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ORDINANCE NO. 6-75 <br /> <br />BY: Messrs. Graber, Magnotto, Sinagra, <br /> Usher, Brockman <br /> <br /> AN ORDINANCE to amend Paragraph (a) of Section 128.1902 of the <br />Administrative Code of the Codified Ordinances of the City of Lakewood to <br />decrease the municipal income tax credit from 75% to 50% effective July 1, <br />1975. <br /> <br /> WHEREAS, this Council determines that additional revenue is required <br />for municipal operating purposes, and <br /> <br /> WHEREAS, in order to obtain such additional needed revenue, this Council <br />determines that it is in the best interest of the City that the current municipal <br />income tax credit be decreased from 75% to 50% effective July 1, 1975; now, <br />therefore, <br /> <br />BE IT ORDAINED BY TH~ COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: <br /> <br /> Section 1. That Paragraph (a) of Section 128.1902 of the Administrative <br />Code of the Codified Ordinances of the City of Lakewood now reading as follows: <br /> <br />128.1902 TAX CREDIT <br /> <br />(a) <br /> <br />When the taxable income of a resident of the City of Lakewood <br />is subject to a municipal income tax in another municipality <br />on the same income taxable under this Chapter, such resident <br />shall be allowed a credit of the amount of income tax paid on <br />such taxable income to such other municipality, equal to <br />seventy-five per cent (75%) of the amount obtained by multi- <br />plying the lower of the tax rate of such other municipality or <br />of the City of Lakewood by the taxable income earned in or <br />attributable to the municipality of employment or business <br />activity. For the purposes of this section taxable income <br />shall include the distributive share of net profits of a <br />resident partner or owner of an unincorporated business entity. <br /> <br />shall be and the same is hereby amended to read as follows: <br /> <br /> 128.1902 TAX CREDIT <br /> <br /> (a) When the taxable income of a resident of the City of Lakewood <br /> is subject to a municipal income tax in another municipality <br /> on the same income taxable under this Chapter, such resident <br /> shall be allowed a credit of the amount of income tax paid on <br /> such taxable income to such other municipality, equal to <br /> fifty per cent (50%) of the amount obtained by multiplying <br /> the lower of the tax rate of such other municipality or of <br /> the City of Lakewood by the taxable income earned in or <br /> attributable to the municipality of employment or business <br /> activity. For the purposes of this section taxable income <br /> shall include the distributive share of net profits of a <br /> resident partner or owner of an unincorporated business entity. <br /> <br /> Section 2. This Ordinance shall t~ffect and~n force from and afte~ <br />July 1, 1975 and existing Paragraph (a) of ~ectio~ 128~l~0~,l~opted December <br />20, 1971, shall be and the same is hereby r~pealed[~ x J' asto~~f/~1~1975' <br />Adopted: ~~ /~7~'- ~~ ~~ <br /> <br /> ~ Clerk~ _ <br /> <br /> <br />