§ 40.061 DETERMINING MUNICIPAL TAXABLE INCOME FOR TAXPAYERS WHO ARE NOT INDIVIDUALS.

   “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 carry-forward” 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 § 40.03(23).

         (b)   ADJUSTED FEDERAL TAXABLE INCOME is defined in § 40.03(1) of this chapter.

      (2)   EXEMPT INCOME is defined in § 40.03(11) of this chapter.

      (3)   APPORTIONMENT means the apportionment as determined by § 40.062 of this chapter.

      (4)   PRE-2017 NET OPERATING LOSS CARRY-FORWARD is defined in § 40.03(32) of this chapter.

(Ord. 15-27, passed 12-28-2015)