(A) Purpose: To provide funds for the purposes of general municipal function of the City of Stow, there is hereby levied a tax on all income, including salaries, wages, commissions and other compensation, and on net profits as provided in this chapter.
(B) Rate of tax: An annual tax for the purposes specified in Section 194.012(A) shall be imposed on and after January 1, 1971 at the rate of one percent (1%) per annum and imposed on and after January 1, 1972 at the rate of one and one-half percent (1.5%) per annum and imposed on and after January 1, 1990 at the rate of two percent (2%) per annum on all taxable income. (Ord. 2015-146. Passed 11-19-15.)