171.061 DETERMINING TAXABLE INCOME FOR TAXPAYERS WHO ARE NOT INDIVIDUALS.

   "Municipal Taxable Income" for a taxpayer who is not an individual for the City of Urbana 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.

         (i)   "Net Profit" for a person other than an individual is defined in Section 171.03 (23).

         (ii)   "Adjusted Federal Taxable Income" is defined in Section 171.03 (1).

      (2)   "Exempt Income" is defined in Section 171.03 (11).

      (3)   "Apportionment" means the apportionment as determined by Section 171.062 .

      (4)   "Pre-2017 Net Operating Loss Carryforward" is defined in Section 171.03 (32).
(Ord. 4173-15. Passed 11-17-15.)