04-18 Amend Municipal Net Profit Taxes 128.22 - 128.2215

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(c) "Taxpayer" has the same meaning as in section 128.03 tt (1)of the Codified Ordinances, except that "taxpayer" does not include natural persons or entities subject to the tax imposed under Chapter 5745. of the Revised Code. "Taxpayer" may include receivers, assignees, or trustees in bankruptcy when such persons are required to assume the role of a taxpayer. (d) "Tax return" or "return" means the notifications and reports required to be filed pursuant to sections 128.22 to 128.2215 of the Codified Ordinances for the purpose of reporting municipal income taxes, and includes declarations of estimated tax. (e) "Taxable year" means the calendar year or the taxpayer's fiscal year ending during the calendar year, or fractional part thereof, upon which the calculation of the taxpayer's adjusted federal taxable income is based pursuam to this chapter. If a taxpayer's taxable year is changed for federal income tax purposes, the taxable year for purposes of sections 128.22 to 128.2215 of the Codified Ordinances is changed accordingly but may consist of an aggregation of more than one taxable year for federal income tax purposes. The tax commissioner may prescribe by rule an appropriate period as the taxable year for a taxpayer that has had a change of its taxable year for federal income tax proposes, for a taxpayer that has two or more short taxable years for federal income tax purposes as the result of a change of ownership, or for a new taxpayer that would otherwise have no taxable year. (f) "Assessment" means a notice of underpayment or nonpayment of a tax issued pursuant to section 128.2210 of the Codified Ordinances. 128.2202 APPLICABILITY;. TAXABLE SITUS; APPORTIONMENT. This section applies to any taxpayer that is engaged in a business or profession in the City and that has made the election under section 128.22 of the Codified Ordinances. (a) Except as otherwise provided in subsection (b) of this section, net profit from a business or profession conducted both within and without the boundaries of the City shall be considered as having a taxable situs in the City for purposes of municipal income taxation in the same proportion as the average ratio of the following: (1) The average original cost of the real property and tangible personal property owned or used by the taxpayer in the business or profession in the City during the taxable period to the average original cost of all of the real and tangible personal property owned or used by the taxpayer in the business or profession during the same period, wherever situated. As used in the preceding paragraph, tangible personal or real property shall include property rented or leased by the taxpayer and the value of such property shall be determined by multiplying the annual rental thereon by eight; (2) Wages, salaries, and other compensation paid during the taxable period to individuals employed in the business or profession for services performed in the City to wages, salaries, and other compensation paid during the same period to individuals employed in the business or profession, wherever the individual's services are performed, excluding compensation from which taxes are not required to be withheld under section 128.052 of the Codified Ordinances;