(a) Every taxpayer with an estimated tax liability of $300.00 or more shall make a declaration of estimated City tax for the current taxable year. The declaration shall be filed on or before April 15th of each year or on or before the 15th day of the fourth month after the taxpayer becomes subject to City tax for the first time. A taxpayer reporting on a fiscal year basis shall file a declaration on or before the 15th day of the fourth month after the beginning of each fiscal year or period.
(b) "Estimated City tax" means the amount which the taxpayer reasonably estimates to be his City tax for the current taxable year, less the amount which he estimates to be withheld or paid to another taxing municipality on account of such City tax.
(c) A taxpayer may amend a declaration under rules and regulations of the Council. The original declaration or any subsequent amendment may be increased or decreased on or before any subsequent quarterly payment date as provided in this section.
(d) Such declaration to be filed on the 15th day of April of the year, shall be accompanied by payment of at least twenty-two and one-half percent (22 ½%) of the estimated annual tax due after permissible deductions:
(1) Any portion of such tax to be deducted or withheld at the source pursuant to this chapter,
(2) Any credits allowable under the provisions of this chapter, and
(3) Any overpayment of previous year’s tax liability which the taxpayer has not elected to have refunded.
At least a similar amount must be paid on or before the 31st day of July and again paid on or before the 31st day of October of the tax year, and again paid on or before the 31st of January of the subsequent tax year. A final return must be filed and any balance which may be due must be paid on or before the due date set forth in Section 193.18. The amounts due on the above mentioned subsequent quarter dates are not to exceed forty-five percent (45%), sixty-seven and one-half percent (67 ½%) and ninety percent (90%) respectively of the tax estimated to be due. Should it then appear that such taxpayer has paid more than the amount of tax to which Napoleon would be entitled under the provisions of this chapter, such overpayment shall be applied against any subsequent liability hereunder, or, at the election of the taxpayer and so indicated on the tax return, such overpayment (or portion thereof) shall be refunded, but in no event shall overpayments of less than one dollar ($1.00) be refunded.
(e) If a taxpayer's total quarterly estimate payments do not equal at least ninety percent (90%) of the total tax liability as established on the taxpayer's annual tax return, interest and penalty shall be assessed at the following rates and in the following manner:
(1) The taxpayer's annual tax liability as established on the taxpayer's annual return shall use the same percentage breakdown as found in subsection (d) above as read in its entirety. The difference between the amount of tax which should have been paid quarterly on an estimated basis and the amount of tax actually paid quarterly on an estimated basis shall be subject to a penalty of one percent (1%) per month or fraction thereof from the due date of each quarterly installment to the date the annual return is due or the tax paid thereon, whichever is earlier.
(2) In the event the taxpayer provides satisfactory evidence to the Tax Administrator that the taxpayer's annual income fluctuated in such a manner that the penalty as specified in division (e)(1) immediately above should not be imposed, or for any good cause shown, the Finance Director may waive any portion of such penalty upon request of the taxpayer and submission of evidence of such fluctuation or other good cause to the Tax Administrator.
(3) For estimate filing year 2003 and thereafter, in the first year of residency in the City where the taxpayer was never before a resident of the City and moved to the City subsequent to January 1 of the tax year, for this year, there will be no assessment of penalty and interest due to late or insufficient income tax estimates.
(Ord. 135-04. Passed 12-6-04.)