10/09/1985 Meeting - Laserfiche WebLink

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credit against the tax imposed by this Act an amount determined in accordance e with the following schedule: (a) If taxable income is greater than $0 but less than or equal to $7,500, the credit shall be the lesser of the amount of the tax or $30. (b) If taxable income is greater than $7,500 but less than or equal to $8,000, the credit shall be the lesser of the amount of the tax or $24. (c) If taxable income is greater than $8,000 but less than or equal to $9,000, the credit shall be the lesser of the amount of the tax or $16. (d) If taxable income is greater than $9,000 but less than or equal to $10,000, the credit shall be the lesser of the amount of the tax or $8. (e) If taxable income is greater than $10,000, the'credit shall be $0. (2) In the case of nonresident taxpayers having aggregate taxable income derived from all sources in excess of $7,500, the credit allowed by section 3.608(1) shall be determined by multiplying the credit amount other- wise allowable under section 3.608(1) by a fraction, (i) the numerator of which shall be the amount of the taxpayer1s taxable income derived from sources within the city; and (ii) the denominator of which ~hal1 be the amount of the taxpayer1s taxable income derived from all sources. The "credit amount otherwise allowable under section 3.608(1)11 shall be deter- mined by reference to the amount of taxable income derived from sources with- e in the city. 3.610 Taxable Income of Nonresident From City Sources. (1) Items of income, gain, loss and deduction comprising taxable income of a nonresident derived from or connected with sources within this city are those items attributable to: (a) The ownership or disposition of any interest in real or tangible personal property in this city; and (b) A business, trade, or occupation carried on in this city. (2) Income from intangible personal property, including annuities, dividends, interest and gains from the disposition of intangible personal property, constitutes income derived from sources within this city only to the extent that such income is from property employed in a business, trade, or occupation carried on in this city. (3) Deductions with respect to capital losses, net long-term capital gains, and net operating losses shall be based solely on income, gains, losses and deductions derived from or connected with sources in this city, under regulations to be prescribed by the department. (4) Notwithstanding section 3.610(2), the distributed and undis- tributed taxable income of an electing small business corporation for federal income tax purposes derived from or connected with sources in this city does constitute income derived from sources within this city for a nonresident individual who is a shareholder of such a corporation, and a net operating loss of such corporation derived from or connected with sources in this city does constitute a loss or deduction connected with sources in this city for e such a nonresident individual. Ordinance - 4