(a) The initial one percent (1%) tax provided for in Section 181.02 of the Codified Ordinances shall be levied, collected and paid with respect to salaries, wages, commissions and other compensation earned on and after January 1, 1974, and with respect to the net profit of businesses, professions and other activities earned on and after January 1, 1974. 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 profit for the fiscal year as shall be earned on and after January 1, 1974, to the close of the taxpayer's fiscal year; thereafter, the taxpayer shall report on its fiscal year basis.
(b) The additional fifty hundredths of one percent (.50%) tax provided for in Section 181.02 of the Codified Ordinances shall be levied, collected and paid with respect to salaries, wages, commissions and other compensation earned on and after January 1, 2011 and through the period ending December 31, 2026 only, and with respect to the net profit of businesses, professions and other activities earned on and after January 1, 2011 and through the period ending December 31, 2026 only; 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 profit for the fiscal year as shall be earned on and after January 1, 2011, to the close of the taxpayer's fiscal year; thereafter, the taxpayer shall report on its fiscal year basis through the period ending December 31, 2026. Recognizing that this additional income tax requires approval from the electorate, it is the intention of Council that this additional income tax shall remain in effect only through December 31, 2026, and that any extension of its effective date beyond December 31, 2026 shall require an additional, future approval by the electorate.
(Ord. 2022-14. Passed 5-9-22.)