(a) No portion of net operating loss sustained in any taxable year subsequent to November 18, 1970, allocable to the Village may be applied against the portion of the profit of any succeeding tax years. 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.
(Ord. 1458. Passed 2-10-98.)