The tax shall be levied, collected and paid with respect to the salaries, wages, commissions, rents and other compensation earned on and after November 1, 1971, and with respect to the net profits of business, pass-through entities, profession or other activity earned on and after November 1, 1971, with respect to the tax imposed by this chapter. However, where the fiscal years of the business, pass-through entities, profession or other activity differ from the calendar year, the tax shall be applied to that part of the net profits for the fiscal year as shall be earned on and after November 1, 1971, with respect to the tax imposed by this chapter, to the close of the taxpayer’s fiscal year. Thereafter, the taxpayer shall report on its fiscal year basis.
Where the fiscal year of a business, pass-through entities, profession or other activity is other than a calendar year, in computing the initial tax the profits of such taxpayer shall be determined by dividing the annual profits by twelve and multiplying the quotient by the number of months within the period commencing November 1, 1971, with respect to the tax imposed by this chapter, and ending at the conclusion of such fiscal year.
Except with respect to effective dates, “tax” or “taxes” as used in this Chapter, unless the context clearly indicates otherwise, means the tax imposed by this chapter.
(Ord. 04-52. Passed 12-7-04.)