(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, the City of Olmsted Falls 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 one and one-half percent (1.5%). The tax is levied at a uniform rate on all persons residing in or earning or receiving income in the City of Olmsted Falls. The tax is levied on income, qualifying wages, commissions and other compensation, and on net profits as hereinafter provided in Section 881.03 of this Chapter and other sections as they may apply.
(C) The tax on income and the withholding tax established by Chapter 881 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 chapter and amendments thereto, and rules and regulations and amendments thereto, as existed before January 1, 2016, pursuant to Chapter 880.
(Ord. 53-2015. Passed 12-22-15.)