(a) Every person who anticipates any taxable income which is not subject to Section 191.06, or who engages in any business, profession, enterprise or activity subject to the tax imposed by Section 191.03 shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity, together with the estimated tax due thereon. No declaration or payment of estimated tax is required if the estimated tax for the current year amounts to not more than one hundred dollars ($100.00) or if a person's income is wholly from wages from which the tax will be withheld and remitted to the City in accordance with Section 191.06. The taxpayer, in determining the estimated annual tax due under the declaration, may deduct therefrom:
(1) Any portion of such tax to be deducted or withheld at the source pursuant to Section 191.06; and
(2) Any credits allowable under provisions of Section 191.14; and
(3) Any overpayment of the previous year's tax liability which the taxpayer has not elected to have refunded.
(Ord. 97-210. Passed 9-2-97.)
(b) Such declarations shall be filed on or before April 15 of each year, or within four months of the date the taxpayer becomes subject to tax for the first time.
(c) Those taxpayers reporting on a fiscal-year basis shall file a declaration within four months after the beginning of each fiscal year or period.
(d) Such declarations shall be filed upon a form furnished by, or obtainable from, the Administrator. Credit shall be taken for City income tax to be withheld, if any, from any portion of such income. In addition, credit may be taken for tax payable to other taxing municipalities in accordance with the provisions of Section 191.14.
(e) (1) Effective January 1, 2003, the declaration of estimated tax to be paid to the City by taxpayers who are individuals shall be accompanied by a payment of at least one- fourth of the declaration amount and at least a similar amount shall be paid on or before July 31 and October 31 of the taxable year, and January 31 of the following year.
(2) Effective January 1, 2003, such declaration of estimated tax to be paid to the City by corporations and associations shall be accompanied by a payment of at least one- fourth of the declaration amount and at least a similar amount shall be paid on or before June 15, September 15, and December 15. In the case of a fiscal year taxpayer the second, third, and fourth quarterly estimated payments shall be due on the fifteenth day of the sixth, ninth, and twelfth months of the taxable year, respectively.
(f) On or before the last day of the fourth month of the year following that for which such declaration or amended declaration was filed, an annual return shall be filed and any balance which may be due to the City shall be paid therewith in accordance with the provisions of Section 191.05, provided, however, that any taxpayer may file, on or before the last day of the first month of the year following that for which such declaration or amended declaration was filed, an annual return and pay any balance due at such time in lieu of filing such declaration or any amended declaration, and in lieu of paying the final quarterly installment based upon a declaration or amended declaration of estimated tax.
(g) An amended declaration must be filed on or before January 31 of the following year, or in the case of a taxpayer on a fiscal year, on or before the date fixed by regulation of the Administrator, if it appears that the original declaration made for such taxable year underestimated the taxpayer's income by 25% or more. At such time, a payment which, together with prior payments, is sufficient to pay the taxpayer's entire estimated liability shall be made. If, upon the filing of the return required by Section 191.05, it appears that the taxpayer did not pay 80% of the tax liability, as shown on said return, on or before January 31, or the date fixed by regulations, whichever is applicable, the difference between eighty percent of said taxpayer's tax liability and the amount of estimated tax actually paid on or before January 31, or the date fixed by regulation, whichever is applicable, shall be subject to the interest and penalty provisions of Section 191.10. Provided, however, no penalties shall be assessed on estimated payments if the taxpayer has remitted an amount equal to 100% of the previous year's tax liability, provided that the previous year reflected a 12-month period, or if 90% of the actual liability has been received.
(Ord. 69-54. Passed 5-26-69; Ord. 70-27. Passed 3-16-70; Ord. 71-168. Passed 12-6-71; Ord. 73-303. Passed 12-17-73; Ord. 2005-7. Passed 1-18-05.)