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?- <br />. <br />? <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 82-94 <br />BY . ? ? <br />AN OR.DINANCE AMENDING SECTION 1501.1901 OF THE <br />CODIFIED ORDINANCES OF THE CITY OF NORTH OLMSTED <br />ENTITLED "TAX CREDIT" OF CHAPTER 1501.19 ENTITLED <br />"TAX PAYERS RELIEF", AND DECLARING AN EMERGENCY, AS ATZENDED. <br />WHEREAS, the Council has deemed it advisable to reduce <br />the income tax credit for the purpose of raising additional funds <br />to pay for, among other things, the construction of a Bus Garage, <br />Service Garage, and general Administration Building. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY <br />OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION l: That Section 1501.1901, entitled "Tax Credit" <br />which now reads: <br />1501.1901 Tax Credit. <br />(a) When the taxable income of a resident of the City of <br />North Olmsted is subject to a municipal income tax in another <br />municipality on the same income taxable under this Title, such <br />resident shall be allowed a credit of the amount of income tax <br />paid on such taxable income to such other municipality, ec{ual to <br />seventy-five percent of the amount obtained by multiplying the <br />lower of the tax rate of such other municipality or of the City of <br />North Olmsted by the taxable income earned in or attri.butable to <br />the municipality of employment or business activity. For the <br />purposes of this section, taxable income includes the distributive <br />share of net profits of a resident partner or owner of an unincor- <br />porated business entity. <br />(b) A claim for credit or refund under this section shall <br />be made in such manner as the Administrator may by regulation <br />provide. In the event such City of North Olmsted resident fails, <br />neglects or refuses to file an annual return or declaration on the <br />form prescribed by the Administrator, he shall not be entitled to <br />such credit or rEfund and shall be considered in violation of this <br />Title for failure to file a return. <br />be and the same is hereby amended, and as amended, shall read as <br />follows: <br />1501.1901 Tax Credit. <br />(a) When the taxable income of a resi.dent of the City of <br />North Olmsted i.s stzbject to a municipal income tax in another muni- <br />cipality on the same income taxable under this Title, such resident <br />shall be allowed a credi.t of the amount of income tax paid on such <br />taxable income to such other municipality, ec{ual to £ifty percent <br />of the amount obtained by multiplying the lower of the tax rate of <br />such other municipality or of the City of North Olmsted by the <br />taxable income earned in or attributable to the municipality of <br />employment or business activity. For the purposes of this section, <br />taxable income includes the distributive share of net profit of <br />a resident partner or owner of an unincorporated business entity.