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 Section 883.03(c)(23).
B. “Adjusted Federal taxable income” is defined in Section 883.03(c)(1).
(2) “Exempt income” is defined in Section 883.03(c)(11).
(3) “Apportionment” means the apportionment as determined by Section 883.062.
(4) “Pre-2017 net operating loss carryforward” is defined in Section 883.03(c)(32).
(Ord. 1639. Passed 12-28-15.)