191.1902 TAX CREDIT.

   (a)   When the taxable income of a resident of the City of Independence is subject to a municipal income tax in another municipality on the same income taxable under this chapter, such resident shall be allowed a credit of the amount of income tax paid on such taxable income to such other municipality, equal to 100 percent of the amount obtained by multiplying the lower of the tax rate of such other municipality or of the City of Independence by the taxable income earned in or attributable to the municipality of employment or business activity. For the purposes of this section, taxable income includes the distributive share of net profits of a resident owner of an unincorporated business entity, or a resident recipient of distributions from a non-resident pass-through entity.

   (b)   Pursuant and subject to the requirements of Section 718.02.1 of the Ohio Revised Code, a credit for qualifying losses, as defined in said section, shall be allowed against taxes or withholding due the municipality for income tax or withholding paid.

   (c)   Pursuant and subject to the requirements of Section 718.12.1 of the Ohio Revised Code, a credit for tax paid to a first municipal corporation, as defined in said section, shall be allowed against taxes or withholding on income due the municipality for income tax or withholding paid on said income or wages.

   (d)   Pursuant and subject to the requirements of Section 718.14 of the Ohio Revised Code, a credit for income of or from pass through entities, as defined in said section, shall be allowed against taxes due the municipality for taxes paid another municipal corporation.

(Ord. 2005-05. Passed 3-8-05.)