2023-143 Ordinance - Laserfiche WebLink

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commissions and other compensation, and on net profits as hereinafter provided. This Ordinance is to have prospective application only. Salaries, wages, commissions and other compensation, together with net profits, or any other income subject to the North Olmsted municipal income tax and earned in and prior to the year 2015 shall be governed by Chapter 15, Title One of the Codified Ordinances, titled "Taxation Code; Municipal Income Tax" as it existed immediately prior to the effective date of this Chapter." There shall be and is hereby levied a tax on salaries, wages, commissions and other compensation, and on net profits as hereinafter provided, to provide funds for the City of North Olmsted to be allocated for use as follows: (a) Fifteen percent (15%) to pay costs of services and facilities for solid waste management, recycling and disposal; (b) Fifteen percent (15%) to pay costs of any permanent improvements for the City including permanent improvements to the City's street and storm water drainage systems, the payment of debt charges on bonds and notes issued after 1990 for those purposes, and costs of maintaining the City's street and storm water drainage systems and related equipment; and (c) The balance to pay costs of general municipal functions of the City. (B) (1) The annual taxis levied ata rate of 2% (two percent). The tax is levied at a uniform rate on all persons residing in or earning or receiving income in North Olmsted. The tax is levied on income, qualifying wages, commissions and other compensation, and on net profits as hereinafter provided in Section 1501.03 of Chapter 1501 and other sections as they may apply. (2) Intentionally left blank. (C) The tax on income and the withholding tax established by this Ordinance 2023-143 are authorized by Article XVIII, Section 3 of the Ohio Constitution. The tax is levied in accordance with, and is intended to be consistent with, the provisions and limitations of Ohio Revised Code 718. 1501.02 DEFINITIONS. (A) Any term used in this Chapter that is not otherwise defined in this Chapter has the same meaning as when used in a comparable context in laws of the United States relating to federal income taxation or in Title LVII of the ORC, unless a different meaning is clearly required. If a term used in this Chapter that is not otherwise defined in this Chapter is used in a comparable context in both the laws of the United States relating to federal income tax and in Title LVII of the ORC and the use is not consistent, then the use of the term in the laws of the United States relating to federal income tax shall control over the use of the term in Title LVII of the ORC. (B) The singular shall include the plural, and the masculine shall include the feminine and the gender - neutral. (C) As used in this Chapter: (1) "Adjusted federal taxable income" for a person required to file as a C corporation, or for a person that has elected to he taxed as a C corporation under (C)(24xe) of this division, means a C corporation's federal taxable income before net operating losses and special deductions as determined under the Internal Revenue Code, adjusted as follows: