(a) When the taxable income of a resident of this City is subject to a Municipal income tax in another municipality on the income taxable under this chapter, such resident shall be allowed a nonrefundable credit of the amount of income tax paid on such taxable income to such other municipality, equal to fifty percent of the amount obtained by multiplying the lower of the tax rate of such other municipality or of this 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" includes the distributive share of net profits of a resident partner or owner of an unincorporated business entity.
(b) The method of applying for a nonrefundable credit set forth in division (a) of this section shall be as follows:
(1) No credit will be given unless the taxpayer claims such on his or her final return or other form prescribed by the Tax Administrator, and presents such evidence of the payment of a similar tax to another municipality, as the Tax Administrator may require. Subject to division (b)(2) of this section, the credit shall not exceed the tax due the City under this chapter.
(2) A statement satisfactory to the Tax Administrator from the taxing authority of the municipality to which the taxes are paid that a City resident or his or her employer is paying the tax shall be considered as fulfilling the requirement of this section.
(Ord. 2015-30. Passed 11-3-15.)