earned and received on and after the effective date of this chapter. However, if the governing body of the City adopts a resolution to impose the tax at a lower rate, the tax is hereby imposed at that lower rate. If the tax is imposed at a lower rate, the rate on nonresident individuals shall not exceed one-half of the rate on corporations and resident individuals.
(Ord. 360. Passed 12-11-93.)