(a)
Every individual taxpayer who resides in the City but who received net profits, salaries, wages, commissions or other compensation for work done or services performed or rendered outside of the City, if it appears that the taxpayer has paid a municipal income tax or excise tax based on income on such net profits, salaries, wages, commissions or compensation in another municipality, shall for the tax reporting year beginning on January 1, 2017 be allowed a credit not to exceed two and one-half percent (2.50%) for the amount so paid by or on behalf of the taxpayer in such other municipality, this credit to be applied only to the extent of the tax assessed by this chapter, by reason of such net profits, salaries, wages, commissions or compensation earned in such other municipality where such tax is paid. A tax credit not to exceed two and one-quarter percent (2.25%) shall remain in effect through December 31, 2016 for any amount paid by the taxpayer in any other municipality where the taxpayer has paid a municipal income tax or excise tax.
(Ord. 2015-24. Passed 11-2-15.)
(b) Every resident who receives net profits from a pass-through entity that does not conduct business in the City shall be allowed a credit for tax paid to another municipality by the pass-through entity. The credit shall equal the lesser of the following amounts:
(1) The owner's proportionate share of the amount, if any, of tax paid by the pass-through entity to another municipal corporation in this state: or
(2) The owner's proportionate share of the amount of tax that would be imposed on the pass-through entity by the City if the pass-through entity conducted business in the City.
In no event shall the credit exceed the amount specified in subsection (a) hereof.
(Ord. 05-38. Passed 10-3-05.)