71-10 Amend Chpt 128, Municipal Income Tax

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representatives) constitutes a business activity of the taxpayer in whole or in part. (b) Where the gross monthly rental of any and all real properties regardless of number and value, aggregates in excess of two hundred fifty dollars ($250.00) per month, it shall be prima-facie evidence that the rental, ownership, management or operatioh of such properties is a business activity of such taxpayer, and the net income of such rental property shall be subject to tax; m the case of commercial property, the owner shall be considered engaged in a business activity when the .rental is based on a fixed or fluctuating percentage of gross or net sales, receipts or profits of the lessee, whether or not such rental exceeds two hundred fifty dollars ($250.00) per month; in the case of farm property, the owner shall be considered engaged in a business activity when he shares in crops or when the rental is based on a percentage of the gross or net receipts derived from the farm, whether or not the gross income exceeds two hundred fifty dollars ($250.00) per month• the person who operates a licensed rooming house shall be considered in business whether or not the gross income exceeds two hundred fifty dollars ($250.00) per month. 128.0705 OPERATING LOSS CARRY FORWARD. (a) The portion of a net operating loss sustained in any taxable year subsequent to July 1, 1967, allocable to the Cittyy may be applied against the portion of the profit of succeeding tax years allocable to the City, until exhausted but in no event for more than five taxable years immediately following the year in which the loss occurred. IVo portion of a net operating loss shall be carried back against net profits of any prior year. (b) The portion of net operating loss sustained shall be allocated to the City in the same manner as provided herein for allocating net profits to the City. (c) The Administrator shall provide by rules and regulations the manner in which such net operating loss carry forward shall be determined. EXEMPTIONS 128.0901 SOURCES OF INCOME NOT TAXED. The tax provided for herein shall not be levied on the following: (a) Pay or allowance of active members of the armed forces of the United States or the income of religious, fraternal, charitable, 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. (b) Poor relief, unemployment insurance benefits, old age pensions or similar payments including disability benefits received from local, state or federal governments or charitable, religious or educational organizations. (c) Proceeds of insurance paid by the death of the insured; pensions, disability benefits, annuities or gratuities not in the nature of compensation for services rendered from whatever source derived. (d) Receipts from seasonal or casual entertainment, amusements, sports events and health and welfare activities when any such are conducted by bona fide charitable, religious or educational organizations and associations. (e) Alimony received. f) Personal earnings of any natural person under eighteen years of age. g) Compensation for personal injuries or for damages to property by way of insurance or otherwise. (h) Interest, dividends and other revenue from intangible property.