When Council levies and the voters approve, a municipal income tax at the rate of two percent (2%) or more and the taxable income of a resident of the City is subject to a municipal income tax in another municipality on the same income taxable under the City’s ordinances, such resident shall be allowed a credit of the amount of income tax paid on such taxable income to such other municipality equal to at least one hundred percent (100%) of the amount obtained by multiplying the lower of the tax rate of such other municipality or two percent (2%) by the taxable income earned in or attributable to the municipality of employment or business activity; provided, Council may, in its discretion, provide for a higher credit. When Council levies and the voters approve, a municipal income tax at a rate less than two percent (2%), Council may, in its discretion, provide for a credit in such amount as it deems appropriate.
(Amended 11-4-08.)