31-15 Municipal Income Tax - Laserfiche WebLink

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(132) Add an amount equal to five per cent of intangible income de- ducted under division (4a)(Aj) of this section, but excluding that por- tion of intangible income directly related to the sale, exchange, or other disposition of property described in section 1221 of the Internal Reve- nue Code; (G3) Add any losses allowed as a deduction in the computation of fed- eral taxable income if the losses directly relate to the sale, exchange, or other disposition of an asset described in section 1221 or 1231 of the Internal Revenue Code; (D4) (iA) Except as provided in division (4a)(I)4 B) of this sec- tion, deduct income and gain included in federal taxable in- come to the extent the intone and gain directly relate to the sale, exchange, or other disposition of an asset described in section 1221 or 1231 of the Internal Revenue Code; (iiB) Division (fa)(D4)(iA) of this section does not apply to the extent the income or gain is income or gain described in section 1245 or 1250 of the Internal Revenue Code. (E5) Add taxes on or measured by net income allowed as a deduction in the computation of federal taxable income; (F6) hn the case of a real estate investment trust or regulated invest- ment company, add all amounts with respect to dividends to, distribu- tions to, or amounts set aside for or credited to the benefit of investors and allowed as a deduction in the computation of federal taxable in- come; (F7) Deduct, to the extent not otherwise deducted or excluded in com- puting federal taxable intone, any income derived from a transfer agreement or from the enterprise transferred under that agreement un- der section 4313.02 of the Ohio Revised Code; (118) (iA) Except as limited by divisions (4a)(II�(iii�, (iiiC) and (ivD) of this section, deduct any net operating loss incurred by the per- son in a taxable year beginning on or after January 1, 2017. The amount of such net operating loss shall be deducted from net profit that is reduced by exempt income to the extent nec- essary to reduce municipal taxable income to zero, with any remaining unused portion of the net operating loss carried forward to not more than five consecutive taxable years fol- lowing the taxable year in which the loss was incurred, but in no case for more years than necessary for the deduction to be fully utilized. (EB) No person shall use the deduction allowed by division (1)(H) of this section to offset qualifying wages. (iiiC) (ai) For taxable years beginning in 2018, 2019, 2020, 2021, or 2022, a person may not deduct, for purposes of an income tax levied by a municipal corporation that levies an income tax before January 1, 2016, more than fifty per cent of the amount of the deduc- tion otherwise allowed by division (4a)(118 )(iA) of this section. 24