(a) The portion of a net operating loss sustained in any taxable year (subsequent to the effective date of the first ordinance permitting loss carry forwards) allocable to the Municipality, may be applied against the portion of the profit of succeeding years, apportioned to the Municipality, until exhausted, but in no event for more than three taxable years. No portion of a net operating loss shall be carried back against the net profits of any prior year.
(b) The portion of a net operating loss sustained shall be apportioned to the Municipality in the same manner as provided in this section for apportioning net profits to the Municipality.
(c) Net operating losses cannot be used to offset wages, salaries, commissions or other compensation.
(Res. 29-00. Passed 12-12-00; Ord. 28-04. Passed 11-9-04.)