34-67 New 128.0101 - 128.2702 enact income tax

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-7- until exhausted but in no event for more than five (5) taxable years immediately following the year in which the loss occurred. No portion of a net operating loss shall be carried back against net profits of any prior year. (2) The portion of net operating loss sustained shall be allocated to the City of Lakewood in the same manner as provided herein for allocating net profits to the City of Lakewood. (3) The Administrator shall provide by Rules and Regu- lations the manner in which such net operating loss carry- forward shall be determined. ,~XS~iPTIONS Section 128.0901 Sources o~ Income Not Taxed The tax provided for herein shall not be levied on the following: (1) Pay or allowance of active members of the Armed Forces ~of the United States or the income of religious, fraternal~ iilcharitable, scientific, literary or educational institutions ~'~to the extent that such income is derived from tax exempt real estate, tax exempt tangible or intangible property or tax exempt activities. (2) Poor relief, unemployment insurance benefits, old age pensions or similar payments including disability benefits received from local, State or Federal governments or charitabl6 religious or educational organizations. (3) Proceeds of insurance paid by reason of the death of the insured; pensions, disability benefits, annuities or ~:~gratuities not in the nature of compensation for services ~rendered from whatever source derived. (4) Receipts from seasonal or casual entertainment, amuse- ments, sports events and health and welfare activities when any such are conducted by bona fide charitable, ret~ious or educational organizations and associations. (5) Alimony received. (6) Personal earnings of any natural person under eighteen (18) years of age. (7) Compensation for personal injuries or for damages to property by way of insurance or otherwise. (8) Interest, dividends and other revenue from intangible property. (9) Gains from involuntary conversion, cancellation of indebtedness, interest on Federal obligations, items of income already taxed by the State of Ohio from which the City is specifically prohibited from taxing, and income of a decedent's estate during the period of administration (except such income from the operation of a business).