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The EIT is a 1% tax on compensation and net profits earned by individuals who live in New Hope or who work in New Hope and pay no earned income tax at their place of residence.
In 2002 Solebury Township approved a 1% EIT. By law the New Hope Solebury School Board could split this tax with Solebury. The School Board opted to do so and, since we share the schools with Solebury, the 1% tax was automatically imposed on New Hope residents as well. Although the New Hope Council opposed this tax at every step, we opted to claim our half of the school's existing tax so we can insure that it is used to benefit our residents by lowering property taxes and providing other services.
No, instead of the tax going to the other municipality, it will now come to New Hope Borough and the NH-Solebury School District.