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 § 38B.03(C)(23).
(b) ADJUSTED FEDERAL TAXABLE INCOME is defined in § 38B.03(C)(1) of this chapter.
(2) EXEMPT INCOME is defined in § 38B.03(C)(11) of this chapter.
(3) APPORTIONMENT means the apportionment as determined by § 38B.062 of this chapter.
(4) PRE-2017 NET OPERATING LOSS CARRYFORWARD is defined in § 38B.03(C) (32) of this chapter.
(Ord. 12-2015, passed 11-16-15)
Statutory reference:
Related definitions, see R.C. § 718.01