(a) Each taxpayer whose earnings or profits are subject to the tax imposed by this chapter shall, on or before April 15, 2005, and on or before April 15 of each year thereafter, make and file a final return with the Tax Administrator on a form obtainable from the Tax Administrator or on a generic form as defined in this chapter, setting forth the aggregate amount of salary, wages, or other compensation and net profits earned by him or her during the preceding year or period and subject to the tax, together with other pertinent information as the Tax Administrator may require. Provided, however, that when the final return is made for a fiscal year or other period different from the calendar year, the return shall be made within the 15th day of the fourth month following the end of the taxpayer's fiscal year.
(b) The return shall also show the amount of that tax imposed on such earnings and profits. The taxpayer making the return shall, at the time of the filing therefrom, pay to the Tax Administrator the amount of taxes shown as due thereof. Provided however, that where any portion of such tax shall have been paid by such taxpayer pursuant to the provisions of Section 181.05 and/or Section 181.06, 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 filing the final return.
(c) The return of an employee showing the amount of tax deducted by the employer or employers from the salaries, wages or compensation of any employee, and paid by him or them to the Tax Administrator, shall be accepted as the return required of any such employee whose sole income subject to the tax of one and one-half percent (1½%) is such salary, wages or compensation.
(d) Beginning January 1, 2005 any taxpayer that has requested an extension for filing a Federal income tax return may request an extension for the filing of an income tax return required in this chapter. The taxpayer shall make the request by filing a copy of the taxpayer's request for a Federal filing extension with the office of the Tax Administrator. The request for extension shall be filed not later than the last day for the filing of the income tax return required by subsection (a) hereof. The Municipality shall grant such a request for an extension for a period not less than the last day of the month following the month to which the due date of the federal return has been extended. The Municipality may deny a taxpayer's request for an extension only if the taxpayer fails to timely file the request, fails to file a copy of the request for the Federal extension, owes the Municipality any delinquent income tax or any penalty, interest, assessment, or other charge for the late payment or nonpayment of income tax, or has failed to file any required income tax return, report, or other related documents for a prior tax period. The granting of an extension for filing an income tax return does not extend the last date for paying the income tax without penalty, unless the Municipality grants an extension, in writing, to that date. In addition, if unusual circumstances exist for the taxpayer, the Tax Administrator may extend the time for filing of the annual return upon the request of the taxpayer for a period not to exceed six (6) months, or three (3) months beyond any extension granted by the Internal Revenue Service for the filing of the Federal Income Tax return. However, the Tax Administrator may require a tentative return, accompanied by payment of the amount of the tax shown to be due thereon by the date the request for extension is filed and the actual tax to be paid within the period as extended. The taxpayer shall be responsible for interest and penalty if the amount shown on the tentative return is less than the actual amount determined to be payable in the final return.
(e) A tax in the amount of one dollar ($1.00) or less will not be collected or refunded, provided that this subsection shall not be applicable to taxes collected at the source under the provisions of Section 181.05, and provided further that nothing in this subsection shall dispense with any requirement of this chapter relating to the filing of declarations, returns and questionnaires.
(f) If a business has sustained a net operating loss in any taxable year, such loss may not be carried forward or backward to any other taxable year.
(g) A taxpayer may aggregate rentals for a net rental income but no net loss may be taken against other income nor may it be carried either forward or backward.
(h) The residents of the Municipality are subject to taxation upon net income from rentals on all properties located in the Municipality, and/or on all properties located outside the Municipality, with credit being given for income tax or taxes paid to other municipalities on rental profits on properties in those other municipalities, but with said credit not to exceed the total rate levied in this chapter. Non-residents of the Municipality are subject to such taxation only if the real property is situated within the Municipality and shall receive no credit for taxes paid to another municipality.
(i) In no case may a taxpayer deduct business losses or rental losses against wages or other compensation earned as an employee.
(j) In no case may a taxpayer deduct any work related expenses from W-2 wages such as 2106 expenses that may have been deducted on the federal return.
(k) Gambling winnings, lottery winnings and similar winnings and/or prizes won by a taxpayer may be offset by gambling losses, lottery losses and similar losses; however, no losses in any tax year may be carried forward or backward to any other taxable year.
(Ord. 877. Passed 11-22-04.)