(a) Every person who anticipates any taxable income which is not subject to Section 880.06 in whole or in part, or who engages in any business, profession, enterprise or activity subject to the tax imposed by this chapter, shall file a declaration setting forth such estimated income and/or the estimated profit or loss from such business activity, together with the estimated tax due thereon, if any. However, if a person's income is income from which the tax will be fully withheld and remitted to the City in accordance with Section 880.06, or the amount of the estimated tax not withheld or not fully withheld is less than one hundred dollars ($100), such person need not file a declaration.
(b) Such declaration shall be filed on or before April 15 of each year during the life of this chapter and, beginning with tax year 2008, on or before the federal filing date if it is other than April 15th. Those taxpayers reporting on a fiscal year basis shall file a declaration within three and one-half months after the beginning of each fiscal year or period and, beginning with tax year 2008, on or before the federal filing date if it is other than the fifteenth day of the fourth month from the end of such fiscal year or period.
(c) Such declaration shall be filed upon a form or forms furnished by or obtainable upon request from the Director, or on an acceptable generic form as defined in this Chapter, which form or forms may require a statement that the figures used in making such declaration are the figures used in making the declaration of the estimate for the Federal income tax adjusted to set forth only such income as is taxable under the provisions of this chapter. Credit shall be taken for City income tax to be withheld, if any, from any portion of such income.
(d) 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.
(e) Such declaration of estimated tax to be paid the City shall be accompanied by a payment of at least one-fourth of the estimated tax due from income from which the tax is non-withheld and/or under-withheld. 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 dates.
(f) If the taxpayer is an individual, 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 taxpayer's taxable year, provided that in case an amended declaration has been filed, or the taxpayer is taxable for a portion of the year only, the unpaid balance shall be paid in equal installments on or before the remaining payment dates.
(g) If the taxpayer is a corporation or association, at least a similar amount shall be paid on or before the fifteenth day of the sixth, ninth, and twelfth months of the taxable year; provided, however, that 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 dates.
(h) No penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the City on the first day of January in the year in which they became subject to estimated payments, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to one hundred percent of the previous year's tax liability, provided that the previous year reflected a twelve-month period and the taxpayer filed a return for that year, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to ninety percent of the final tax liability for the tax year due on or before the federal annual return filing date of the current year.
(i) On or before the federal annual return filing date 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 the City shall be paid therewith in accordance with the provisions of this chapter.
(Ord. 184-08. Passed 11-20-08.)