Taxpayer Relief

7:01 Tax Credit

A. When a taxable income of a resident of this municipality is subject to a municipal income tax in another municipality on the same income taxable under the Ordinance, such resident shall be allowed a credit of the amount of income tax paid on such taxable income to such other municipality (equal to this municipality's tax credit rate of 1%) the amount obtained by multiplying the lower of the tax rate of such other municipality or of this municipality by the taxable income earned in or attributable to the municipality of employment or business activity, but, in any event, such credit shall not be applied to a rate in excess of the Village of Cadiz's credit limit of the taxable income earned in or attributed to the municipality of employment or business activity, For the purpose of the Ordinance, taxable income shall also include the distribution share of net profits of a resident, partner or owner of an unincorporated business entity.

7:02 General

A. No credit will be given unless the taxpayer claims such credit on his return or other form prescribed by the Administrator and presents evidence of the payment of a similar tax to another municipality as the Administrator may require.

B. In the event a resident of the Village of Cadiz fails, neglects or refuses to file an annual return or declaration on a form prescribed by the Administrator or other acceptable generic form, he shall not be entitled to such credit or refund and shall be considered in violation of the Ordinance for failure to file a return.