“Municipal taxable income” for a taxpayer who is not an individual for the municipality is calculated as follows: “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”.
(a) “Income” for a taxpayer that is not an individual means the “net profit” of the taxpayer.
(1) NET PROFIT for a person other than an individual is defined in § 892.08.
(2) ADJUSTED FEDERAL TAXABLE INCOME is defined in § 892.08.
(b) EXEMPT INCOME is defined in § 892.08.
(c) APPORTIONMENT means the apportionment as determined by § 892.16.
(d) PRE-2017 NET OPERATING LOSS CARRYFORWARD is defined in § 892.08.
(Ord. 873, passed 12-17-2019)