2018 004 Ordinance - Laserfiche WebLink

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necessarv to reduce municipal taxable incoine to zero with anv remaining unused portion of the net operating loss cai7-ied foitivard to iiot more than five (5) consecutive taxable years following the taxable vear in which the loss was incurred but in no case for mare years than necessarv far the deduction to be fullv utilized. (ii) No person shall use the deduction allowed bv division (C)(24)(c) of this section to offset ualifyinwages. (iii)(a) For taxable years beginning in 2018 2019 2020 2021 or 2022 a person may not deduct more than fiftv percent (50%) of the amount of the deduction otherwise allowed bv division (C (24(c) of this section. _(b) For taxable years beginnuig in 2023 or thereafter, a person may deduct the full amount allowed by (C)(24)(c) of this section without regard to the limitation of division (C (24)(c)(iii)L of this section. iv Any pre-2017 net operating loss cairvforward deduction that is available mav be utilized before a taxpayer may deduct any amount pursuant to (C)(24)(c) of this section. (v) Nothing in division (C)(24)(c)(iii)(a) of this section precludes a person from carryuig forward for use with respect to any return filed for a taxable vear be ig nning after 2018 any amount of net operating loss that was not fully utilized bv operation of division (C)(24)(c)(iii)(a) of this sectioil. To the extent that an amount of net operating loss that was not fullv utilized iil one or more taxaUle years by operation of division (C)(1)(h)(iu)(a) of this section is carried forward for use with respect to a retuni filed for a taxable vear beginning in 2019, 2020, 2021, or 2022, the limitation described in division (C)(24)(c)(iii)(a) of this section shall apply to the ainount carried forward. (sd) For the purposes of this ordinance, and notwithstanding division (C)(24)(ab) of this section, net profit of a disregarded entity shall not be taxable as against that disregarded entity, but shall instead be included in the net profit of the owner of the disregarded entity. (de) A publiclv traded partnerslup that is treated as a partnership for federal uicoine tax purposes, and that is subiect to tax on its net profits by the Village, may elect to be treated as a C corporation for the Villne, and shall not be treated as the net profit or ulcome of any owner of the partnership. The election shall be made on the annual retuni for the Villape. the Village will treat the publicly traded partnership as a C corporation if the election is so made. (34) "PuUlicly traded partnership" means aU partnership, an interest in which is reaularly traded on an established securities market. A"publiclv traded partnership" may have anv number of partners. (35) "Qualifying wages" means wages, as defined in Section 3121(a) of the Internal Revenue Code, without regard to any wage limitations, adjusted as follows: (a) Deduct the following amounts: (i) Any amount included in wages if the amount constitutes compensation attributable to a plan or program described in Section 125 of the Internal Revenue Code.