(a) Residents Subject to Income Tax in Other Municipality. Where a resident of this Municipality is subject to and actually pays an income tax to another taxing municipality, the resident shall be allowed a credit upon the income tax imposed by this Municipality equal to fifty percent (50%) of the tax actually paid to the other taxing municipality or fifty percent (50%) of the tax owed to this Municipality, whichever is less.
(Ord. 97-60. Passed 11-17-97.)
(b) Credit for Tax Paid by Pass-through Entity to Another Municipality. Where a resident of this Municipality receives income from a pass-through entity, the resident shall be entitled to a credit for municipal income tax paid by the entity to another municipality equal to the resident owner’s proportionate share of the tax paid to another municipality or the resident owner’s proportionate share of the amount of tax that would be imposed on the pass-through entity by this Municipality if the pass-through entity conducted business in this Village, times fifty percent.
(Ord. 02-32. Passed 8-5-02.)