(A) Every person who anticipates any taxable income which is not subject to the provisions of § 37.05, or who engages in any business shall file a declaration setting forth such estimated income or the estimated profit or loss from such business during the year covered by the declaration, together with the estimated tax due thereon, if any.
(B) Exclusive of taxpayers filing on a fiscal basis, such declaration, each person required to file a declaration shall file such declaration on or before April 15 of each year. In the case of a person starting in business, such declaration shall be filed within four months of the date said taxpayer starts such business.
(C) Such declaration shall be filed upon a form or forms furnished by, or obtainable upon request from the Income Tax Department, which form or forms may contain a statement that the figures used in making such declaration are the figures used in making the declaration of the estimate for federal income tax, adjusted to set forth only such income as is taxable under the provisions of this chapter.
(D) (1) Such declaration of estimated tax to be paid to the village shall be accompanied by a payment of at least 22.5% of the estimated tax.
(2) Exclusive of taxpayers filing on a fiscal year basis, at least a similar amount shall be paid on or before July 31, October 31, and January 31 of each year. Such estimate may be amended at any time.
(E) (1) A taxpayer reporting on a fiscal year basis shall file, beginning with the taxpayer's first fiscal year any part of which falls within the tax period, a declaration on or before the fifteenth day of the fourth month of the taxpayer's taxable year accompanied by a payment of at least 22.5% of the estimated tax shown due thereon. At least a similar amount shall be paid on or before the fifteenth day of the sixth month, the fifteenth day of the ninth month and the fifteenth day of the twelfth month of the taxpayer's taxable year.
(2) Taxpayers that are not individuals must remit 22.5% of the estimated 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 or, in the case of a fiscal year taxpayer, the fifteenth day of the fourth month of the taxpayer's taxable year. Exclusive of taxpayer's filing on a fiscal year basis, at least a similar amount shall be paid on or before June 15, September 15 and December 15 of each year. Such estimate may be amended at any time.
(F) Penalty and interest will not be imposed for the late payment or nonpayment of estimated tax liability if the taxpayer has remitted an amount at least equal to 100% of the taxpayer's liability for the preceding year, provided that the return for the preceding year reflected a 12-month period and the taxpayer filed a return for the preceding year, or if the taxpayer, which is an individual, was not domiciled within the village on the first day of January of the current calendar year.
(Ord. 04-05-01, passed 6-29-04)