(a) At the time of filing each declaration (required by Section 187.19) each taxpayer who is an individual shall pay to the Income Tax Administrator twenty-two and one-half per cent (22.5%) of his estimated tax liability for the current year. Thereafter, on or before the 31st day of July, October and January, such taxpayer shall pay at least a similar amount. However, if any such taxpayer shall, on or before any such payment date, file an amended declaration showing an increase or decrease of the estimated tax, the installments then and thereafter due shall be increased or diminished (as the case may be) in such a manner that ninety percent (90%) of the estimated tax liability shall be paid on or before January 31st through the payment of quarterly installments of equal amounts during the quarterly periods remaining from and after the filing of said amended declaration.
(b) At the time of declaration (required by Section 187.19), each taxpayer who is not an individual shall pay to the Income Tax Administrator twenty-two and one-half percent (22.5%) of the taxpayer’s estimated tax liability for the current year. Thereafter, on or before the 15th day of June, September and December, such taxpayer shall pay at least a similar amount. For taxpayers on a fiscal year, payments shall be made on or before the 15th day of the sixth, ninth and twelfth month of the taxpayer’s taxable year. However, if any such taxpayer shall, on or before any such payment date, file an amended declaration showing an increase or decrease of the estimated tax liability, the installments then and thereafter due shall be increased or diminished (as the case may be) in such a manner that ninety percent (90%) of the estimated tax liability shall be paid on or before December 15th or the 15th day of the twelfth month through the payment of quarterly installments of equal amounts during the quarterly periods remaining from and after the filing of any such amended declaration.
(c) Penalty and/or interest will not be assessed for the late payment or non-payment of estimated tax liability in either of the following circumstances:
(1) The taxpayer is a resident individual who resides in Bucyrus but was not domiciled in the City on the first day of January of the current calendar year.
(2) The taxpayer has remitted, pursuant to subsections (a) or (b) hereof, an amount at least equal to one hundred percent (100%) of the taxpayer’s tax liability for the preceding year, provided that the return for the preceding year reflected a twelve-month period and the taxpayer filed a return for the preceding year.
(d) For final returns and final adjustments of tax due, see Section 187.14.
(Res. 240-2003. Passed 12-30-03.)