(A) To provide funds for the purposes of general municipal operations, maintenance, new equipment, extension and enlargement of municipal services and facilities and capital improvements, and retirement of certain debt, the Municipality of Norwood hereby levies an annual municipal income tax on income, qualifying wages, commissions and other compensation, and on net profits as hereinafter provided.
(B) The annual tax is levied at a rate of two percent (2.0%). The tax is levied at a uniform rate on all persons residing in or earning or receiving income in the Municipality of Norwood. The tax is levied on income, qualifying wages, commissions and other compensation, and on net profits as hereinafter provided in Section 182.03 of this Chapter and other sections as they may apply. The funds collected under the provisions of this chapter shall first be disbursed as necessary to defray all costs of collecting taxes and the cost of administering and enforcing the provisions thereof. All of the remainder of the net available income tax receipts received annually shall be used for general Municipality of Norwood operations and for capital improvement less any amount thereof, as is required to maintain sufficient money in the Bond Retirement Fund to retire general bonded indebtedness outside the ten (10) mil limitation for the current year, to the Bond Retirement Fund.
(C) The tax on income and the withholding tax established by this Chapter 182 are authorized by Article XVIII, Section 3 of the Ohio Constitution. The tax is levied in accordance with, and is intended to be consistent with, the provisions and limitations of Ohio Revised Code 718 (ORC 718). This Chapter is effective for tax years beginning on and after January 1, 2016. Municipal tax years beginning on or before December 31, 2015, are subject to the income tax ordinance and amendments thereto, and rules and regulations and amendments thereto, as they existed before January 1, 2016.
(Ord. 1-2018. Passed 1-23-18.)