(a) The portion of a net operating loss sustained in any taxable year subsequent to January 1, 1971, allocable to the City of Stow may be applied against the portion of the profit of succeeding years allocable to the City of Stow until exhausted but in no event for more than five taxable years. No portion of a net operating loss shall be carried back against net profits of any prior years.
(b) The portion of a net operating loss sustained shall be allocated to the City of Stow in the same manner as provided herein for allocating net profits to the City of Stow.
(c) The Administrator shall provide rules and regulations setting forth the manner in which such net operating loss carry-forward shall be determined.
(Ord. 2000-130. Passed 4-13-00.)