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<br />, <br />e (a) If taxable income is greater than $0 but less than or <br /> equal to $7,500, the credit shall be the lesser of the amount of <br /> the tax or $30. <br /> (b) If taxable income is greater than $7,500 but less than <br /> or equal to $8,000, the credit shall be the lesser of the amount <br /> of the tax or $24. <br /> (c) If taxable income is greater than $8,000 but less than <br /> or equal to $9,000, the credit shall be the lesser of the amount <br /> of the tax or $16. <br /> (d) If taxable income is greater than $9,000 but less than <br /> or equal to $10,000, the credit shall be the lesser of the amount <br /> of the tax or $8. <br /> (e) If taxable income is greater than $10,000, the credit <br /> shall be $0. <br /> (2) In the case of nonresident taxpayers, the credit allowed by <br /> section 3.608(1) shall be determined by multiplying the credit amount other- <br /> wise allowable under section 3.608(1) by a fraction, (i) the numerator of <br /> which shall be the amount of the taxpayer's taxable income derived from <br /> sources within the city; and (ii), the denominator of which shall be the <br /> amount of the taxpayer's taxable income derived from all sources. <br /> 3.610 Taxable Income of Nonresident From City Sources. <br /> (1) .Items of income, gain, loss and deduction comprising taxable <br /> income of a nonresident derived from or connected with sources within this <br />e city are those items attributable to: <br /> (a) The ownership or disposition of any interest in r~al or <br /> tangible personal property in this city; and <br /> (b) A business, trade, or occupation carried on in this city. <br /> (2) Income from intangible personal property, including annuities, <br /> dividends, interest and gains from the disposition of intangible personal <br /> property, constitutes income derived from sources within this city only to <br /> the extent that such income is from property employed in a business, trade, <br /> or occupation carried on in this city. <br /> (3) Deductions with respect to capital losses, net long-term <br /> capital gains, and net operating losses shall be based solely on income, <br /> gains, losses and deductions derived from or connected with sources in this <br /> city, under regulations to be prescribed by the department. <br /> (4) Notwithstanding section 3.610(2), the distributed and undis- <br /> tributed taxable income of an electing small business corporation for federal <br /> income tax purposes derived from or connected with sources in this city does <br /> constitute income derived from sources within this city for a nonresident <br /> individual who is a shareholder of such a corporation, and a net operating <br /> loss of such corporation derived from or connected with sources in this city <br /> does constitute a loss or deduction connected with sources in this city for <br /> such a nonresident individual. <br /> 3.612 Dedication of Revenue. Revenue to the city derived from imposi- <br /> tion of the tax under this Act shall be applied to administration <br />e of this Act, to any obligations incurred by the city for airport expansion, <br /> to any obligations incurred by the city for library expansion or replacement, <br /> and to capital expenditures of the city, which shall include, but not be <br /> limited to, discrete capital improvements and public facilities, motorized <br /> Ordinance - 4 <br />