(a) Requirement for Filing. Every person who anticipates any taxable income over $6,700.00 which is not subject to Section 191.06A
or who engages in any business, profession, enterprise or activity subject to the tax imposed by Sections 191.03A
, 191.03.1A
and 191.03.2A
, 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, if any. Provided, however, if a person's income is wholly from qualifying wages from which the tax will be withheld and remitted to this Municipality in accordance with Section 191.06A
, such person need not file a declaration.
(b) Dates for Filing.
(1) Such declaration shall be filed on or before April 15 of each year during the life of this Chapter, or on or before the fifteenth (15th) day of the fourth (4th) month following date the taxpayer becomes subject to the tax for the first time.
(2) The original declaration (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date as provided for herein.
(c) Forms: Credit for Tax Withheld or Paid Another Community.
(1) Such declaration shall be filed upon a form furnished by or obtainable from the Treasurer or an acceptable generic form, and credit shall be taken for the Municipal tax to be withheld from any portion of such income. In accordance with the provisions of Section 191.14A, credit may be taken for tax to be withheld and remitted to another taxing municipality.
(2) The original declaration (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date as provided for herein.
(3) For taxpayers who are individuals, such declaration of estimated tax to be paid the Municipality shall be accompanied by a payment of at least one- fourth of the estimated annual tax and at least a similar amount shall be paid on or before the last day of the seventh, tenth and thirteenth months after the beginning of the taxable year.
(4) For taxpayers that are not individuals, such declaration of estimated tax to be paid the Municipality shall be accompanied by a payment of at least one- fourth of the estimated annual tax and at least a similar amount shall be paid on or before the fifteenth (15th) day of the sixth, ninth and twelfth months after the beginning of the taxable year.
(5) The mere submission of a declaration estimating a tax liability shall not constitute filing unless accompanied by the required payment.
(d) On and after July 1, 2003, and notwithstanding any other provision in this section, a taxpayer who is an individual must remit payment of estimated taxes as follows:
(1) Not more than twenty-two and one-half per cent (22 1/2%) of the taxpayer's estimated tax liability for the current year shall be required to be remitted on or before April 15;
(2) Not more than forty-five per cent (45%) of the taxpayer's estimated tax liability for the current year shall be required to be remitted on or before July 31;
(3) Not more than sixty-seven and one-half per cent (67 1/2%) of the taxpayer's estimated tax liability for the current year shall be required to be remitted on or before the 31st day of October; and
(4) Not more than ninety per cent (90%) of the taxpayer's estimated tax liability for the previous year shall be required to be remitted on or before the 31st day of January.
Any amount deducted and withheld for taxes from the compensation of an individual shall be considered as estimated taxes paid in equal amounts on each of the payment dates described above.
(e) On and after January 1, 2003, and notwithstanding any other provision in this section a taxpayer that is not an individual shall remit payments of estimated taxes according to the following:
(1) Not more than twenty-two and one-half per cent (22 1/2%) of the taxpayer's estimated tax liability for the current year shall be required to be remitted on or before April 15 or, in the case of a fiscal year taxpayer, the 15th day of the fourth month of the taxpayer's taxable year;
(2) Not more than forty-five per cent (45%) of the taxpayer's estimated tax liability for the current year shall be required to be remitted on or before the 15th day of June or, in the case of a fiscal year taxpayer, the 15th day of the sixth month of the taxpayer's taxable year;
(3) Not more than sixty-seven and one-half per cent (67 1/2%) of the taxpayer's estimated tax liability for the current year shall be required to be remitted on or before the 15th day of September or, in the case of a fiscal year taxpayer, the 15th day of the ninth month of the taxpayer's taxable year; and
(4) Not more than ninety per cent (90%) of the taxpayer's estimated tax liability for the current year shall be required to be remitted on or before the 15th day of December or, in the case of a fiscal year taxpayer, the 15th day of the twelfth month of the taxpayer's taxable year.
(f) Amended Declaration.
(1) A declaration may be amended at any time.
(2) In the event that an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(g) Annual Return Required. On or before the fifteenth (15th) day of the fourth month of the calendar or fiscal year, an annual return shall be filed and any balance which may be due the Municipality shall be paid therewith in accordance with the provisions of Section 191.05.
(Ord. 2003-105. Passed 11-25-03.)