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s- , CITY OF NORTH OLMSTED 9 ~7 ~f ORDINANCE N0. 87-81 /. I I . BY : [~(/ AN ORDINANCE TO AMEND SECTION 1501.1901 OF THE CODIFIED ORDINANCES OF THE CITY OF NORTH OLMSTED, OHIO, IN ORDER TO PROVIDE FOR A SEVENTY-FIVE PERCENT MUNICIPAL INCOME TAX CREDIT WITH A CREDIT LIMIT OF SEVENTY-FIVE PERCENT OF ONE PERCENT OF TAXABLE INCOME, AND DECLARING AN EMERGENCY. BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Section 1501.1901 of the Codified Ordinances of the City of North Olmsted, Ohio, as established by Ordinance No. 67-70, passed May 16, 1967, as amended by Ordinance No. 82-94, passed December 21, 1982, is hereby amended to read as follows: "1501.1901 TAX CREDIT. (a) When the taxable income of a resident of the City of North Olmsted is subject to a municipal income tax in another municipality on the same income taxable under this Title, such resident shall be allowed, as a credit against the tax imposed by this Title, a portion of the amount of income tax paid on such taxable income to such other municipality equal to seventy-five percent (75%) of the amount obtained by multiplying the lower of the tax rate of such other municipality or one percent (1X) by the taxable income earned in or attributable to such other municipality. 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) A 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 or 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. Effective January 1, 1988, Section 1501.1901 of the Codified Ordinances of the City of North Olmsted, Ohio, as established by Ordinance No. 67-70, passed May 16, 1967, as amended by Ordinance No. 82-94, passed December 21, 1982, as it has heretofore existed, is hereby repealed. No provision of this ordinance, including the repeal of Section 1501.1901 of the Codified Ordinances of the City of North Olmsted, Ohio, as it has heretofore existed, shall in any way affect any rights or obligations of the City of North Olmsted, any taxpayer, or any other person, official or entity, with respect to the fifty percent credit authorized by Section 1501.1901 of the Codified Ordinances of the City of North Olmsted, Ohio, as it has heretofore existed. ,.