Label
Amend TMC Chapter 1905
Finance/Taxation
Campbell (x1252)/Zawisza (x1664)
Revised
Title
Repealing various sections of Chapter 1905 of the Toledo Municipal Code "Income Tax"; enacting new sections of Chapter 1905 of the Toledo Municipal Code "Income Tax"; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
H.B. 33 was enacted July 4, 2023, which directly effects the city's tax code on and after its effective date of October 3, 2023. This ordinance seeks to make various amendments to the Toledo Municipal Code necessitated by these state law changes. These amendments include adding an age exemption for under persons under 18, allowing businesses to apportion net profits to either a "reporting location" or a remote work location, extending the net profit due date, and modifying the late filing fee from a max of $150 to a max of $25 per occurrence.
Summary
NOW, THEREFORE, Be it ordained by the council of the City of Toledo:
SECTION 1. That TMC Section 1905.02(12) which reads as follows:
(12) "Exempt income" means all of the following:
(a) The military pay or allowances of members of the armed forces of the United States or members of their reserve components, including the national guard of any state.
(b) Intangible income.
(c) Social security benefits, railroad retirement benefits, unemployment compensation, pensions, retirement benefit payments, payments from annuities, and similar payments made to an employee or to the beneficiary of an employee under a retirement program or plan, disability payments received from private industry or local, state, or federal governments or from charitable, religious or educational organizations, and the proceeds of sickness, accident, or liability insurance policies. As used in division (C)(12)(c) of this section, "unemployment compensation" does not include supplemental unemployment compensation described in Section 3402(o)(2) of the Internal Revenue Code.
(d) The inc...
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