(a) Every individual taxpayer who resides in the City, but who receives net profits, income, salaries, wages, commissions or other personal service compensation for work done or services performed or rendered outside of the City, if it is made to appear that he or she has paid a municipal income tax on such compensation to another municipality, shall be allowed a credit on the tax imposed by this chapter of the amounts so paid by him or her or on his or her behalf to the other municipality. The credit shall not exceed the lesser of the tax assessed by this chapter, or the tax assessed by such other municipality where tax was paid on the compensation and income earned in such other municipality.