31-15 Municipal Income Tax - Laserfiche WebLink

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(bii) For taxable years beginning in 2023 or thereafter, a per- son may deduct, for purposes of an income tax levied by a municipal corporation that levies an income tax before Janu- ary 1, 2016, the full amount allowed by division (4e)(118)(iA) of this section. (ivD) Any pre -2017 net operating loss carryforward deduction that is available must be utilized before a taxpayer may deduct any amount pursuant to division (a4)(FI8) of this section. (NE) Nothing in division (4a)(D8)(iiLQ(aJ) of this section precludes a person from carrying forward, for use with respect to any return filed for a taxable year beginning after 2018, any amount of net operating loss that was not fully utilized by operation of division (4�(DS)(iiiC�(ai� of this section. To the extent that an amount of net operating loss that was not fully utilized in one or more taxable years by operation of division (4a)(118)(ii C)(ai) of this section is carried forward for use with respect to a return filed for a taxable year beghr- ning in 2019, 2020, 2021, or 2022, the limitation described in division (4a)(148)(iiX)(ai) of this section shall apply to the amount carried for- ward. (199) Deduct any net profit of a pass - through entity owned directly or indirectly by the taxpayer and included in the taxpayer's federal taxable income unless an affiliated group of corporations includes that net profit in the group's federal taxable income in accordance with division (13e)(3)(bB) of Section X4128.063 of this Chapter. (310) Add any loss inured by a pass - through entity owned directly or indirect- ly by the taxpayer and included in the taxpayer's federal taxable income unless an affiliated group of corporations includes that loss in the group's federal taxa- ble income in accordance with division (Be)(3)(bB) of Section 128.063 of this Chapter. If the taxpayer is not a C corporation, is not a disregarded entity that has made the election described in division (4-711)(W) of this section, is not a publicly traded partnership that has made the election described in division (23v)(D44) of this section, and is not an individual, the taxpayer shall compute adjusted federal taxable income under this section as if the taxpayer were a C corporation, except guaranteed payments and other similar amounts paid or accrued to a partner, former partner, shareholder, former shareholder, member, or former member shall not be allowed as a deductible expense unless such payments are in con- sideration for the use of capital and heated as payment of interest under section 469 of the Internal Revenue Code or United States treasury regulations. Amounts paid or accrued to a qualified self - employed retirement plan with re- spect to a partner, fommer partner, shareholder, former shareholder, member, or former member of the taxpayer, amounts paid or accrued to or for health insur- ance for a partner, former partner, shareholder, former shareholder, member, or former member, and amounts paid or accrued to or for life insurance for a part- ner, former partner, shareholder, former shareholder, member, or former mem- ber shall not be allowed as a deduction. Nothing in division (4a) of this section shall be construed as allowing the tax- payer to add or deduct any amount more than once or shall be construed as al- lowing any taxpayer to deduct any amount paid to or accrued for purposes of federal self - employment tax. 25