(A) Every business entity subject to the occupational license tax imposed by this chapter shall, on or before the fifteenth day of the fourth month following the close of each year, make and file with the Commission a return, on a form furnished by or obtainable from the Commission setting forth the aggregate amount of net profits during the preceding year with such other pertinent information as the Commission may require, including, but not limited to, federal income tax returns and schedules. The return shall also show the amount of the occupational license tax imposed by this chapter, and the business entity shall pay to the Commission by the due date of the return the full occupational license tax due as shown thereon after credit is given for any prior estimated payments or credits. Provided, however, that where the fiscal year of the business entity differs from the calendar year and the business entity files a federal income tax return for such other fiscal period, the occupational license tax shall be measured by the net profits of the fiscal year, and where the return is made for a fiscal year or any other period different from a calendar year, the said return shall be made on or before the fifteenth day of the fourth month following the end of the fiscal year or other period.
(B) Any return required to be filed hereunder shall be considered to have been timely filed if it is postmarked or hand-delivered to the offices of the Commission on or before the due date or, in the event the due date is a Saturday, Sunday or Metro Government legal holiday, if it is postmarked or hand- delivered to the offices of the Commission on the next day which is not a Saturday, Sunday or a Metro Government legal holiday.
(C) Notwithstanding the provisions of subsection (A) hereof every business entity, other than a sole proprietorship, shall make quarterly estimated payments on or before the fifteenth day of the fourth, sixth, ninth and twelfth month of each fiscal year if the business entity’s aggregate liability for occupational license taxes, measured by net profits, due to the Metro Government, the Mass Transit-Trust Fund and the school boards for the taxable year exceeds five thousand dollars ($5,000).
(D) The quarterly estimated tax payment required under subsection (C) shall be based on the lesser of:
(1) Twenty-two and one-half percent of the current taxable year tax liability;
(2) Twenty-five percent of the preceding full year taxable year tax liability; or
(3) Twenty-five percent of the average tax liability for the three preceding full year taxable years’ tax liabilities if the tax liability for any of the three preceding full taxable years exceeded $20,000.
(E) Any business entity that fails to submit the minimum quarterly payment required under subsection (D) of this section by the due date for the quarterly payment shall pay an amount equal to 12% per annum simple interest on the amount of the quarterly payment required under subsection (D) of this section from the earlier of:
(1) The due date for the quarterly payment until the time when the aggregate quarterly payments submitted for the taxable year equal the minimum aggregate payments due under subsection (D) of this section; or
(2) The due date of the annual return.
(F) The provisions of this section shall not apply to any business entity’s first full or partial taxable year of doing business in Louisville Metro, or any first taxable year in which a business entity’s tax liability exceeds $5,000.
(G) At the election of the business entity, any installment of the estimated tax may be paid prior to the date prescribed for its payment.
(H) In the case where the tax computed under the provisions of this article is less than the amount which has been declared and paid as estimated tax for the same taxable year, a refund or credit, if a credit is requested, shall be made upon the filing of a return.
(I) Overpayment, resulting from the payment of estimated tax in excess of the amount determined to be due upon the filing of a return for the same taxable year, may be credited against the amount of estimated tax determined to be due on any declaration filed for the next succeeding taxable year, or for any deficiency or nonpayment of tax for any previous taxable year.
(J) No refund shall be made of any estimated tax paid unless a complete return is filed as required by this chapter.
(K) Every business entity making payments of $600 or more to natural persons other than employees (non-employee compensation payments) for services performed within Louisville Metro is hereby required to maintain records of such payments and to report such payments to the Commission by February 28 of the year following the close of the calendar year in which the non-employee compensation was paid.
(L) However, any business entity that makes non- employee compensation payments in excess of $600 to more than 100 natural persons may comply with the requirements of this section by submitting copies of federal Form 1099 reporting non-employee compensation paid to natural persons at an address in Louisville Metro. Such business entity, is not required to identify services performed within Louisville Metro.
(1994 Jeff. Code, § 110.07) (Jeff. Ord. 10-1986, adopted and effective 6-24-1986; Jeff. Am. Ord. 13-1989, adopted and effective 6-28-1989; Jeff. Am. Ord. 1-1994, adopted and effective 1-4-1994; Jeff. Am. Ord. 38-1996, adopted and effective, 10-8-1996; Lou. Metro Am. Ord. No. 218-2007, approved 10-15-2007; Lou. Metro Am. Ord. No. 110-2008, approved 6-30-2008) Penalty, see § 110.99