Every individual taxpayer who resides in the Village but who received net profits, salaries, wages, commissions or other compensation for work done or services performed or rendered outside of the Village, if it be made to appear that he 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 be allowed a credit for the amount so paid by him or in his behalf 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.