§ 36.061 DETERMINING MUNICIPAL TAXABLE INCOME FOR TAXPAYERS WHO ARE NOT INDIVIDUALS.
   “Municipal taxable income” for a taxpayer who is not an individual for the municipality is calculated as follows:
   (A)   “Income” reduced by “exempt income” to the extent otherwise included in income, multiplied by apportionment, further 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 § 36.03(C)(23).
         (b)   “Adjusted federal taxable income” is defined in § 36.03(C)(1) of this chapter.
      (2)   “Exempt income” is defined in § 36.03(C)(11) of this chapter.
      (3)   “Apportionment” means the apportionment as determined by § 36.062 of this chapter.
      (4)   “Pre-2017 net operating loss carryforward” is defined in § 36.03(C)(32) of this chapter.
(Ord. 1690-15, passed 12-22-2015)