(A)
On or before the last day of each month, the Tax Administrator shall certify to the Director of Budget and Management the amount to be paid to each municipal corporation, based on amounts reported on annual returns and declarations of estimated tax under §§ 35.049 and 35.053 of the city code, less any amounts previously distributed and net of any audit adjustments made or refunds granted by the Administrator, for the calendar month preceding the month in which the certification is made. Not later than the fifth day of each month, the Director shall provide for payment of the amount certified to each municipal corporation from the municipal income tax fund, plus a pro rata share of any investment earnings accruing to the fund since the previous payment under this section. Each municipal corporation’s share of such earnings shall equal the proportion that the municipal corporation’s certified tax payment is of the total taxes certified to all municipal corporations in that quarter. All investment earnings on money in the municipal income tax fund shall be credited to that fund.
(B) If the Tax Administrator determines that the amount of tax paid by a taxpayer and distributed to a municipal corporation under this section for a taxable year exceeds the amount payable to that municipal corporation under §§ 35.044 to 35.060 of the city code after accounting for amounts remitted with the annual return and as estimated taxes, the Administrator shall proceed according to R.C. § 5703.77(A) and (B).
(Ord. 2018-02, passed 2-12-2018; Ord. 2023-41, passed 11-16-2023)