(A) Every business entity, other than a sole proprietorship, subject to this chapter, shall make quarterly estimated fee payments on or before the fifteenth day of the fourth, sixth, ninth, and twelfth month of each taxable year if the fees due for the taxable year exceeds $5,000.
(B) The quarterly estimated fee payments required under division (A) above shall be based on the lesser of:
(1) Twenty-two and one-half percent of the current taxable year fee liability;
(2) Twenty-five percent of the preceding full year taxable year fee liability; or
(3) Twenty-five percent of the average fee liability for the three preceding full year taxable years’ fee liabilities if the fee liability for any of the three preceding full taxable years exceeded $20,000.
(C) (1) Any business entity that fails to submit the minimum quarterly payment required under division (B) above by the due date for the quarterly payment shall pay an amount equal to 12% per annum simple interest on the amount of the quarterly payment required under division (B) above from the earlier of:
(a) The due date for the quarterly payment until the time when the aggregate quarterly payments submitted for the taxable year equal the minimum aggregate payments due under division (B) above; or
(b) The due date of the annual return.
(2) A fraction of the month is considered an entire month.
(D) The provisions of this section shall not apply to any business entity’s first full or partial taxable year of doing business in the city or any first taxable year in which a business entity’s fee liability exceeds $5,000.
(E) At the election of the business entity, any installment of the estimated fees may be paid prior to the date prescribed for its payment.
(Prior Code, § 110.08) (Ord. 2011-01, passed 1-10-2011)