§ 37.060 DETERMINING MUNICIPAL TAXABLE INCOME FOR TAXPAYERS WHO ARE NOT INDIVIDUALS.

   (A)   Municipal taxable income for a taxpayer who is not an individual for the municipality is calculated as follows.

   (B)   Income reduced by exempt income to the extent otherwise included in income, multiplied by apportionment, further reduced by any pre-2017 net operating loss carry-forward equals municipal taxable income.

      (1)   APPORTIONMENT. The apportionment as determined by § 37.061.

      (2)   EXEMPT INCOME. Defined in § 37.016.

      (3)   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 § 37.016.

         (b)   ADJUSTED FEDERAL TAXABLE INCOME is defined in § 37.016.

      (4)   PRE-2017 NET OPERATING LOSS CARRY-FORWARD. Defined in § 37.016.

(Prior Code, § 880B.061) (Ord. 2015-15, passed 11-10-2015)