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 § 36A.03(C)(23).
(b) Adjusted federal taxable income is defined in § 36A.03(C)(1).
(2) Exempt income is defined in § 36A.03(C)(11).
(3) Apportionment means the apportionment as determined by § 36A.062.
(4) Pre-2017 net operating loss carryforward is defined in § 36A.03(C)(32).
(Ord. 15-31, passed 12-29-15)
Statutory reference:
Definitions, see R.C. § 718.01