The portion of a net operating loss sustained in any taxable year, beginning with December 1, 1971, allocable to the municipality, may be applied against the portion of the profit of succeeding tax years, allocable to the municipality, until exhausted, but in no event for more than the five taxable years 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. The portion of a net operation loss sustained shall be allocated to the municipality in the same manner as provided herein for allocating net profits to the municipality.
(1982 Code, § 35.07) (Ord. 1971-12, passed 8-23-1971; Ord. 1971-22, passed 11-30-1971; Ord. 2003-5, passed 1-6-2003; Ord. 2005-12, passed 9-12-2005)