(a) The portion of a net operating loss sustained in any taxable year subsequent to April 1, 1968, allocable to the City, may be applied against the portion of the profit of succeeding years allocable to the City until exhausted, but in no event for more than five taxable years. No portion of a net operating loss shall be carried back against net profits of any prior year.
(b) The portion of a net operating loss sustained shall be allocated to the City in the same manner as provided in this chapter for allocating net profits to the City.
(c) The Administrator shall provide, by rules and regulations, the manner in which such net operating loss carry-forward shall be determined.
(Ord. 371-68. Passed 2-28-68.)