2023-143 Ordinance - Laserfiche WebLink

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(51) "Video lottery terminal sales agent" means a lottery sales agent licensed under Chapter 3770 of the ORC to conduct video lottery terminals on behalf of the state pursuant to Section 3770.21 of the ORC. (52) "Retirement benefit plan" means an arrangement whereby an entity provides benefits to individuals either on or after their termination of service because of retirement or disability. `Retirement benefit plan" does not include wage continuation payments, severance payments, or payments made for accrued personal or vacation time. 1501.03 IMPOSITION OF TAX The income tax levied by the City at a rate of two percent [2.0%] is levied on the Municipal Taxable Income of every person residing in and/or earning and/or receiving income in the City, Individuals. (A) For residents of the City, the income tax levied herein shall he on all income, salaries, qualifying wages, commissions, and other compensation from whatever source earned or received by the resident, including the resident's distributive share of the net profit of pass-through entities owned directly or indirectly by the resident and any net profit of the resident. This is further detailed in the definition of income (Section 1501.02 (C)(16)). (B) For nonresidents, all income, salaries, qualifying wages, commissions, and other compensation from whatever source earned or received by the nonresident for work done, services performed or rendered, or activities conducted in the municipal corporation, including any net profit of the nonresident, but excluding the nonresident's distributive share of the net profit or loss of only pass-through entities owned directly or indirectly by the nonresident. (C) For residents and nonresidents, income can be reduced to "Municipal Taxable Income" as defined in Section 1501.02 (Cx21). Exemptions which may apply are specified in Section 1501.02 (C)(12). Refundable credit for Nonoualifred Deferred Compensation Plan. (D)(1) As used in this division: (a) "Nonqualifted deferred compensation plan" means a compensation plan described in Section 3121(vx2)(C) of the Internal Revenue Code. (b) "Qualifying loss' means the amount of compensation attributable to a taxpayer's nonqualified deferred compensation plan, less the receipt of money and property attributable to distributions from the nonqualified deferred compensation plan. Full loss is sustained if no distribution of money and property is made by the nonqualified deferred compensation plan. The taxpayer sustains a qualifying loss only in the taxable year in which the taxpayer receives the final distribution of money and property pursuant to that nonqualified deferred compensation plan. (cxi) "Qualifying tax rate" means the applicable tax rate for the taxable year for the which the taxpayer paid income tax to the City with respect to any portion of the total amount of compensation the payment of which is deferred pursuant to a nonqualified deferred compensation plan. 15