2008-164 Ordinance - Laserfiche WebLink

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Ordinance No. 2008-164 For the purposes of this section, taxable income includes the distributive share of net profits of a resident partner or owner of an unincorporated business entity. (b) For the vears 2009 through 2012 inclusive, the tax credit for residents provided for in the paragraph (a) as forth above shall be reduced from one hundred percent (100%) to fiftv percent (50%) For the vear 2013 and thereafter, the tax credit shall return to one hundred percent (100%). LciA claim for credit or refund under this section shall be made in such manner as the Administrator may by regulation provide. In the event such City of North Olmsted resident fails, neglects or refuses to file an annual return ar declaration on the form prescribed by the Administrator, he shall not be entitled to such credit or refund and shall be considered in violation of this Title for failure to file a return." SECTION 2: That the operation of any Ordinance, or part of any Ordinance in conflict or inconsistent with any provision of this Ordinance is, to the extent of any such conflict or inconsistency, repealed. SECTION 3: That this legislation is hereby declared to be an emergency measure immediately necessary for the preservation of the public health, safety and welfare, and for the further reason that it is necessary that this legislation go into effect immediately in order to enable the City to begin in 2009 collecting additional taxes needed to address the current economic crisis facing the City, and further provided it receives the affirmative vote of two-thirds of all members of Council, it shall take effect and be in force immediately upon its passage by Council and approval by the Mayor. , 2 PASSED: First Reading: Second Reading: I I&I o `1 Third Reading,- -?, Committee: '.?- k- ATTEST.• BARBARA L. SEMAN Clerk of Council KEVIN M. KENNEDY President of Council APPROVED: APPROVED AS TO LEGAL FORM.• s/James M. Dubelko MAYOR THOMAS E. O'GRADY JAMES M. DUBELKO Director of Law 2