(A) Every individual taxpayer who resides in the City, who receives municipal taxable income for work done or services performed or rendered in another municipality or unincorporated area comprising a Joint Economic Development District and who has paid an income tax directly to such municipality or Joint Economic Development District on such municipal taxable income shall be allowed a credit on the amount paid to such other municipality or Joint Economic Development District up to a maximum levy of 2.5%; provided, however, such credit shall only be allowable to the extent such tax is paid to another municipality or Joint Economic Development District on the municipal taxable income subject to the tax imposed by this chapter; and provided further that no credit shall be allowed for any overpayment of tax to another municipality or Joint Economic Development District. The credit shall not exceed the 2.5% tax assessed by this chapter on such municipal taxable income earned in such municipality or Joint Economic Development District where such tax is paid.
(B) Every partner of a partnership, member of a limited liability company, shareholder of an S corporation, or other person with an ownership interest in a pass-through entity shall be allowed a credit on the tax imposed by this chapter for taxes paid to another municipal corporation by a pass-through entity that does not conduct business in the City. The amount of the credit shall equal the lesser of the following amounts, not to exceed the 2.5% tax assessed by this chapter:
(1) The owner's proportionate share of the amount, if any, of tax paid by the pass-through entity to another municipal corporation on income subject to the tax imposed by this chapter.
(2) The owner's proportionate share of the amount of tax that would be imposed on the pass-through entity by the City if the pass-through entity conducted business in the City.
(C) Every individual taxpayer who has paid an income tax to another municipality or Joint Economic Development District on income subject to the tax imposed by this chapter shall be allowed a nonrefundable credit on the amount paid to such municipality or Joint Economic Development District if the City imposes the tax after the time period allowed for a refund of the tax by such municipality or Joint Economic Development District, pursuant to the provisions of division 182.084 of this section. (Ord. 128-2018. Passed 6-18-18.)