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??. <br />Ordinance No. 2003-2 <br />to one hundred percent (100 %) of the product obtained by multiplying: <br />(1) The taxable income eamed in or attributable to such other municipality, by <br />(2) The tax rate of such other municipality ar, if that tax rate exceeds two percent (2 <br />by two percent (2%). <br />For the purposes of tlus 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) For;the year 2043 only,'the tax credit for residents provided far in the paragraph (a) as <br />fflrth aliovesha11 be reducecl from one hundred pe?nt (1i?0°oj tosev?ty Pt*,rcent (7OiDfa}; <br />(c) 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 eirtitled to such credit or refund and shall <br />be considered in violation of this Title for failure to file a return." <br />SECTION 2: That the operation of any Ordinance, or part of any Ordina.nce in conflict or <br />inconsistent with any provision of this Ordinance is, to the extent of any such conflict or <br />inconsistency, repealed. <br />SECT70N 3: That this legislation is hereby declazed to be an emergency measure imrnediately <br />necessary for the preservation of the public heahh, safety and welfare, and for the further reason that <br />it is necessary that this legislation go into effect imrnediately in order to effectuate collection of taxes <br />as soon as possible, and further provided it receives the affirmative vote of two-thirds of a11 members <br />of council, it sha11 take effect and be in force immediately upon its passage by Council and approval <br />by the Mayor. <br />PASSED: First Reading: I ? 3 <br />Second Reading: _ ? 3 0 3 <br />Third Readin : <br />Committee: ??? ?;-Cc= <br />ATTEST.• <br />BARBARA L. SEMAN THOMAS E. O'GRADY <br />Clerk of Council Presid8nt of Council <br />APPROVED: APPROVED AS TO LEGAL FORM.• <br />s/James M. Dubelko <br />MAYDR NORMANMUSIAL JAMESM. DUBELKO <br />Director of Law <br />2