“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 § 39.03(C)(23).
(b) “Adjusted federal taxable income” is defined in § 39.03(C)(1) of this chapter.
(2) “Exempt Income” is defined in § 39.03(C)(11) of this chapter.
(3) “Apportionment” means the apportionment as determined by § 39.062 of this chapter.
(4) “Pre-2017 net operating loss carryforward” is defined in § 39.03(C)(32) of this chapter.
(Ord. 15-10-03, passed 11-17-15)
Statutory reference:
Definitions, see R.C. § 718.01