For tax years beginning on or after January 1, 2025, a person or combined group shall be allowed a credit against that person or combined group’s Gross Receipts Tax (including the administrative office tax imposed under Section 953.8) for 50% of Stadium Operator Admission Taxes under Article 11 of this Business and Tax Regulations Code paid to the City during the tax year and 50% of taxes paid to another local government during the tax year that are substantially similar to the Stadium Operator Admission Tax under Article 11 of this Code. In no event shall the credit under this Section 960.2 reduce a person or combined group’s Gross Receipts Tax liability to less than $0 for any tax year. The credit under this Section shall not be refundable and may not be carried forward to a subsequent year.
(Added by Proposition M, 11/5/2024 Eff. 12/20/2024)