(a) Purpose of the Tax.
(1) To provide funds for municipal purposes, there shall be and is hereby levied a tax on qualifying wages, commissions and other compensation, and on net profits and other taxable income as hereinafter provided.
(2) To provide funds for the construction, reconstruction, resurfacing, and maintenance of streets, alleys, bridges, curbs and gutters in the City and the costs incidental thereto, as hereinafter provided.
(b) Rate of Tax.
(1) For the purposes specified in paragraph (a)(1) hereof, an annual tax shall be, and is hereby, levied on and after January 1, 1984, at the rate of one and one-half percent per annum.
(2) Beginning January 1, 2015 and ending December 31, 2019 an annual tax for the purposes specified paragraph (a)(2) hereof, shall be imposed at the rate of one-quarter of one percent per annum.
(3) For the period beginning January 1, 2015 and ending December 31, 2019, taxes defined in paragraph (b)(1) and (b)(2) above shall be combined with the combined rate being one and three-quarters percent per annum.
(4) Beginning January 1, 2020 and ending December 31, 2024 an annual tax for the purposes specified in paragraph (a)(2) hereof, shall be imposed at the rate of fifteen-hundredth of one percent (0.15 of 1.0%) per annum.
(5) For the period beginning January 1, 2020 and ending December 31, 2024, taxes defined in (b)(1) and (b)(4) above shall be combined with the combined rate being one and sixty-five-hundredth of one percent (1.65%) per annum.
(Ord. A-2833. Passed 10-26-15; Ord. A-2986. Passed 11-25-19.)