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r- <br />-? l <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2008 -164 <br />BY: Mayor O'Grady <br />A.N ORDINANCE AMENDING SECTION 1501.1901 OF THE CITY TAXATION <br />CODE IN ORDER TO TEMPORARIL Y RED UCE THE TAX CREDIT FOR <br />RESIDENTS OF THE CITY WHO EARN INCOME IN ANOTHER <br />MUNICIPALITY FROM ONE HUNDRED PERCENT (1009/6) TO FIFTY <br />PERCENT (50%), AND DECLARING AN EMERGENCY. <br />BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, <br />Ohio, that: <br />SECTION L• That Section 1501.1901 of the Taxation Code, entitled "TAX CREDIT," <br />which presently reads as follows: <br />"1501.1901 TAX CREDIT. <br />(a) When the taxable income of a resident of the City of North Olmsted is subject to a <br />municipal income tax in another municipality on the same income taxable under this <br />Title, such resident shall be allowed, as a credit against the tax imposed by this Title, a <br />portion of the amount of income tax paid on such taxable income to such other <br />municipality, equal to one hundred percent (100 %) of the product obtained by <br />multiplying: <br />(1) The taxable income earned in or attributable to such other municipality, by <br />(2) The tax rate of such other municipality or, if that tax rate exceeds two percent (2 %), <br />by two percent (2%). <br />For the purposes of this section, taxable income includes the distributive share of net <br />profits of a resident partner or <br />owner of an unincorporated business entity. <br />(b) A claim for credit or refund under this section shall be made in such manner as the <br />Administrator may by regulation provide. In the event such City of North Olmsted <br />resident fails, neglects or refuses to file an annual return or declaration on the form <br />prescribed by the Administrator, he shall not be entitled to such credit or refund and shall <br />be considered in violation of this Title for failure to file a return." <br />Be amended, and, as amended, shall read in its entirety as follows: <br />"1501.1901 TAX CREDIT. <br />(a) Except as provided in paragraph (b) below, w-When the taxable income of a <br />resident of the City of North Olmsted is subject to a municipal income tax in another <br />municipality on the same income taxable under this Title, such resident shall be allowed, <br />as a credit against the tax imposed by this Title, a portion of the amount of income tax <br />paid on such taxable income to such other municipality, equal to one hundred percent <br />(100 %) of the product obtained by multiplying: <br />(1) The taxable income earned in or attributable to such other municipality, by <br />(2) The tax rate of such other municipality or, if that tax rate exceeds two percent (2 %), <br />by two percent (2%).