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?-?--?-?- <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2003 - 2 <br />BY: Council Member McKay <br />AN ORDINANCE AMENDING SECTION 1501.1901 OF THE CIT'Y TAXATION <br />CODE IN ORDER TO REDUCE THE TAX CREDIT FOR RESIDENTS OF THE <br />CITY WHO EARN INCOME IN ANOTHER MUNICIPALITY FROM ONE <br />HUNDRED PERCENT (100%) TO SEVENTY PERCENT (70%), AND <br />DECLARING AN EMERGENCY. <br />BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, <br />that: <br />SECTION 1: That Section 1501.1901 of the Taxation Code, entitled "TAX CREDIT," which <br />presently reads as follows: <br />"1501.1901 TAX CREDIT. <br />(a) When the taxable income of a resident of the City of North Olmsted is subject to a <br />municipal income tax in another municipality on the same income taxable under this Title, <br />such resident sha11 be allowed, as a credit against the tax imposed by this Title, a portion <br />of the amount of income tax paid on such taxable income to such other municipality, equal <br />to one hundred percent (100 %) of the product obtained by multiplying: <br />(1) The taxable income earned in or attributable to such other municipality, by <br />(2) The tax rate of such other municipality or, if that tax rate exceeds two percent (2 <br />by two percent (2%). <br />For the purposes of this 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) 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 entitled to such credit or refund and shall <br />be considered in violation of this Title for failure to file a return." <br />Shall be amended, and, as amended, shall read in its entirety as foliows: <br />"1501.1901 TAX CREDIT. <br />(a) When the taxable income of a resident of the City of North Olmsted is subject to a <br />municipal income tax in another municipality on the same income taxable under this Title, <br />such resident shall be allowed, as a credit against the tax imposed by this Title, a portian <br />of the amount of income tax paid on such ta.xable income to such other municipality, equal <br />?.? . w?...?,y..??..?. . _ .t..?_. . .?_, ..;.,