(a) Every person who anticipates any taxable income which is not subject to Section 181.06, 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 if the net estimated tax due after the deduction for allowable credits is $100.00 (one hundred dollars) or more.
(b) Such declaration shall be filed on or before April 15th of each year during the life of this chapter, or before the fifteenth (15th) day of the fourth (4th) month from the date from which the taxpayer becomes subject to taxes for the first time.
Those taxpayers reporting on a fiscal year basis shall file a declaration before the (fifteenth) 15th day of the fourth (4th) month after the beginning of each fiscal year or period.
(c) Such declaration shall be filed upon a form furnished by, or obtainable from, the Administrator, or on a generic form approved by the Administrator. Credit may be taken for this municipality’s income tax to be withheld, if any, from any portion of such income. In addition, credit may be taken for tax to be paid to or to be withheld and remitted to another taxing municipality.
(d) The original declaration (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date provided for herein.
(e) Due dates for estimated payments:
(1) Individual taxpayers who are required to remit estimated tax will be subject to the following prescribed payment schedule:
A. Estimated taxes to be paid to this municipality by taxpayers who are individuals shall be accompanied by a payment of at least one-fourth (¼) of the estimated tax required to be paid by subsection 181.07(b), and at least a similar amount shall be paid on or before July 31st and October 31st of the taxable year, and January 31st of the following year. However, in the case of an amended declaration being filed, the unpaid balance shown as due thereon shall be paid in equal installments on or before the remaining payment dates.
(2) Any amount deducted and withheld for taxes from the compensation of an individual shall be considered as estimated taxes paid in equal amounts on each of the payment dates provided for in this section.
(3) Taxpayers who are not individuals and who are required to remit estimated tax will be subject to the following prescribed payment schedule:
A. Estimated tax to be paid to this municipality by corporations and associations shall be accompanied by a payment of at least one- fourth (¼) of ninety per cent (90%) of the estimated annual tax, and at least a similar amount shall be paid on or before July 30th, October 30th of the taxable year, and January 31st of the following year. In the case of a fiscal year taxpayer the second, third and fourth quarterly estimated payments shall be due on the fifteenth (15th) day of the sixth (6th), ninth (9th) and twelfth (12th) months of the taxable year, respectively. However, in the case of an amended declaration being filed, the unpaid balance shown as due thereon shall be paid in equal installments on or before the remaining payment dates.
(4) The Administrator shall not impose any penalty, interest, interest penalty, or other similar assessment or charge against a taxpayer for the late payment or nonpayment of estimated tax liability in either of the following circumstances:
A. The taxpayer is an individual who resides in the municipality but was not domiciled there on the first day of January of the current calendar year.
B. The taxpayer has remitted 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.
(5) If a taxpayer’s total tax payments made in accordance with this Section, including any credits available to the taxpayer pursuant to this chapter, do not equal at least ninety per cent (90%) of the taxpayer’s current year’s annual tax liability of one hundred per cent (100%) of the taxpayer’s annual tax liability for the immediately preceding tax year, then interest and penalties shall apply as set forth in Section 181.10.
(Ord. 2008-30. Passed 11-11-08.)