04-18 Amend Municipal Net Profit Taxes 128.22 - 128.2215

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(A) Exclude the pass - through entity's net profit or loss from the consolidated federal taxable income of the affiliated group and, for the purpose of making the computations required in section 128.2202 of the Codified Ordinances, exclude the property, payroll, and gross receipts of the pass - through entity in the computation of the affiliated group's net profit sitused to a municipal corporation. If the entity's net profit or loss is so excluded, the entity shall. be subject to taxation as a separate taxpayer on the basis of the entity's net profits that would otherwise be included in the consolidated federal taxable income of the affiliated group. (B) Include the pass - through entity's net profit or loss in the consolidated federal taxable income of the affiliated group and, for the purpose of making the computations required in section 128.2202 of the Codified Ordinances, include the property, payroll, and gross receipts of the pass - through entity in the computation of the affiliated group's net profit sitused to a municipal corporation. If the entity's net profit or loss is so included, the entity shall not be subject to taxation as a separate taxpayer on the basis of the entity's net profits that are included in the consolidated federal taxable income of the affiliated group. (4) If the net profit or loss of a pass - through entity having less than eighty per cent of the value of its ownership interest owned or controlled, directly or indirectly, by an affiliated group of corporations is included in that affiliated group's consolidated federal taxable income for a taxable year, all of the following shall apply: (A) The corporation filing the consolidated tax return shall exclude the pass - through entity's net profit or loss from the consolidated federal taxable income of the affiliated group and, for the purposes of making the computations required in section 128.2202 of the Codified Ordinances, exclude the property, payroll, and gross receipts of the pass - through entity in the computation of the affiliated group's net profit sitused to a municipal corporation; (B) The pass - through entity shall be subject to municipal income taxation as a separate taxpayer in accordance with sections 128.22 to 128.2215 of the Codified Ordinances on the basis of the entity's net profits that would otherwise be included in the consolidated federal taxable income of the affiliated group. (1) Corporations filing a consolidated tax return shall make the computations required under section 128.2202 of the Codified Ordinances by substituting "consolidated federal taxable income attributable to" for "net profit from" wherever "net profit from" appears in that section and by substituting "affiliated group of corporations" for "taxpayer" wherever "taxpayer" appears in that section. (g) Each corporation filing a consolidated tax return is jointly and severally liable for any tax, interest, penalties, fines, charges, or other amounts applicable under section 128.22 to 128.2215 of the Codified Ordinances or Chapter 5703. of the Revised Code to the corporation, an affiliated group of which the corporation is a member for any portion of the taxable year, or any one or more members of such an affiliated group. 128.2207 FAILURE TO PAY TAX.