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(a) Every individual taxpayer who resides in this Municipality who receives net profits, salaries, wages, commissions or other personal service compensation for work done or services performed or rendered outside of this Municipality, if it is made to appear that he or she has paid income tax on the same income taxable under this chapter to another municipality, such taxpayer shall be allowed a credit against the tax imposed by this chapter of the amount so paid, or paid on behalf of the taxpayer, to such other municipality as follows:
(1) Commencing July 1, 2009 and continuing for a period of twenty-five years, up to and including June 30, 2034, the credit shall be equal to the tax rate imposed by Section 880.03 reduced by 0.5 percent. The revenues generated by the City from 0.5 percent tax credit reduction provided in this paragraph shall be used by the City exclusively for the purposes of paying costs of acquiring, constructing, reconstructing, rehabilitating, renovating, installing, enlarging or otherwise improving water and sewer improvements in the City, including, without limitation, water and/or sewer lines, water and/or sewage pump stations, storage tanks, manholes, hydrants, and any other facility, improvement or appurtenance related to the water and sewer improvements, and includes costs associated with planning for and engineering water and sewer improvements, as well as related financing costs.
(2) On and after July 1, 2034, the credit provided by this section shall be equal to 100 percent of the tax rate imposed by Section 880.03.
(b) The credit established by this section for taxpayers who are residents of this Municipality shall apply equally to income tax collected from such residents for a Joint Economic Development District or Zone, where the income tax has been paid for any period on and after January 1, 1995.
(c) A claim for refund or credit under this section shall be made in such manner as the Administrator may by regulation provide.
(Ord. 63-1997. Passed 7-14-97; Ord. 20-2004. Passed 3-8-04; Ord. 61-2004. Passed 5-24-04; Ord. 98-2004. Passed 8-16-04; Ord. 48-2009. Passed 5-11-09.)