"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 § 33.03(C)(23).
(b) "Adjusted federal taxable income" is defined in § 33.03(C)(1).
(2) "Exempt income" is defined in § 33.03(C)(11).
(3) "Apportionment" means the apportionment as determined by § 33.062.
(4) "Pre-2017 net operating loss carryforward" is defined in § 33.03(C)(32).
(Ord. 15-77, passed 12-21-2015; Am. Ord. 2019- 04, passed 1-7-2019)