Commencing with the tax year beginning January 1, 2017, when the taxable income of a resident of the City of Richmond Heights is subject to a municipal income tax in another municipality on the same income taxable under this chapter, such resident shall be allowed a credit of the amount of income tax paid on such taxable income to such other municipality, equal to 100 percent of the amount obtained by multiplying the lower of the tax rate of such other municipality or of the City of Richmond Heights by the taxable income earned in or attributable to the Municipality of employment or business activity, but in no event shall such credit be applied to a rate in excess of one and one quarter percent (1.25%) of the taxable income earned or attributable to the municipality of employment or business activity. For the purposes of this section, taxable income shall include the distributive share of net profits of a resident partner or owner of an unincorporated business entity.
The 100 percent tax credit provided for herein shall not be reduced unless any such proposed reduction receives an affirmative majority vote from the voters at an election called for such purpose.
(Enacted November 8, 1988; Amended 11-8-16)