The city may tax earned income at a rate of two and one-half (2.5) percent; during such time as earned income shall be taxed by the City at an aggregate rate of not less than two and one-half (2.5) percent, not less than twenty (20) percent of any and all revenues derived from a tax on income shall be used only to provide funds for the purpose of financing capital improvements, including debt service charges on notes and bonds issued for capital improvements, of The City of Springfield, Ohio.
Earned income shall mean: (1) Net profits from a business or profession, exclusive of income from intangible personal property, and (2) Payment for work done or services performed, including wages, salaries, commissions and other compensations.
Capital improvements shall mean any property or asset with an estimated useful life of five (5) years or more, including land and interests therein, and reconstructions, enlargements, and extensions thereof having an estimated life of five (5) years or more.
(Amended 11-8-83, Ord. No. 83-395.)