(a) Whenever this article levies a privilege license tax computed on the basis of gross receipts, "gross receipts" means the amount reported as gross receipts on a business's state income tax return, or on the federal income tax return filed with the state income tax return if the state return does not separately state gross receipts for the most recently completed tax year.
(b) If a business has not been in operation long enough for the information required in subsection (a) above to be available, the Tax Collector shall estimate gross receipts for the business on the basis of gross receipts of comparable businesses, or any other information that the Tax Collector considers useful.
(c) On or before the July 31 immediately after the license year, each licensee who paid the tax for the past license year based on estimated gross receipts shall submit to the Tax Collector a sworn final report showing the amount of gross receipts for the license year. If the amount shown is more than estimated gross receipts, the licensee shall pay the amount of additional tax that would have been due had the estimate been accurate. If the amount shown is less than estimated gross receipts, the Town shall refund to the licensee the difference between the actual tax paid and the amount of tax that would have been due had the estimate been accurate.
(Ord. of 6/25/02)