(a) The tax shall be levied, collected and paid with respect to the income, salaries, wages, commissions and other compensation earned or received, and shall be levied with respect to the net profits of businesses, professions or other activities earned and accrued or received, commencing January 1, 1969. Ordinance 2004-11, passed 4-5-04, replaces the Initiative Ordinance, passed 11-5-68, and all amendments and supplements thereto.
(b) Where the fiscal year of the business, profession or other activity differs from the calendar year, the tax shall be applied to that part of the annual net profits for the fiscal year as shall be earned and accrued or received on and after January 1, 1969.
(Initiative Ord. Passed 11-5-68; Ord. 2004-11. Passed 4-5-04.)