(a) To provide funds for the purpose of general municipal operations, maintenance of equipment, new equipment, extension, enlargement and improvement of Municipal services and facilities and capital improvements of the Village. There is levied a tax at the rate of one per cent upon the following until January 1, 2005 at which the income tax will increase to 1.5%.
(1) On all salaries, wages, commissions and other compensation earned on and after April 1, 1969 by residents of Minerva.
(2) On lottery winnings, prize money and/or any money obtained by way of games of chance in the amount of $1,000 or more, received on and after June 1, 2004 any taxable lottery winnings shall be earmarked for recreation purposes;
(3) On all salaries, wages, commissions and other compensation earned on and after April 1, 1969, by nonresidents of the Village for work done or services performed or rendered in the Village;
(4) On the net profits attributable to the Village earned on and after April 1, 1969 of all resident unincorporated businesses, professions and other activities derived from work done or services rendered or performed and business or other activities conducted in the Village;
(5) On the portion of the distributive share of the net profits earned on and after April 1, 1969, of a resident individual, partner or owner of a resident unincorporated business entity attributable to the Village and not levied against such unincorporated business entity;
(6) On the net profits attributable to the Village of Minerva on and after April 1, 1969 of all nonresident unincorporated businesses, professions or other activities, derived from work done or services performed or rendered and business or other activities conducted in the Village of Minerva;
(7) On the portion of the distributive share of the net profits earned on and after April 1, 1969, of a resident individual, partner or owner of a nonresident unincorporated business entity not attributable to the Village and not levied against such unincorporated business entity;
(8) On the net profits earned on and after April 1, 1969 of all corporations derived from work done or services performed or rendered and business or other activities conducted in the Village of Minerva; and
(9) The portion of the net profits attributable to the Village of a taxpayer conducting a business, profession or other activity both within and without the boundaries of the Village shall be determined as provided in Ohio R.C. 718.02 and in accordance with the rules and regulations adopted by Council pursuant to this chapter.
(Ord. 5-04. Passed 4-13-04.)
(Ord. 5-04. Passed 4-13-04.)
(b) The portion of the net profits attributable to Minerva of a taxpayer conducting a business, profession or other activity both within and without the boundaries of Minerva shall be determined as provided in Ohio R.C. 718.02 and in accordance with the rules and regulations adopted by Council pursuant to this chapter.
(c) Operating Loss Carry-Forward.
(1) The portion of a net operating loss sustained in any taxable year subsequent to April 1, 1969, allocable to Minerva may be applied against the portion of the profit of succeeding year(s) allocable to Minerva, until exhausted but in no event for more than five taxable years. No portion of a net operating loss shall be carried back against net profits of any prior year.
(2) The portion of a net operating loss sustained shall be allocated to Minerva in the same manner as provided herein for allocating net profits to Minerva.
(3) The Administrator shall provide by rules and regulations the manner in which such net operating loss carry-forward shall be determined.
(d) Exception. The tax provided for herein shall not be levied upon the military pay or allowances of members of the armed forces of the United States, or upon the net profits of any civic, charitable, religious, fraternal or other organization specified in Ohio R.C. 718.01 to the extent that such net profits are exempted from municipal income taxes under such section.
(Ord. 6-69. Passed 3-11-69.)