(a) “Pre-2017 net operating loss carryforward” means any net operating loss incurred in a taxable year beginning before January 1, 2017, to be carried forward and utilized to offset income or net profit generated in such Municipality in future taxable years.
(b) For the purpose of calculating municipal taxable income, any “pre-2017 net operating loss carryforward” may be carried forward to any taxable year, including taxable years beginning in 2017 or thereafter, for the number of taxable years provided in the resolution or ordinance or until fully utilized, whichever is earlier.
(Ord. 9984-2015. Passed 12-15-15.)