3-47-070  Returns and payments required upon implementation of the tax and after future tax rate increases.
   A.   The comptroller is authorized to establish by rule the filing date under this section, which shall be determined based on considerations of administrative efficiency and in no event be later than 24 days after the effective date of this section. The comptroller shall publish in one or more newspapers of general circulation in the city and post on the Department of Finance website a copy of the rule with the filing date a minimum of 10 days before that date occurs.
   B.   On or before the filing date set in accordance with subsection A of this section, every retail liquid nicotine product dealer shall file with the department, on a form prescribed by the comptroller, a tax return reporting the inventory of liquid nicotine products in the retailer's possession or control for sale in the City on the effective date of this section. The retailer shall include with the tax return any tax due on the inventory of liquid nicotine products in its control and possession for sale in the City for which all applicable tax has not been collected. The retailer shall in turn collect the tax from its retail purchasers.
   C.   Every retail liquid nicotine product dealer who possesses liquid nicotine products for sale in the City purchased prior to the effective date of a Chicago liquid nicotine products tax increase shall file with the department, on a form prescribed by the comptroller, a tax return attesting to the quantities of such liquid nicotine products in its possession as of the last day prior to the tax increase and remit to the department the amount of tax due as a result of each rate increase. The retailer shall in turn collect the tax from its retail purchasers. Each such tax return and payment due under this subsection shall be filed and received by the department by the 24th day following the effective date of each tax increase.
   D.   Every retail liquid nicotine product dealer required to file a tax return under subsection B or C of this section who does not file such tax return by its due date, or alternatively does not provide all required information on such tax return, or fails to remit all required tax due computed thereon, shall be subject to a penalty of $100.00 per business location required to be reported on the tax return, in addition to all other penalties and interest that may be due under the Uniform Revenue Procedures Ordinance, Chapter 3-4 of this Code.
   E.   If the comptroller determines that a person subject to the penalty in subsection D of this section had reasonable cause for paying late, underpaying the applicable tax, or filing a late or incomplete tax return, then the applicable penalty shall be waived.
   F.   The comptroller, or his or her designee, may at any time during the statute of limitations outlined in Section 3-4-120 of this Code examine the books and records of any person required to file a tax return under this section, and may issue a tax determination and assessment to the person per Section 3-4-160 of this Code, if a determination is made that any amount of tax, penalty, or interest is due.
   G.   Every person required to file a tax return under subsection B or C of this section who files a complete tax return by its due date and makes timely payment of the amount computed thereon shall be eligible to retain a commission in the amount of one percent of the tax computed due thereon.
(Added Coun. J. 10-28-15, p. 12062, Art. II, § 2)