The Municipality shall not levy a tax on income and/or earnings at a rate in excess of one percent (1%) without first obtaining the approval of a majority of the electors of the Municipality, voting on the question at a general election. Further, taxpayers who reside in Mason and who pay a municipal income and/or earnings tax to another municipality shall receive a credit for any income and/or earnings tax owed by the taxpayer to Mason as set forth in this Section. The credit Mason residents shall receive on any income and/or earnings tax otherwise owed to Mason shall be equal to fifty percent (50%) of the income and/or earnings taxes paid and owed to another municipality for the tax year 2006, sixty-five percent (65%) of the income and/or earnings taxes paid and owed to another municipality for tax year 2007, eighty percent (80%) of the income and/or earnings taxes paid and owed to another municipality for the tax year 2008, ninety percent (90%) of the income and/or earnings taxes paid and owed to another municipality for the tax year 2009 and 100% of the income and/or earnings taxes paid and owed to another municipality for the tax year 2010 and all subsequent years. Furthermore, the foregoing income tax credit rates shall not be changed without first obtaining the approval of the change by a majority of the electors of the Municipality at a general election.
(Amended; Approved by electors November 6, 2007)