(A) The portion of a net operating loss sustained in any taxable year, apportioned to the municipality, may be applied against the portion of the profit of succeeding tax years apportioned to the municipality until exhausted, but in no event for more than the three 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.
(B) The portion of a net operating loss sustained shall be apportioned to the municipality in the same manner as provided herein for apportioning net profits to the municipality.
(C) The Finance Director shall provide by rules and regulations the manner in which such net operating loss carry-forward shall be determined.
(D) The net operating loss of a taxpayer that loses its legal identity, by any means such as merger or consolidation, shall not be allowed as a carry- forward loss deduction to the surviving or new taxpayer.
(E) The net operating loss sustained by a business or profession is not deductible from employee earnings, but may be carried forward. However, if a taxpayer is engaged in two or more taxable business activities to be included in the same return, the net loss of one unincorporated business activity (except any portion of a loss reportable for municipal income tax purposes to another municipality) may be used to offset the profits of another for purposes of arriving at overall net profits.
(‘74 Code, § 93.07) (Ord. 384-A, passed 4-1-71; Am. Ord. 90-914, passed 2-20-90; Am. Ord. 01-1348, passed 1-16-01; Am. Ord. 05-1469, passed 12-21-05)