(a) Residents. When a resident is subject to and has paid, or has acknowledged liability for, a municipal income tax in another taxing municipality on the same income taxable under this chapter, regardless of whether such other taxing municipality allows credit to its nonresidents, such resident may claim a credit in an amount equal to the lesser of:
(1) The amount of such tax paid to such other taxing municipality, or
(2) The City income tax on such income taxable under this chapter.
In no case shall the credit authorized by this subsection (a) exceed the City income tax assessed under this chapter.
(b) For taxable years beginning on or after January 1, 2003, a resident owner of a pass- through entity that does not conduct business in the City and that has paid, or has acknowledged liability for, an income tax in another taxing municipality may claim a credit equal to the lesser of the following amounts:
(1) The resident owner’s proportionate share of the amount, if any, of income tax paid by the pass-through entity to another taxing municipality in the State; or
(2) The resident owner’s proportionate share of the amount of City income tax that would be imposed on the pass-through entity if the pass-through entity conducted business in the City.
In no case shall the credit authorized by this subsection (b) exceed the City income tax assessed under this chapter.
(c) Where applicable, the credits provided by Ohio R.C. 718.021 and 718.121 shall be available to residents.
(Ord. 03-46. Passed 8-4-03.)