The central bank's latest measure, which took effect at the start of the year, requires banks to look at borrowers' net income, after taxes and other statutory deductions, rather than the gross amount.
Having seen their bid for the League One play-offs finally ended in late March by the Football League's statutory 10-point deduction for any club going into administration, Coventry finished the season badly, failing to win any of their final five matches.
In order to compensate for those differences in the sources and uses of income that are thought to affect an individual's ability to pay income tax, most countries allow a wide variety of deductions from statutory personal income before the tax is imposed.
Benefits include waivers of import duties on capital equipment and deductions of various peripheral tax liabilities including statutory employers' contributions.
"The point of the statutory language is to entitle debtors who own cars to an ownership deduction," he wrote.
"Rather than the statutory 15-point penalty, the club will now receive a 10-point deduction going into the new season while the awarding of the membership of the Football League provides certainty for the future.
A family in which the husband and wife each earn $84,000 in taxable income faces a statutory federal marginal rate of 36percentt, but that rate does not include a phase-out of deductions and exemptions, introduced by the elder President Bush and made permanent by President Clinton in 1993.
This means that even if statutory rates are simultaneously reduced, there may not be any reduction in effective marginal tax rates, depending on what deductions are restricted or eliminated and how it is done.
Using allowed deductions and legal loopholes, large corporations enjoyed a 12.6 percent tax rate far below the 35 percent tax that is the statutory rate imposed by the federal government on corporate profits.
