(A) Every person who anticipates any taxable income which is not subject to § 36.05 or who engages in any business, profession, enterprise or activity (including rental property) subject to the tax imposed by § 36.03, and whose tax on such income amounts to $50 or more, must 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. However, if a person’s income is wholly from salaries or wages from which the tax will be withheld and remitted to the city in accordance with § 36.05, such person need not file a declaration.
(B) Residents of the city who are employed by an employer located in another municipality or in a joint economic development district, where the tax being withheld and paid to such municipality or joint economic development district is based on a rate less than the tax rate of the city, must file a declaration setting forth the difference in tax due, if such tax due is $50 or more, and must make quarterly payments to the city according to division (G) of this section.
(C) Such declaration shall be filed on or before April 30 of each year during the effective period of this chapter, or within 120 days of the date the taxpayer becomes subject to the tax for the first time.
(D) Those taxpayers reporting on a fiscal year basis shall file a declaration within 120 days after the beginning of each fiscal year or period accompanied by a payment equal to one-fourth of the estimated annual tax (if such tax amounts to $50 or more) shown due thereon, and shall make quarterly payments of equal amounts according to division (G) of this section.
(E) Such declarations shall be filed upon a form furnished by or obtainable from the Tax Administrator. However, credit shall be taken for the city tax to be withheld from any portion of such income. In accordance with the provisions of § 36.15, credit may be taken for tax to be paid to or to be withheld and remitted to another taxing municipality or to a joint economic development district.
(F) 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.
(G) Such declaration of estimated tax to be paid the city shall be accompanied with a payment equal to one-fourth of the estimated annual tax, and payments of equal amount shall be made on or before July 31, October 31 and January 31; provided, however, that in case an amended declaration has been filed, the unpaid balance shown to be due thereon shall be paid in equal installments on or before the remaining payment dates.
(H) An amended declaration must be filed on or before January 31 of any year or, in the case of a taxpayer on a fiscal year accounting basis, on or before the date fixed by regulations of the Tax Administrator, if it appears that the original declaration made for such year underestimated the taxpayer’s income by 20% 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 § 36.04, it appears that the taxpayer did not pay 80% of such taxpayer’s liability on or before January 31, or the date fixed by regulations, whichever is applicable, the difference between 80% of such taxpayer’s liability and the amount of estimated tax he or she actually paid on or before January 31, or the date fixed by regulations, whichever is applicable, shall be subject to the interest and penalty provisions of §§ 36.10 and 36.99. However, any taxpayer whose declared and paid tax is equal to or greater than the tax paid in the previous year shall not be assessed any interest or penalty for any increased taxes found to be due in the current year.
(I) On or before April 30 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 § 36.04.
(Prior Code, § 880A.06) (Ord. 92-11, passed 7-1-1991; Ord. 95-4, passed 4-11-1995)