(a) When the taxable income of a resident of the Village is subject to a municipal income tax in another municipality on the same income taxable under this chapter, such resident shall be allowed a credit of the amount of income tax paid on such taxable income to such other municipality, but not in excess of 100 percent of the amount obtained by multiplying the lower of the tax rates of such other municipality or of the Village by the taxable income earned in or attributable to the municipality of employment or business activity. For the purpose of this section, taxable income includes the distributive share of net profits of a resident partner or owner of an unincorporated business entity.
(b) A claim for credit or refund under this section shall be made in such manner as the Administrator may by regulation provide. In the event such Village resident fails, neglects or refuses to file such return or form as is prescribed by the Administrator, he or she shall not be entitled to such credit and shall be considered in violation of this chapter for failure to file a return and make payment of taxes due hereunder.
(Ord. 621. Passed 10-9-72.)