The income tax levied by the Municipality at a rate of 1.25 percent is levied on the Municipal Taxable Income of every person residing in and/or earning and/or receiving income in the Municipality.
Individuals.
(A) For residents of the Municipality, the income tax levied herein shall be on all income, salaries, qualifying wages, commissions, and other compensation from whatever source earned or received by the resident, including the resident's distributive share of the net profit of pass-through entities owned directly or indirectly by the resident and any net profit of the resident. This is further detailed in the definition of income as defined in Section 162.03(14).
(B) For nonresidents, all income, salaries, qualifying wages, commissions, and other compensation from whatever source earned or received by the nonresident for work done, services performed or rendered, or activities conducted in the municipal corporation, including any net profit of the nonresident, but excluding the nonresident's distributive share of the net profit or loss of only pass-through entities owned directly or indirectly by the nonresident.
(Ord. 203-23. Passed 12-11-23.)