(a) Effective January 1, 2009 the City of Bedford will not allow net operating loss carry forwards. Additionally, any prior year(s) net operating loss carry forwards will not be allowed to be applied beyond the calendar year 2009. No portion of a net operating loss shall be carried back against net profits of any prior year. No portion of a net operating loss of one business allocable to the City shall be applied against the portion of the net profits or net income of another business allocable to the City, including, but not limited to, the net income from rental property of another business, in such year or in any prior or succeeding year.
(b) The portion of net operating loss sustained shall be allocated to the City in the same manner as provided herein for allocating net profits to the City.
(Ord. 8481-09. Passed 9-21-09.)