(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, or any other purpose deemed necessary by City Council, the City of Sheffield Lake, Ohio hereby levies an annual municipal income tax on income, qualifying wages, commissions and other compensation, and on net profits as hereinafter provided.
(B) (1) The annual tax is levied at a rate of 2% (Two percent). The tax is levied at a uniform rate on all persons residing in or earning or receiving income in the City of Sheffield Lake. The tax is levied on income, qualifying wages, commissions and other compensation, and on net profits as hereinafter provided in Section 191.03 of this Chapter and other sections as they may apply.
(2) The revenue generated by the two percent (2.0%) shall be reduced by any tax credit available under this Chapter except that said two percent (2.0%) shall include one-quarter percent (.25%) which shall be used exclusively for the construction, reconstruction, resurfacing, maintenance and repair of streets, roads, and bridges in the City and paying debt charges on securities issued for the foregoing purpose and said one-quarter percent (.25%) shall not be reduced by any tax credit available under any provision of this Chapter.
(C) The tax on income and the withholding tax established by this Chapter 191 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). (Ord. 70-15. Passed 12-8-15.)