Section 11-510. Unincorporated business exemptions

In   computing
  unincorporated business taxable income, there shall be allowed  (without
  allocation under section 11-508 of this chapter):
    (1)  an  unincorporated  business  exemption of five thousand dollars,
  prorated for taxable years of less than twelve months under  regulations
  of the commissioner of finance;
    (2)  if  a partner in an unincorporated business is taxable under this
  chapter or under any local  law  imposed  pursuant  to  section  one  of
  chapter  seven  hundred  seventy-two  of  the  laws  of nineteen hundred
  sixty-six, an exemption for the amount of  the  partner's  proportionate
  interest  in the excess of the unincorporated business gross income over
  the deductions allowed under sections 11-507 and 11-509 of this chapter,
  but this exemption shall be limited to the amount which is  included  in
  the  partner's  unincorporated  business taxable income allocable to the
  city, or included in a corporate partner's net income allocable  to  the
  city,  provided,  however,  no  such  exemption  shall  be allowed to an
  unincorporated business for  any  taxable  year  of  the  unincorporated
  business beginning after June thirtieth, nineteen hundred ninety-four.