(A) Municipal taxable income for a taxpayer who is not an individual for the village is calculated as follows.
(B) 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 § 37.060.
(b) Adjusted federal taxable income is defined in § 37.106.
(2) Exempt income is defined in § 37.060.
(3) Apportionment means the apportionment as determined by § 37.106.
(4) Pre-2017 net operating loss carryforward is defined in § 37.060.
(Ord. 1507-15, passed 11-2-2015)