(a) The portion of a net operating loss sustained in any taxable year subsequent to July 1, 1968, allocable to the Village may be applied against the portion of the profit of succeeding tax years allocable to the Village, until exhausted but in no event for more than five 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 net operating loss sustained shall be allocated to the Village in the same manner as provided herein for allocating net profits to the Village.
(c) The Administrator shall provide by rules and regulations the manner in which such net operating loss carry-forward shall be determined. (Ord. 491. Passed 5-6-68.)