(a) The portion of a net operating loss sustained in any taxable year subsequent to December 6, 1972 allocable to the City may be applied against the portion of the profits of succeeding year(s) allocable to the City, until exhausted but in no event for more than five taxable years. No portion of a net operating loss shall be carried back against net profits of any prior year.
(b) The portion of a net operating loss sustained shall be allocated to the City in the same manner as provided herein for allocating net profits to the City. Losses from the operation of a business or profession are not deductible from compensation received as an employee.
(c) The Administrator shall provide by the rules and regulations the manner in which such net operating loss carry forward shall be determined.
(Ord. 04-346. Passed 1-6-04.)