To provide for the purposes of general Village operations, maintenance, new equipment and capital improvements of the Village, there is hereby levied a tax at the rate of 1% per annum until January 1, 2001, at which time the rate will be 2%, upon the following:
(A) On all salaries, wages, commissions and other compensation earned by residents of the Village.
(B) On all salaries, wages, commissions and other compensation earned by nonresidents of the Village for work done or services performed or rendered in the Village.
(C) Net profits.
(1) On the net profits earned of all unincorporated businesses, professions, or other activities conducted by residents of the Village.
(2) On the net profits earned of all unincorporated businesses, professions, or other activities conducted in the Village by nonresidents.
(3) For the purposes of divisions (C)(1) and (2) of this section, an association shall be taxed as an entity, on the net profits of the association derived from work done or services performed or rendered and business or other activities conducted in the Village, whether or not such association has its principal or any place of business located in the Village, effective for all accounting periods commencing on or after January 1, 1991.
(4) For the purposes of paragraph (C)(1) above, a resident of the Village who is a member of an association is taxed individually on that resident's entire share, whether distributed or not, of the annual net profits of the association which are not subject to entity filing under division (C)(3) above, effective for all accounting periods commencing on or after January 1, 1991.
(D) On the net profits of all corporations, estates, and trusts, derived from work done or service performed or rendered and business or other activities conducted in the Village, whether or not such corporations, estates, and trusts have their principal or any place of business located in the Village.
(E) The tax upon all of the income specified in paragraphs (A), (B), (C), and (D) hereof shall remain in effect for the purpose of filing returns and collection of the tax at the rate of 1% with regard to all income earned prior to January 1, 2001 and at the rate of 2% with regard to all income earned after January 1, 2001.