(a) In accordance with R.C. § 718.80, a taxpayer required to file tax returns for net profits earned in the City may elect to be subject to the provisions of this chapter in lieu of certain provisions set forth in the Chapter 881 pertaining to net profits taxation in the City. Not withstanding any other provision of Chapter 881 , upon the taxpayer's election, all of the following shall apply:
(1) The State Tax Commissioner shall serve as the administrator of the net profit tax for which the taxpayer is liable for the term of the election. For purposes of this section, "net profit" shall have the same meaning as provided in Section 881.03.
(2) The Commissioner shall administer the tax pursuant to this chapter, R.C. §§ 718.80 to 718.95, and any applicable provision of R.C. Chapter 5703.
(b) (1) A taxpayer shall make the initial election on or before the first day of the third month after the beginning of the taxpayer's taxable year by notifying the Tax Commissioner and the City, on a form prescribed by the Tax Commissioner.
(2) A. The election, once made by the taxpayer, applies to the taxable year in which the election is made and to each subsequent taxable year until the taxpayer notifies the Tax Commissioner and the City of its termination of the election.
B. A notification of termination shall be made, on a form prescribed by the Tax Commissioner, on or before the first day of the third month of any taxable year.
C. Upon a timely and valid termination of the election, the taxpayer is no longer subject to this chapter or R.C. §§ 718.80 to 718.95, and is instead subject to the provisions set forth in Chapter 881.
(c) The Tax Commissioner shall enforce and administer the provisions of this chapter in the same manner as, and in accordance with, R.C. §§ 718.80 to 718.95. In addition to any other powers conferred upon the Tax Commissioner by law, the Tax Commissioner may:
(1) Prescribe all forms necessary to administer those sections;
(2) Adopt such rules as the Tax Commissioner finds necessary to carry out those sections;
(3) Appoint and employ such personnel as are necessary to carry out the duties imposed the Tax Commissioner by those sections.
(d) The Tax Commissioner shall not be considered a tax administrator, as that term is defined in R.C. § 718.01 and Section 881.03.
(Ord. 3223. Passed 2-12-18.)