(a) The portion of a net operating loss sustained in any taxable year subsequent to (effective date of "first" ordinance permitting loss carry-forwards) allocable to the City may be applied against the portion of the profit of succeeding year(s) 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 herein for allocating net profits to the City.
(c) The Director of the Department of Taxation shall provide by rules and regulations the manner in which such net operating loss carry-forward shall be determined.
(Ord. 4708-1974. Passed 12-3-74; Ord. 7905-1993. Passed 1-4-94.)