§ 19-1506. Credit Against Tax. 328

   (1)   Any person subject to a tax under subsections 19-1502(2)(a) and (b) 329 shall be given a credit in the amount of sixty percent (60%) of the tax liability based upon net income and paid as provided by Chapter 19-2600 of this Title, subject to the provisions of this Section.

      (a)   The credit against net profits tax liability, provided under subsection 19-2604(4), shall be calculated without regard to any reduction in tax provided under subsection 19-2604(6), relating to Credit for Contributions to Community Development Corporations. 330

   (2)   The credit provided pursuant to this Section relates to the following tax year:

      (a)   When a return is made for a fiscal year corresponding to the calendar year, the same calendar year as that which is used as the measuring period for computing net income subject to the tax imposed under Chapter 19-2600 of this Title on which the credit is based.

      (b)   When a return is made for a fiscal year other than a calendar year, the fiscal year which ends within the calendar year for which the tax imposed under Chapter 19-2600 of this Title is paid, and on which the credit is based.

   (3)   Nothing in this Section shall permit credits to be charged against any given tax year in excess of the amount of tax due under subsections 19-1502(2)(a) and (b) 331 for that tax year.

 

Notes

328	Added, 1984 Ordinances, p. 619; amended, 1985 Ordinances, pp. 133 and 543; amended, 1988 Ordinances, p. 697.
329	Enrolled bill read "§ 19-1502(1)(c) and (d)"; reference corrected by Code editor.
330	Added, Bill No. 050064 (approved March 31, 2005).
331	Enrolled bill read "§ 19-1502(1)(c) and (d)"; reference corrected by Code editor.