(a) Filing of consolidated returns may be permitted or required in accordance with Rules and Regulations prescribed by the Administrator.
(b) In the case of a corporation that carried on transactions with its stockholders or with other corporations related by stock ownership, interlocking directorates or some other method, or in the case any person operates a division, branch, factory, office, laboratory or activity within the City constituting a portion only of its total business, the Administrator shall require such additional information as he may deem necessary to ascertain whether net profits are properly allocated to the City. If the Administrator finds that net profits are not properly allocated to the City by reason of transactions with stockholders or with other corporations related by stock ownership, interlocking directorates or transactions with such division, branch, factory, office, laboratory or activity or by some other method, he shall make such allocation as he deems appropriate to produce a fair and proper allocation of net profits to the City.
(c) On and after January 1, 2003, if the City at the time imposes a tax on the income or net profits of corporations, the Administrator shall accept for filing a consolidated income tax return from any affiliated group of corporations subject to the City’s income tax if that affiliated group filed for the same tax reporting period a consolidated return for federal income tax purposes pursuant to Section 1501 of the Internal Revenue Code of 1986, as amended, or any successor code or statute thereto.
(Ord. 7464-02. Passed 5-6-02.)