(a) Requirements for Filing. Every person who anticipates any taxable income from which the full amount of City tax will not be withheld and/or who engages in any business, profession, enterprise or activity subject to the tax imposed by Section 181.03
shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity together with the estimated tax due thereon.
(b) (1) Calendar dates for filing. Such declaration shall be filed on or before April 30 of each year, and on or before April 15th for taxable years 2005 and later, during the life of this chapter.
(2) Fiscal dates for filing. Those taxpayers reporting on a fiscal year basis shall file a declaration within four months after the beginning of each fiscal year or period, and within 105 days for taxable years 2005 and later.
(c) (1) Forms. Such declaration shall be filed upon a form furnished by, or obtainable from, the Administrator, or on an acceptable generic form.
(2) Amended declarations. The original declarations (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date as provided for herein.
(d) Payments with Declarations.
(1) Such declarations of estimated tax to be paid the City by taxpayers who are individuals shall be accompanied by a payment of at least one-fourth the estimated tax required to be paid by this section, and 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 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.
(2) Estimated tax to be paid the City by taxpayers who are corporations and associations shall be accompanied by a payment of at least one-fourth the estimated tax required to be paid by this section, and at least a similar amount shall be paid on or before the fifteenth day of the sixth, ninth, and twelfth 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.
(e) No penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the City of Milford 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.
(Ord. 04-346. Passed 1-6-04.)