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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 § 152.03(C)(22).
(b) ADJUSTED FEDERAL TAXABLE INCOME is defined in § 152.03(C)(1).
(2) EXEMPT INCOME is defined in § 152.03(C)(10).
(3) APPORTIONMENT means the apportionment as determined by § 152.062.
(4) PRE-2017 NET OPERATING LOSS CARRYFORWARD is defined in § 152.03(C)(31).
(Ord. 2015-112, passed 11-10-15)