(a) Every taxpayer who anticipates any taxable income which is not subject to the provisions of Section 183.06 shall file a declaration of the estimated tax liability for the taxable period. Such declaration shall be filed on or before April 30 of each calendar year for the duration of the taxes referred to herein. The taxpayer shall be responsible for the calculation of the estimated tax liability on such declaration. Taxpayers reporting on a fiscal year basis shall file a declaration prior to the end of the fourth month after the beginning of the fiscal year.
(b) Such declaration shall be filed on a form obtainable from the Tax Administrator, or on any acceptable generic form, which form may simply state that the figures used in making such declaration are the figures used in making the declaration of the estimate for the federal income tax (if a federal estimate is required), provided that it is understood that such figures may be modified according to the provisions of this chapter so that the declaration required by this section shall set forth only such income as is taxable under the provisions of this chapter.
(c) For all declarations and estimated tax payments due for all tax obligations for tax year 2002 and all tax years prior to 2002, the declaration, to be filed on or before April 30, or on or before the end of the fourth month following the end of a fiscal year, shall be accompanied by 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, tenth and thirteenth month after the beginning of the taxpayer's taxable year provided that such estimate may be amended at the time of making any quarterly payment, and further provided that on or before April 30 of the year following that for which the declaration was filed, or on or before the end of the fourth month following the end of a fiscal year, a final return shall be filed and any balance which may be due the City shall be paid therewith.
(d) Effective January 1, 2003 such declaration shall be filed on or before April 15, or on or before the 15th day of the fourth month following the end of a fiscal year accompanied by payment as set forth below:
(1) Prior to the application of any credits, estimated tax payments, or withheld taxes, individual taxpayers are required to remit estimated tax payments on a quarterly basis with payments not to exceed twenty-two and one half percent (22.5%) of the estimated annual tax liability for the current year, on or before April 15 disregarding any extension granted pursuant to Section 183.17, forty-five percent (45%) by July 31, sixty-seven and one half percent (67.5%) by October 31 and ninety percent (90%) by January 31. Any amount deducted and withheld for taxes from the compensation of an individual shall be considered as estimated taxes paid in equal amount of each of the payments set forth in this section.
(2) Prior to the application of any credits, or estimated tax payments, nonindividual taxpayers are required to remit estimated tax payments with payments of at least (22.5%) of the estimated annual tax liability for the current year on or before the day on which the annual tax return for the prior year is required to be filed disregarding any extension granted pursuant to Section 183.17 or in the case of a fiscal year taxpayer, the fifteenth day of the fourth month of the taxpayer's taxable year; forty-five per cent (45%) by June 15, in the case of a fiscal year taxpayer, the fifteenth day of the sixth month of the taxpayer's taxable year; sixty-seven and one-half per cent (67.5%) by September 15 or, in the case of a fiscal year taxpayer, the fifteenth day of the ninth month of the taxpayer's taxable year; ninety per cent (90%) by December 15 or, in the case of a fiscal year taxpayer, the fifteenth day of the twelfth month of the taxpayer's taxable year.
(e) The failure of any person to pay estimated tax in the manner set forth in this section shall subject such person to a penalty as prescribed in Section 183.11 except that effective as of January 1, 2003 no penalty, interest, or other similar assessment or charge shall be levied against a taxpayer for the late payment or nonpayment of estimated tax liability if one of the following applies:
(1) The taxpayer is an individual who resides in the municipal corporation but was not domiciled there on the first day of January of the current calendar year; or
(2) The taxpayer has timely remitted, pursuant to this section, an amount at least equal to one hundred percent (100%) of the taxpayer's tax liability for the preceding year as shown on the return filed by the taxpayer for the preceding year, provided that the return for the preceding year reflected a twelve-month period and the taxpayer filed a return for the preceding year; or
(3) The tax due at the time of filing is less than one hundred dollars ($100) and all required payments were made timely pursuant to this section.
(4) The taxpayer, pursuant to this chapter, has timely remitted ninety percent (90%) of the actual tax liability due to the City for the taxpayer's current tax year.
(f) Regardless of any declarations or estimated tax payments remitted, the taxpayer shall file a final return and any balance which may be due the City shall be paid pursuant to the provisions of this chapter. Should it appear that such taxpayer has paid more than the amount of tax to which the City is entitled, a refund of the amount so overpaid shall be made, or the same may be applied toward the declaration of estimated tax due for the ensuing year. Claims for refunds shall be made on forms obtainable from the Tax Administrator, or on any acceptable generic form.
(Ord. 2002-73. Passed 12-7-02; Ord. 2004-84. Passed 12-17-04.)