(a) Except as provided in this section, every person shall file a declaration setting forth taxable income, together with the estimated tax due thereon, less the tax withheld in the Village and less the tax credit allowed in Section 775.32, unless such person anticipates that such tax will be fully withheld in the Village and any income earned outside the Village will be fully taxed at the same or a higher rate of tax in another municipality. If the estimated tax for the current year, less such tax to be withheld and less such tax credit, amounts to not more than one hundred dollars ($100.00), no declaration or payment of estimated tax is required.
(b) No penalties or interest shall be assessed on estimated payments if the taxpayer has remitted an amount equal to one hundred percent of the previous year's tax liability, provided that the previous year reflected a twelve month period, or if ninety percent (90%) of the actual liability has been received.
(c) Effective January 3, 2005, the Declaration of Estimated Tax to be paid to the Village by taxpayers who are individuals shall be accompanied by a payment of at least one-fourth (1/4) of the Declaration amount and at least a similar amount shall be paid on or before July 31st and October 31st of the taxable year, and January 31st of the following year.
(d) Effective January 1, 2005, such Declaration of Estimated Tax to be paid to the Village by corporations and associations shall be accompanied by a payment of at least one-fourth of the Declaration amount and at least a similar amount shall be paid on or before June 15th, September 15th, and December 15th. In the case of a fiscal year taxpayer the second, third and fourth quarterly estimated payments shall be due on the fifteenth day of the sixth, ninth and twelfth months of the taxable year, respectively.
(Ord. 2005-2. Passed 4-13-05.)