(a) When the taxable income of a resident of Circleville is subject to a municipal income tax in another municipality on the same income taxable under this chapter, the resident shall be allowed a credit of the amount of income tax paid on the taxable income to the other municipality. The credit shall initially be calculated by multiplying the taxable income earned in, or attributable to, the municipality of employment or business activity by the lower of the tax rate of the municipality or of Circleville. For purposes of this section, taxable income shall include the distributive share of net profits of a resident partner or owner or an unincorporated business entity.
(Ord. 03-11-2007. Passed 3-20-07.)
(b) The credit shall be equal to one hundred percent (100%) of the amount so calculated. The credit of 100% shall be effective with respect to taxable income earned and/or received on or after January 1, 2015.
(Ord. 08-44-2014. Passed 8-5-14.)