(A) Designating fiscal year. Where the fiscal year of the business, profession, or other activity differs from the calendar year (and licensee files state income tax return for such other fiscal period), the license fee shall be measured by the net profits of that fiscal year.
(B) Return due date. Where the return is made for a fiscal year or any other period different from the calendar year, the return shall be made on or before the fifteenth day of the fourth month following the end of this fiscal year or other period. The license return shall also show the amount of license fee imposed by this chapter. The first return shall show only compensation and net profits earned to the close of the calendar or fiscal period.
(C) Deduction of license fee. At the time of filing, the person making the return shall pay to the city the amount of license fees shown as due. Where any portion of the license fee has been paid, credit for the amount shall be deducted from the amount shown to be due and only the balance, if any, shall be due and payable at the time of the filing of the return. Credit balance due to the deduction of initial license fee is not refundable, nor can it be used for any subsequent year.
(D) Filing extensions.
(1) The Finance Officer shall have the authority to extend the time of filing the net profits license fee return. The extension shall be upon the written request of the licensee and shall be received by the Finance Officer prior to the due date of the net profit license fee return.
(2) When applying for an extension, a written request shall be accompanied by a copy of the appropriate state and/or federal applications for extension. Regardless of the number of extensions approved, all license fees remaining unpaid after they have become due shall bear interest at the rate of 18% per annum until paid.
(Ord. 01-07, passed 1-31-2007) Penalty, see § 110.99