(a) For a taxpayer other than an individual, income reduced by exempt income to the extent otherwise included in income and then, as applicable, apportioned or situated to the City under Ohio R.C. 718.02. Loss carryforwards for tax years prior to 2018 are permitted at 100 percent while loss carryforwards for tax years 2018 and beyond will follow Ohio R.C. Chapter 718 and are covered in the New Carlisle Income Tax Rules and Regulations effective January 1, 2016.
(b) For an individual who is a resident of the City, income reduced by income exempted, and increased by deductions excluded. Exempt income and deductions excluded are covered in the New Carlisle Income Tax Rules and Regulations effective January 1, 2016. Loss carryforwards for tax years prior to 2018 are permitted at 100 percent while loss carryforwards for tax years 2018 and beyond will follow Ohio R.C. Chapter 718 and are covered in the New Carlisle Income Tax Rules and Regulations effective January 1, 2016.
(c) For an individual who is a non-resident of the City, income reduced by exempt income to the extent otherwise included in the income and then, as applicable, apportioned situated to the City under Ohio R.C. 718.02. Loss carryforwards for tax years prior to 2018 are permitted at 100 percent while loss carryforwards for tax years 2018 and beyond will follow Ohio R.C. Chapter 718 and are covered in the New Carlisle Income Tax Rules and Regulations effective January 1, 2016.
(d) In computing the City taxable income of a taxpayer who is an individual, the taxpayer may subtract 2106 expenses if the appropriate documentation is provided and the allowable deduction is reduced by two percent of the total City taxable income. 2106 deductions are covered in the New Carlisle Income Tax Rules and Regulations effective January 1, 2016.
(Ord. 15-54E. Passed 12-7-15.)