(A) Every person who, during any calendar year, begins a business, profession, trade, or occupation subject to a license tax under the provisions of this chapter shall estimate the amount of the gross receipts expected between the date of beginning business and the end of the then-current license year. Such estimate shall be included in the license application form, and the license tax for the then-current year shall be computed based on such estimate.
(B) Each such beginning business shall submit to the Town Treasurer, not later than July 30 following the business’s first license year, a report of actual gross receipts for the preceding year.
(C) Whenever a license tax for a beginning business is so computed, any estimate found to be erroneous upon a report of actual gross receipts as required by division (B) above shall be subject to correction. The Treasurer shall assess such person with any additional license tax found to be due at the end of the license year and shall at the same time correct the estimate for the then-current license year.
Such additional license tax shall be subject to a penalty of 10% and interest of 10% per annum from the date of the original estimate if the estimate proves to be unreasonable. Estimates will be deemed unreasonable if they are less than 80% of the actual taxes ultimately due. In case of an overestimate, the taxpayer shall be entitled to a credit upon his or her license tax payable the following year.
(1998 Code, § 14-50) (Ord. passed 1-13-1998)