§ 104.17. Allocation of funds.

Latest version.

The funds collected under the provisions of this chapter shall be paid into the Income Tax Fund and applied to the following purposes:
(A)

Administration. Such part thereof as is necessary to defray all costs of collecting the tax levied by this chapter and the cost of administering and enforcing the provisions hereof shall be first allocated to the Income Tax Administration Fund.

(B)

Other Purposes. The net proceeds of the income tax levied at the rate of 2%, or the applicable rate at the time the tax is imposed pursuant to Section 86d of the Charter, remaining after meeting the expenses as provided in subsection (A) shall be applied in conformance with such Section 86d. Income tax proceeds allocated to capital improvements shall include the payment of principal and of interest on general indebtedness incurred for capital improvements or as otherwise provided by the Charter.

(Ord. 360-2015)

                    
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