(a) Where total income, total deductions, net profits or other figures are derived from the taxpayers Federal Income Tax return, any item of income not subject to the City income tax and unallowable deductions shall be eliminated in determining net income subject to the City tax. The fact that a taxpayer is not required to file a Federal Income Tax return does not relieve him or her from filing a City tax return.
(b) For the purpose of determining net profit allocable to the City under this chapter, a corporate taxpayer may elect to file a consolidated return, including subsidiaries whose voting stock is more than fifty percent owned by the taxpayer if such return will more properly reflect the net profits and activities of the taxpayer in the City. The City may require a consolidated return if necessary to properly determine net profits of the taxpayer allocable to the City.
(c) An amended return shall be filed with the City or the Department, on a form obtainable from the City or the Department, if necessary to report additional income and pay an additional tax due, or to claim a refund of tax overpaid. Within ninety days after final determination of a Federal tax liability which also affects the computation of a taxpayer's City income tax liability, the taxpayer shall prepare and file an amended City income tax return showing income subject to the City tax based upon the final determination of Federal income tax liability, and pay any additional tax shown due on the return or make claim for refund of an overpayment A taxpayer shall not change the method of accounting or apportionment of net profits after the due date for filing the original return, or any extensions for filing of the original return.
(Ord. 360. Passed 12-11-93.)