(a) The portion of a net operating loss sustained in any taxable year allocable to the City may be applied against the portion of the profit of succeeding tax years allocable to the City until exhausted but in no event for more than one taxable year immediately following the year in which the loss occurred. No portion of a net operating loss shall be carried back against net profits of any prior year.
This loss carry-forward may be extended by the Tax Administrator for purposes of economic development. (Ord. 2005-132. Passed 12-6-05.)
(b) The portion of 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 Administrator shall provide by rules and regulations the manner in which such net operating loss carry-forward shall be determined.
(d) Only losses within the City will carry forward and those losses will only be recognized if prior year returns are filed timely, including those granted an extension to file.
(Ord. 1996-247. Passed 11-26-96.)
EXEMPTIONS