“Municipal taxable income” for a taxpayer who is not an individual 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 division (w) of Section 192.06 of this chapter.
B. “Adjusted federal taxable income” is defined in division (a) of Section 192.06 of this chapter.
(2) “Exempt income” is defined in division (k) of Section 192.06 of this chapter.
(3) “Apportionment” means the apportionment as determined by Section 192.14 of this chapter.
(4) “Pre-2017 net operating loss carryforward” is defined in division (ff) of Section 192.06 of this chapter.
(b) For the purposes specified in Section 192.02, on and after January 1, 1967, an annual tax of one-half of one percent (0.5%) per annum shall be imposed upon all municipal taxable income; provided that on an after July 1, 1968, the rate of tax shall be a total of one percent (1%) per annum; and that on and after March 1, 1979, the rate of such tax shall be a total of one and five-tenths percent (1.5%) per annum; and that on and after January 1, 1981, the rate of tax shall be two percent (2%) per annum; and that on or after January 1, 2017, the rate of tax shall be two and one-half percent (2.5%) per annum. Such tax shall be imposed upon all municipal taxable income.
(Ord. No. 1262-2022. Passed 12-5-22, eff. 12-7-22)