Section 53. Credit for tax withheld

-- Wages upon which tax is required to
  be withheld shall be taxable under this local law as if  no  withholding
  were  required,  but  any  amount  of tax actually deducted and withheld
  under this local law in any calendar year shall be deemed to  have  been
  paid  to  the  administrator on behalf of the person from whom withheld,
  and such person shall be credited with having paid that  amount  of  tax
  for  the  taxable  year  beginning in such calendar year.  For a taxable
  year of less  than  twelve  months,  the  credit  shall  be  made  under
  regulations of the administrator.