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 880.03(c)(23).
B. "Adjusted Federal taxable income" is defined in Section 880.03(c)(1).
(2) "Exempt income" is defined in Section 880.03(c)(11).
(3) "Apportionment" means the apportionment as determined by Section 880.062.
(4) "Pre-2017 net operating loss carryforward" is defined in Section 880.03(c)(32).
(Ord. 260-15. Passed 12-7-15.)