(a) Each Taxpayer who engages in Business or whose Salaries, Wages, Commissions and Other Compensation are subject to the tax imposed by this Chapter shall, whether or not a tax be due thereon, make and file a return on or before The Annual Return Due Date of each year with the Finance Director or his delegate on a form furnished by or obtainable from the Finance Director or his delegate, setting forth the aggregate amount of Salaries, Wages, Commissions and Other Compensation earned and/or Net Profits earned and/or Gross Receipts from such Business less allowable expenses in the acquisition of such Gross Receipts earned during the preceding year and subject to the tax, together with such other pertinent information as the Finance Director or his delegate may require. The Municipality shall also accept for filing a Generic Form of such return and related documents if the Generic Form, once completed and filed, contains all of the information required to be submitted with the Municipality’s prescribed form and if the Taxpayer or Return Preparer filing the Generic Form otherwise complies with the rules and ordinances of the Municipality governing the filing of returns. When the return is made for a Fiscal Year or other period different from the Calendar Year, the return shall be made on or before the fifteenth day of the fourth month after the close of such Fiscal Year or other period.
(b) Each Taxpayer whose Salaries, Wages, Commissions and Other Compensation are subject to the tax imposed by this Chapter may offset losses from any Business when conducted in this Municipality or in any municipality that does not levy an income tax on Net Profits therefrom.
(c) Commencing with taxable years beginning subsequent to December 31, 1981, the net loss from an unincorporated business activity may not be used to offset Salaries, Wages, Commissions and Other Compensation. However, if a Taxpayer is engaged in two or more taxable business activities to be included in the same return, the net loss of one unincorporated business activity, except any portion of a loss separately reportable for Municipal tax purposes to another taxing entity, may be used to offset the profits of another for purposes of arriving at overall Net Profits. A husband and wife, in any Taxable Year, may elect to file separate or joint returns.
(d) If a net operating loss has been sustained in any Taxable Year, such loss may not be carried forward or backward to any other Taxable Year.
(e) The Taxpayer making a return shall at the time of the filing thereof, pay to the Municipality the amount of taxes shown as due thereon provided, however, that where any portion of the tax so due shall have been deducted at the source, or where any portion of such tax has been paid by the Taxpayer, or where an income tax has been paid to another municipality, credit for the amount so paid 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 return.
(f) A Taxpayer who has overpaid his income tax in any Taxable Year may request a refund provided, however, there is no other tax liability and provided, further, that no amount of less than one dollar ($1.00) will be refunded or collected.
(g) Consolidated income tax returns for an Applicable Taxable Year shall be accepted from any affiliated group of Corporations each of which is subject to Municipal income tax if that affiliated group filed a consolidated return for federal income tax purposes pursuant to Section 1501 of the Internal Revenue Code for the Applicable Taxable Year. The Municipal income tax liability of each member of the affiliated group, however, shall be determined separately for each member of the affiliated group as provided in Section 181.03 of this Chapter.
(h) Any tax imposed by this chapter shown to be due on a return shall be paid to the Finance Director on or before the Annual Return Due Date.
(i) Each individual earning or receiving Salaries, Wages, Commissions and Other Compensation shall file with her tax return a copy of all Form W-2 , federal schedules or other such similar documentation as is required by instructions to the return to verify earnings and any Municipal income tax withheld.
(j) An individual may not claim federal Form 2106 deductions for municipal income tax purposes unless that individual has claimed the same deduction for federal income tax purposes and attaches to her annual return a copy of the federal Form 2106 filed with the Internal Revenue Service.
(k) Each individual earning or receiving income from Business or from rental property shall file with her tax return a copy of Schedule C, Schedule E or other similar form that was filed with her federal income tax return for the Applicable Taxable Year regardless of whether such form shows a profit or loss. (Ord. 70-14. Passed 12-8-14.)