192.13 DETERMINING MUNICIPAL TAXABLE INCOME FOR TAXPAYERS WHO ARE NOT INDIVIDUALS.

   "Municipal Taxable Income" for a taxpayer who is not an individual for the City of Amherst is calculated as follows:

   (a)   "Income" as applicable, reduced by any "Pre-2017 Net Operating Loss Carryforward" equals "Municipal Taxable Income".

      (1)   "Income" for a taxpayer that is not an individual means the "Net Profit" of the taxpayer.

                  A.    "Net Profit" for a person other than an individual is defined in Section 192.06(23).

                  B.    "Adjusted Federal Taxable Income" is defined in Section 192.06(1) of this Chapter.

            (2)    "Exempt Income" is defined in Section 192.06(11) of this Chapter.

           (3)   "Apportionment" means the apportionment as determined by Section 192.14 of this Chapter.

      (4)   "Pre-2017 Net Operating Loss Carryforward" is defined in Section 192.06 (32) of this Chapter.

         (Ord. 24-09. Passed 2-26-24.)