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 § 890.03(c)(23).
B. "Adjusted federal taxable income" is defined in § 890.03(c)(1).
(2) "Exempt income" is defined in § 890.03(c)(11).
(3) "Apportionment" means the apportionment as determined by § 890.062.
(4) "Pre-2017 net operating loss carryforward" is defined in § 890.03(c)(32).
(Ord. 15-40, passed 12-10-2015)
Statutory reference:
Definitions, see R.C. § 718.01