(a) Effective January 1, 1995, when the taxable income of a resident of the City is subject to a municipal income tax in another municipality, not including school districts, on the same income taxable under this chapter, such resident shall be allowed a credit of the amount of one hundred percent of the amount obtained by multiplying the lower of the tax rate of such other municipality or of the City by the taxable income earned in or attributable to the municipality of employment or business activity. For the purposes of this section, taxable income shall include the distributive share of net profits of a resident partner or owner of an unincorporated business entity.
(Ord. 1994-159. Passed 11-16-94.)
(b) Fifteen percent, or fifty thousand dollars ($50,000), whichever is less, of the money collected from the reduction of the tax credit by this section shall be appropriated for a reserve account to include capital improvements and/or road repair improvements commencing in 1990 and subject to adequate debt reserve being available.
(Ord. 1990-58. Passed 4-18-90).
(c) A claim for credit or refund under this section shall be made in such manner as the Administrator may by regulation provide. If a resident fails, neglects or refuses to file an annual return or declaration on the form prescribed by the Administrator, such resident shall not be entitled to such credit or refund and shall be considered in violation of this chapter for failure to file a return.
(Ord. 1980-216. Passed 12-4-80.)