5477 - 80 Declare necessity of election to raise muni income tax

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128.1902 TAX CREDIT. (al When the taxable income of a resident of the Ci~ of Lakewood is subject to a municipal income tax in another municipality on the same income taxable under this Chapter, such resident shall be allowed a c~edit of the amount of income tax paid on such taxable income to such other municipality, equal to fifty percent of the amount obtained by multiplying the lower ef the tax rate of such other municipality or of the City of Lakewood by the t&xable income earned in or attributable to the municipality of employment or Ibusiness activity but, in any event, such credit shall not be applied to a rate lin excess of 1% of the taxable income earned in or attributable to the municipality of employment or business activity. For the purposes of this section taxabl~income shall include the distributive share of net profits of a resident partner or Owner of an unincorporated business entity. (b) A claim for credit or refund under this section ~hall be made in such manner as the Administrator may by regulation provide. Inl the even~ such Lakewood resident fails, neglects, or refuses to file an annual ~eturn or declaration on the form prescribed by the Administrator, he sha~l not be entitled to such credit or refund and shall be considered in violation o~ this Chapter for failure to file a return. Section 5. That existing Sections 128.0501, 128.1302~ 128.0502 and 128.1902 of Chapter 128 of the Administrative Code of the Codified Ordinances Of the City of Lakewood be and the same are hereby repealed effective January 1, 1981 subject to the approval of the electors of the City of Lakewoodl as provided in Section718.0! of the Ohio Revised Code; provided, however, thatlif such approval is not obtained the aforementioned sections shall remain in full force and effect as presently written. Section 6. Effective January 1, 1981, Sections 128.0501, 128.1302, 128.1902 and 128.0502 of Chapter 128 of the Administrative Codelof the Coai~ed Ordinances of the City of Lakewood as established by Ordinance ~3-71 adopted December 2D, 1971, Ordinance 6-75 adopted March 3, 1975 and Ordinance 34-67 adopted June Ig, 1967, as they have heretofore existed, are hereby repealed. Provided, however, that no provision of this ordinance including the repealing of Sections 128.0501, 128.1302, 128.1902 and 128.0502 of Chapter 128 of the Administrative Code of the Codified Ordinances of the City of Lakewood, Ohio, as they have heretofore existed, shall in any way affect any rights or obligations of the City, any taxpayer or any other person, official, or entity, with respect to the 1% municipal tax authorized by Sections 128.1302, 128.05~2, 128.1902 and 128.0502 of Chapter 128 of the Administrative Code of the Codified Ordinances of the City of Lakewood established bythe aforementioned ordinances. Section 7. That it is found and determined that all Iformal actions of this Council concerning and relating to the passage of thislordinance were adopted in an open meeting of this Council, and that all such deliberations of this Council and of any of its committees that resulted in suc~ formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code. Section 8. That this ordinance having been declared Ito be an emergency measure for the reasons stated in the preamble hereof and provided it receives the affirmative vote of two-thirds of all members elected to CoUncil, it shall take effect and be in force immediately upon its adoption and approval by the Mayor; otherwise it shall take effect and be in force from and ~fter the earliest period allowed by law.