(a) The income tax at the rate of one percent (1.00%) shall be levied, collected, and paid with respect to the salaries, wages, commissions, and other compensation earned on or before December 31, 1993, and with respect to the net profits of businesses, professions, or other activities earned on or before December 31, 1993. The income tax at the rate of one and sixty-five hundredths of one percent (1.65%) shall be levied, collected, and paid with respect to the salaries, wages, commissions, and other compensation earned on or after January 1, 1994, and with respect to the net profits of businesses, professions, or other activities earned on or after January 1, 1994. The income tax at the rate of two percent (2.00%) shall be levied, collected, and paid with respect to the salaries, qualifying wages, commissions, and other compensation earned on or after January 1, 2004, and with respect to the net profits of businesses, professions, or other activities earned on or after January 1, 2004. The income tax at the rate of 2.50% shall be levied, collected, and paid with respect to the salaries, qualifying wages, commissions, and other compensation earned on or after July 1, 2010. Where the fiscal year of the business, profession, or other activity differs from the calendar year, the tax at the rate of one percent (1.00%) shall be applied to that part of the net profits for the portion of the fiscal year occurring before January 1, 1994. The tax at the rate of one and sixty-five hundredths of one percent (1.65%) shall be applied to that portion of the fiscal year occurring on and after January 1, 1994. The tax at the rate of two percent (2.00%) shall be applied to that portion of the fiscal year occurring on and after January 1, 2004. The tax at the rate of 2.50% shall be applied to that portion of the fiscal year occurring on and after July 1, 2010.
(b) Where the fiscal years of a business, profession or other activity is other than a calendar year, in computing the tax, the profits of such taxpayer shall be determined by dividing the annual profits by twelve (12) and multiplying the quotient by the number of months of the fiscal year between October 1, 1971, through December 31, 1993, multiplying the quotient by the number of months of the fiscal year between January 1, 1994 and December 31, 2003, multiplying the quotient by the number of months of the fiscal year between January 1, 2004 and June 30, 2010, and multiplying the quotient by the number of months of the fiscal year between July 1, 2010 and thereafter, and applying the appropriate tax rate to each.
(Ord. 03-2010. Passed 6-7-10.)