(a) The tax shall be levied, collected and paid with respect to the Salaries, Wages, Commissions and Other Compensation earned on and after January 1, 1976, and with respect to the Net Profits of Business earned on and after January 1, 1976. Provided however, that where the Fiscal Year of the Business differs from the Calendar Year the tax shall be applied to that part of the Net Profits for the Fiscal Year as shall be earned, received or accrued on and after January 1, 1976, to the close of the Taxpayer’s Fiscal Year. Thereafter, the Taxpayer shall report on its Fiscal Year basis.
(b) Where the Fiscal Year of a Business is other than a Calendar Year, in computing the initial tax the profits of such Taxpayer shall be determined by dividing the annual profits by twelve and multiplying the quotient by the number of months within the period commencing January 1, 1976, and ending at the conclusion of such Fiscal Year.
(Ord. 28-01. Passed 4-16-01.)