“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 850.03(c)(23).
B. “Adjusted federal taxable income” is defined in Section 850.03(c)(1) of this chapter.
(2) “Exempt income” is defined in Section 850.03(c)(11) of this chapter.
(3) “Apportionment” means the apportionment as determined by Section 850.062 of this chapter.
(4) “Pre-2017 net operating loss carryforward” is defined in Section 850.03(c)(32) of this chapter.
(Ord. 15-046. Passed 12-28-15.)
Statutory reference:
Definitions, see R.C. § 718.01