2023-143 Ordinance - Laserfiche WebLink

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(ii) If different tax tales applied for different taxable years, then the "qualifying rax rate' is a weighted average of those different tax rates. The weighted average shall be based upon the tax paid to the City each year with respect to the nonqualified deferred compensation plan. (d) "Refundable credit" means the amount of the City income tax that was paid on the non -distributed portion, if any, of a nonqualified deferred compensation plan. (2) If, in addition to the City, a taxpayer has paid tax to other municipal corporations with respect to the nonqualified deferred compensation plan, the amount of the credit that a taxpayer may claim from each municipal corporation shall be calculated on the basis of each municipal corporation's proportionate share of the total municipal corporation income tax paid by the taxpayer to all municipal corporations with respect to the nonqualified deferred compensation plan. (3) In no case shall the amount of the credit allowed under this section exceed the cumulative income tax, that a taxpayer has paid to the City for all taxable years with respect to the nonqualified deferred compensation plan. (4) The credit allowed under this division is allowed only to the extent the taxpayer's qualifying loss is attributable to: (a) The insolvency or bankruptcy of the employer who had established the nonqualified deferred compensation plan; or (b) The employee's failure or inability to satisfy all of the employer's terms and conditions necessary to receive the nonqualified deferred compensation. Domicile. (Exl)(a) An individual is presumed to be domiciled in the City for all or part of a taxable year if the individual was domiciled in the City on the last day of the immediately preceding taxable year or if the Tax Administrator reasonably concludes that the individual is domiciled in the City for all or part of the taxable year. (b) An individual may rebut the presumption of domicile described in division (Exl)(a) of this section if the individual establishes by a preponderance of the evidence that the individual was not domiciled in the City for all or part of the taxable year. (2) For the purpose of determining whether an individual is domiciled in the City for all or part of a taxable year, factors that may be considered include, but are not limited to, the following: (a) The individual's domicile in other taxable years; (b) The location at which the individual is registered to vote; (c) The address on the individual's driver's license; (d) The location of real estate for which the individual claimed a property tax exemption or reduction allowed on the basis of the individual's residence or domicile; E.