19-80 Amend Chapt 128 - Admin - increase income tax

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Section 4. That subject to the approval of the electors of the City of Lakewood as provided in Section 718.01 of the Ohio Revised Code, Section 128.1902 of Chapter 128 of the Administrative Code of the Codified Ordinances of the City of Lakewood now reading as follows: 128.1902 TAX CREDIT. (a) When the taxable income of a resident of the City of Lakewood is subject to a municipal income tax in another municipality on the same income taxalabe under this chapter, such resident shall be allowed a credit of the amount of income tax paid on such taxable income to such other municipality, equal to fifty percent of the amount obtained by multiplying the lower of the tax rate of such other municipality or of the City of Lakewood by the taxable ihcome earned in or attributable to the municipality of employment or business activity. For the purposes of this section taxable income shall incIude the distributive share of net profits of a resident partner or owner of an unincorporated business entity. (Ord. 6-75. Passed 3-3-75) (b) A claim for credit or refund under this section shall be made in such manner as the Administrator may by regulation provide. In the event such Lakewood resident fails, neglects, or refuses to file an annual return or declaration on the form prescribed by the Administrator, he shal! not be entitled to such credit or refund and shall be considered in violation of this Chapter for failure to file a return. (Ord. 73-71. Passed 12-20-71) be and the same is hereby amended to read as follows: 128.1902 TAX CREDIT. (a) When the taxable income of a resident of the City of Lakewood is subject to a municipal income tax in another municipality on the same income taxable under this chapter, such resident shall be allowed a credit of the amount of income tax paid on such taxable in come to such other municipality, equa! to fifty percent of the amount obtained by multiplying the lower of the tax rate of such other municipality or of the City of Lakewood by the taxable income earned in or attributable to the municipality of employment or business activity but, in any event, such credit shall not be applied to a rate in excess of 1% of the taxable income earned in or attributable to the municipality of employment or business activity. For the purposes of this section taxable income shall include the distributive share of net profits of a resident partner or owner of an unincorporated business entity. (b) A claim for credit or refund under this section shall be made in such manner as the Administrator may by regulation provide. In the event such Lakewood resident fails, neglects, or refuses to file an annual return or declaration on the form prescribed by the Administrator, he sh!all not be entitled to such credit or refund and shall be considered in violation of this Chapter for failure to file a return. Section 5. That existing Sections 128.0501, 128.1302, 128.0502 and 128.1902 of Chapter 128 of the Administrative Code of the Codified Ordinances of the City of Lakewood be and the same are hereby repealed effective danuary 1, 1981 subject to the approval of the electors of the City of Lakewood as provided in Section 718.01 of the Ohio Revised Code; provided, however, that if such approval is not obtained the aforementioned sections shall remain in full force and effect as presently written. Section 6. Effective January 1, 1981, Sections 128.0501, 128.1302, 128.1902 and 128.0502 of Chapter 128 of the Administrative Code of the Codified Ordinances of the City of .Lakewood as established by Ordinance 73-71 adopted December 20, 1971, Ordinance 6-75 adopted March 3, 1975 and Ordinance 34-67 adopted June 19, 1967, as they have heretofore existed, are hereby repealed. Provided, however, that no provision of this ordinance including the repealing of Sections 128.0501, 128.1302, 128.1902 and 128.0502 of Chapter 128 of the Admlnlstrative Code of the Codified Ordinances of the City of Lakewood, Ohio, as they have heretofore existed, shall not in any way affect any rights or obligations of the City, any taxpayer or any other person, official, or entity, with respect to the 1% municipal tax authorized by Sections 128.1302, 128.0502, 128.1902 and 128.0502 of Chapter 128 of the Administrative Code of the Codified Ordinances of the City of Lakewood established by the aforementioned ordinances.