Label
TMC Chapter 1905
Finance-Taxation
Thomas Skrobola (x1648)
(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:
On October 2019, the Ohio General Assembly passed and enacted HB 166 ("budget bill"), which made various changes to municipal income taxing authority specifically exempting supplemental executive retirement plans from tax and adding municipal authority for background checks when certain individuals handle federal tax information. These changes are effective January 1, 2020. This Ordinance seeks to make various amendments necessitated by changes to state law caused by the budget bill.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That Section 1905.02(C)(29) of the Toledo Municipal Code which reads as follows:
1905.02 Definitions and Usage...
(C) As used in this Chapter:
(29) "Pension" means any amount paid to an employee or former employee that is reported to the recipient on an IRS form 1099-R, or successor form. Pension does not include deferred compensation, or amounts attributable to nonqualified deferred compensation plans, reported as FICA/Medicare wages on an IRS Form W-2, Wage and Tax Statement, or successor form.
is repealed.
SECTION 2. That a new Section 1905.02(C)(29) of the Toledo Municipal Code which reads as follows:
1905.02 Definitions and Usage...
(C) As used in this Chapter:
(29) "Pension" means the following:
(a) Any amount paid to an employee or former employee that is reported to the recipient on an IRS form 1099-R, or successor form. Pension does not include deferred compensation, or amounts attributable to nonqualified deferred compensation plans, reported as FICA/Medicare wages on an IRS Form W-2, Wage and Tax Statement, or successor form. (Effective for ta...
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