(A) The portion of the net operating loss sustained in any taxable year apportioned to this city may be applied against the portion of the profit of succeeding years apportioned to this city, until exhausted, but in no event for more than three (3) 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 in any prior year.
(Ord. 74-1986, passed 11-5-86)
(B) The portion of a net operating loss sustained shall be apportioned to this city in the same manner as provided herein for apportioning net profits to this city.
(C) 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.
(D) Losses from the operation of a business or profession are not deductible from employee earnings, but may be carried forward as set forth herein. However, if a taxpayer is engaged in two or more business activities to be included in the same return, the net loss of one entity may be used to offset the profits of another entity for purposes of arriving at overall net profits, except any portion of a loss reportable for municipal income tax purposes to another municipality.
(E) The tax commissioner shall provide by rules and regulations the manner in which the net operating loss carried forward shall be determined.
('68 Code, § 300.6) (Am. Ord. 92-2000, passed 12-6-00; Am. Ord. 48-2003, passed 12-17-03)