(a) Every person who anticipates earning or receiving any income or net profits for a taxable year that is not subject to City Income tax withholding pursuant to this chapter or who engages in any Business or other activity subject to the tax imposed by this chapter may file a declaration setting forth such estimated income or net profit from such business or other activity together with the estimated income thereon.
(b) Such declaration may be filed by each taxpayer using the calendar year on or before April 15 of each year during the life of this chapter, or by the 15th day of the fourth month after the taxpayer first becomes subject to the tax imposed by this chapter and by each taxpayer using a fiscal year on or before the 15th day of the fourth month after the beginning of each fiscal year or the 15th day of the fourth month after the taxpayer first becomes subject to the tax imposed by this chapter.
(c) Filing of declarations.
(1) Each declaration of estimated tax shall be filed on a form furnished by or obtainable from the Administrator, or on an acceptable generic form. Credit may be taken for income tax paid or to be withheld and remitted to other taxing municipalities for the applicable tax year in accordance with this chapter.
(2) A declaration of estimated tax may be amended at any time, provided, however, that the unpaid balance due must be paid in equal installments on or before the remaining payment dates for the applicable tax year.
(d) Payment of estimated tax shown on a declaration shall be made according to the following schedule:
(1) At least twenty-two and one-half percent (22-1/2 %) of the taxpayer's estimated tax for the applicable tax year must be paid on or before the l 5th day of the fourth month after the beginning of the applicable tax year.
(2) At least forty-five percent (45%) of the taxpayer's estimated tax for the applicable tax year must be paid on or before the last day of the seventh month after the beginning of the applicable tax year in the case of individuals or the 15th day of the sixth month after the beginning of the applicable tax year in the case of taxpayers other than individuals.
(3) Sixty-seven and one-half percent(67-1/2 %) of the taxpayer's estimated tax for the applicable tax year must be paid on or before the last day of the tenth month after the beginning of the applicable tax year in the case of individuals or the 15th day of the ninth month after the beginning of the applicable tax year in the case of taxpayers other than individuals.
(4) Ninety percent (90%) of the taxpayer's estimated tax for the applicable tax year must be paid on or before the last day of the thirteenth month after the beginning of the applicable tax year in the case of individuals or the 15th day of the 12th month after the beginning of the applicable tax year in the case of taxpayers other than individuals.
(e) No penalty, interest, interest penalty or other similar assessment shall be charged against a taxpayer for the late payment or nonpayment of estimated tax liability for an applicable tax year if:
(1) The taxpayer is an individual who is a resident of the City but was not domiciled in the City on the first day of January of the applicable tax year; or
(2) The taxpayer has remitted an amount at least equal to one hundred percent (100%) of the taxpayer's tax liability to the City for the preceding applicable tax year, provided that the return for the preceding applicable tax year reflected a twelve (12) month period and the taxpayer filed a return for the preceding applicable tax year.
(Ord. 2004-26. Approved by voters 5-25-04.)