(a) To provide funds for the purpose of general municipal operations, procurement of fixed assets or permanent improvements, payment of debt charges, the elimination of deficits in Village funds and for all other lawful purposes, there shall be, and is hereby levied a tax on qualifying wages as defined in this chapter, on net profits, and on all other taxable income, as hereafter provided.
(b) (1) The annual tax is levied at a rate of two percent (2.00%). The tax is levied at a uniform rate on all persons residing in or earning or receiving income in the Village of Timberlake. The tax is levied on income, qualifying wages, commissions and other compensation, and on net profits as hereinafter provided in Section 880.03 of this Chapter and other sections as they may apply. One percent (1%) of the revenue resulting from the said taxation is to be utilized for the purposes of providing general fund, police, fire, and emergency medical services.
(2) Intentionally left blank.
(c) The tax on income and the withholding tax established by this Chapter 880 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 R.C. Chapter 718.
(Ord. 2016-16. Passed 8-16-16; Ord. 2018-2. Passed 1-16-18; Ord. 2020-2. Passed 5-19-20)