(A) A resident of the Municipality who is required to and does pay, or acknowledges liability for, a municipal tax on or measured by income, to another municipality upon the same income taxable under this Chapter, may claim a credit for one-half of the first one percent (1%) of tax paid by him or her or on his or her behalf to such other municipality, but not in excess of fifty percent (50%) of the tax assessed by this Chapter on such income. For the purposes of this section, taxable income shall include the distributive share of the net profits of a resident partner or owner of an unincorporated business entity. However, a resident of the Municipality shall not be entitled to such credit if he or she fails, neglects or refuses to timely file a return or form as is prescribed by the Tax Administrator and/or as required by this Chapter.
(B) In the event a resident is entitled to credit for taxes paid another municipality, such resident is required to file a return on a form in such manner as the Tax Administrator may prescribe and/or as required by this Chapter.
(C) Assignment of any claim for refund to which a resident may be entitled from another municipality shall be tentatively accepted as payment of that portion of Village income tax represented by such assignment. However, if satisfactory evidence is offered that the taxpayer is entitled to the claim covered by the assignment, such taxpayer shall not be deprived of credit therefore, because of fault or neglect on the part of either municipality.
(D) In the event such resident fails, neglects or refuses to file such return or form as prescribed by the Tax Administrator or this Chapter, such resident shall not be entitled to such credit and shall be considered in violation of this Chapter for failure to file a return and make payment of taxes due hereunder.
(E) A resident owner of a pass-through entity that does not conduct business in the Municipality and that has paid an income tax to another municipality may claim a credit equal to the lesser of (i) the resident owner's proportionate share of the amount, if any, of income tax paid by the pass-through entity to another municipality in the State; or (ii) the resident owner's proportionate share of the amount of Village income tax that would be imposed on the pass-through entity if the pass-through entity conducted business in the Municipality.
(F) In no case shall the amount of the credit allowed under this section exceed the tax assessed by this Chapter on the resident owner's taxable income subject to tax by another municipality.
(Ord. 2015-28. Passed 11-11-15.)