(a) Effective for the tax years beginning after December 31, 1992, net losses from non- wage sources shall not be allowed a direct deduction from taxable W-2 wage income.
(b) Non-wage income sources shall be defined as any of the following:
Federal Schedule C | Sole Proprietorship Income/Loss |
Federal Schedule F | Farm Income/Loss |
Federal Schedule E | Rental Income/Loss |
Federal Schedule E | Partnership Income/Loss |
(c) Non-wage losses may be used as a direct offset of non-wage income, and any excess loss in a tax year may be carried forward for a period up to seven years in order to offset future taxable non-wage income. (Ord. 9-93. Passed 9-7-93.)