191.1306 PAYMENT TO ACCOMPANY DECLARATION.

   (a)   As used in this section:

      (1)   “Estimated tax liability” or “estimated annual tax” means the amount that a taxpayer estimates to be the taxpayer’s liability for the city’s income tax for a year prior to applying any credits, estimated tax payments, or withheld taxes for the year.

      (2)   “Fiscal year taxpayer” means a taxpayer that reports the city’s income tax on the basis of a twelve-month period that does not coincide with the calendar year.

   (b)   For tax years prior to January 1, 2003, the declaration of estimated tax to be paid to the City 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 and tenth months after the beginning of the taxable year, and on or before the last day of the first month of the succeeding year following the taxable year.

    (c)   Beginning January 1, 2003, taxpayers who are individuals shall remit payment of estimated taxes as follows:

      (1)   Twenty-two and one-half per cent of the taxpayer’s estimated tax liability for the current year shall be remitted on or before the thirtieth day of April or the day on which the annual tax return for the prior year is required to be filed disregarding any extension, as prescribed by ordinance or rule of the city.

      (2)   Forty-five per cent of the taxpayer’s estimated tax liability for the current year shall have been remitted on or before the thirty-first day of July.

      (3)   Sixty-seven and one-half per cent of the taxpayer’s estimated tax liability for the current year shall have been remitted on or before the thirty-first day of October.

      (4)   Ninety per cent of the taxpayer’s estimated tax liability for the year referred to in subsection c(1), (2), and (3) of this section shall have been remitted on or before the thirty-first day of January following said year.

   (d)   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 prescribed by subsection c of this section.

   (e)   Beginning January 1, 2003, taxpayers that are not individuals shall remit payments of estimated taxes as follows:

      (1)   Twenty-two and one-half per cent of the taxpayer’s estimated tax liability for the current year shall be remitted on or before the day on which the annual tax return for the prior year is required to be filed disregarding any extension or, in the case of a fiscal year taxpayer, the fifteenth day of the fourth month of the taxpayer’s taxable year.

      (2)   Forty-five per cent of the taxpayer’s estimated tax liability for the current year shall have been remitted on or before the fifteen day of June or, in the case of a fiscal year taxpayer, the fifteenth day of the sixth month of the taxpayer’s taxable year.

      (3)   Sixty-seven and one-half per cent of the taxpayer’s estimated tax liability for the current year shall have been remitted on or before the fifteenth day of September or, in the case of a fiscal year taxpayer, the fifteenth day of the ninth month of the taxpayer’s taxable year.

      (4)   Ninety per cent of the taxpayer’s estimated tax liability for the current year shall have been remitted on or before the fifteenth day of December or, in the cases of a fiscal year taxpayer, the fifteenth day of the twelfth month of the taxpayer’s taxable year.

   However, in case an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment date or dates, but in no case shall a payment be required which constitutes a greater percentage of the taxpayer’s estimated tax liability than required above.

(Ord. 2005-05. Passed 3-8-05.)