Municipal taxable income for a taxpayer who is not an individual for the municipality is calculated as follows: "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".
(A) "Income" for a taxpayer that is not an individual means the "net profit" of the taxpayer.
(1) "Net profit" for a person other than an individual is defined in § 35.06.
(2) "Adjusted federal taxable income" is defined in § 35.06.
(B) "Exempt income" is defined in § 35.06.
(C) "Apportionment" means the apportionment as determined by § 35.14.
(D) "Pre-2017 net operating loss carryforward" is defined in § 35.06.
(R.C. § 718.01) (Ord. 2015-32, passed 12-14-2015)