"Taxable Income" means wages, salaries, commissions, other compensation including fees, sick pay, bonuses, tips, rents, profits from businesses, including professional associations and partnerships, royalties, employer supplemental, unemployment benefits (subpay), wage continuation plans, contest prizes and awards, dismissed or severance pay, incentive payment property in lieu of cash, depreciation recapture, an individual taxpayer's contribution to such person's 401K retirement plan, annuities, Independent Retirement Plans (IRAs) and deferred compensation plans and other compensation earned, received and accrued; provided, however, that on and after January 1, 2002, Taxable Income, for all purposes of this Chapter, shall include the amount by which a Precinct Election Official's Compensation (as hereinafter defined) paid in a calendar year exceeds one thousand dollars. For purposes of this Section, "Precinct Election Official's Compensation" means compensation paid under Section 3501.28 or Section 3501.36 of the Ohio Revised Code to a person serving as a precinct election official. For purposes of this section, "profits from businesses" shall include a taxpayer's distributive share of the net profits of an S corporation (meaning a corporation that has made an election to be treated for federal income tax purposes as a pass-through entity under subchapter S of Chapter 1, Subtitle A of the Internal Revenue Code), to the extent the distributive share would be allocated or apportioned to the State of Ohio under divisions (B)(1) and (2) of Section 5733.05 of the Ohio Revised Code if the S corporation were a corporation subject to taxes imposed under Chapter 5733 of the Revised Code. Taxable Income shall not include any of the items set forth in Section 167.01 hereof.
(Ord. 7624-04. Passed 11-3-04.)