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.
(b) Income for a taxpayer that is not an individual means the net profit of the taxpayer:
(1) Net profit for a person other than an individual is defined in § 880.06(c)(23); and
(2) Adjusted federal taxable income is defined in § 880.06(c)(1) of this chapter.
(c) Exempt income is defined in § 880.06(c)(11) of this chapter.
(d) Apportionment means the apportionment as determined by § 880.14.
(e) Pre-2017 net operating loss carryforward is defined in § 880.06(c)(32) of this chapter.
(Source: R.C. § 718.01)
(Ord. 21-2015, passed 11-9-2015)