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 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 § 39.85(C)(23).
(b) Adjusted federal taxable income is defined in § 39.85(C)(1).
(2) Exempt income is defined in § 39.85(C)(11).
(3) Apportionment means the apportionment as determined by § 39.92.
(4) Pre-2017 net operating loss carryforward is defined in § 39.85(C)(32).
(Ord. 46-15, passed 11-16-2015; Am. Ord. 10-18, passed 2-20-2018)
Statutory reference:
Definitions, see R.C. § 718.01