A. A tax, for general revenue purposes, of 1.6% over and above the tax collected under § 549-201 et seq. of the Code of the City of Reading is hereby imposed on the following:
(1) Salaries, wages, commissions and other compensation earned from year to year, on and after January 1, 2013, by individual residents of the City of Reading.
(2) Net profits earned from year to year, on and after January 1, 2013, by residents of the City.
B. The tax levied under Subsection A(1) hereof shall relate to and be imposed upon salaries, wages, commissions and other compensation paid by an employer or on his behalf to a person who is employed by him. The tax levied under Subsection A(2) hereof shall relate to and be imposed on the net profits of any business, profession or other activity carried on by any person or persons.
C. Every corporation which is subject to the Pennsylvania Corporate Net Income Tax or exempt from the Pennsylvania Corporate Net Income Tax and every foreign corporation which is subject to the Pennsylvania Franchise Tax or exempt from the Pennsylvania Franchise Tax, shall be exempt from the tax imposed by this article.
D. The tax levied by this article shall be applicable to salaries, wages, commissions and other compensation and to net profits earned in the period beginning January 1, 2013, and ending December 31, 2013, and thereafter, from year to year on a calendar-year basis and shall be in addition to the tax imposed for the same period or periods under § 549-201 et seq.