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201901864
| 1 | | Ordinance | ORDINANCE, (EMERGENCY) submitted by Patrick A. Duhaney, City Manager, on 12/18/2019, MODIFYING the provisions of Title III, ôFinancial, Personnel, Procurement and real Property Procedures,ö by ORDAINING new Section 311-9-R6, ôRetirement Benefit Plan,ö and by AMENDING Section 311-9-P2, ôPension,ö of Chapter 311, ôCity of Cincinnati Income Tax,ö of the Cincinnati Municipal Code to make changes necessary because of recent changes to Ohio law regarding the taxation of supplemental executive retirement plans. Modifications to the definitions in Cincinnati Municipal Code (ôCMCö) Chapter 311 are necessary to ensure uniformity with Ohio law regarding the taxation of supplemental executive retirement plans (ôSERPsö), income from which is no longer taxable by Ohio municipalities under Ohio Revised Code Chapter 718, ôMunicipal Income Taxesö. Included in the Ohio Biennial Budget Bill 166 passed in July 2019 was language exempting SERP income from local taxation beginning with tax year 2020. CMC Section 311-15(a) already exempts ôpensionsö from taxable income for purposes of the CityÆs income ta | | |
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