(a) Every person who anticipates any taxable income which is not subject in whole or in part to the withholding requirements of Section 191.06, or who engages in any business, profession, enterprise or activity shall file a declaration setting forth such estimated income and/or the estimated profit or loss from such business activity together with the estimated tax due thereon, if any. However, if a person's income is wholly from income, qualifying wages, commissions or other compensations from which the tax will be fully withheld and remitted to the Village in accordance with this chapter, or if a person's annual income tax liability from which the tax will not be fully withheld is less than one hundred dollars ($100.00), such person need not file a declaration.
(b) Such declaration shall be filed on or before April 15 of each year during the life of this chapter, or on or before the federal filing date if it is other than April 15th.
(c) Taxpayers reporting on a fiscal year basis shall file a declaration on or before the 15th day of the fourth month after the beginning of each fiscal year or period, or on or before the federal filing date if it is other than the 15th day of the fourth month from the end of such fiscal year or period.
(d) Such declaration shall be filed upon a form or forms furnished by or obtainable from the Tax Commissioner, or on an acceptable generic form as defined in this Chapter, which form or forms may require a statement that the figures used in making such declaration are the figures used in making the declaration of the estimate for the Federal income tax adjusted to set forth only such income as is taxable under the provisions of this chapter.
(e) Such declaration of estimated tax to be paid the Village shall be accompanied by a payment of at least one-fourth of the estimated non-withheld and/or under-withheld tax due.
(1) If the taxpayer is an individual, at least a similar amount shall be paid on or before the last day of the seventh (7th), tenth (10th), and thirteenth (13th) months after the beginning of the taxpayer's taxable year, provided that in case an amended declaration has been filed, or the taxpayer is taxable for a portion of the year only, the unpaid balance shall be paid in equal installments on or before the remaining payment dates.
(2) If the taxpayer is a corporation or association, and whether reporting on a calendar or fiscal tax year, at least a similar amount shall be paid on or before the fifteenth day of the sixth (6th), ninth (9th), and twelfth (12th) months of the taxable year; provided, however, that in case an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(3) No penalties or interest shall be assessed, for not filing a declaration, if one or more of the following circumstances apply:
A. The resident taxpayer was not domiciled in the Village on the first day of January in the year in which they became subject to estimated payments.
B. The taxpayer has remitted an amount equal to one hundred percent (100%) of the previous year's tax liability, provided that the previous year reflected a twelve-month period and the taxpayer filed a return for that year.
C. On or before April 15th, or the federal due date if other than April 15th, of the current year the taxpayer has remitted an amount equal to ninety percent (90%) of the final tax liability for the year for which the tax is due.
(f) The original declaration (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date as provided for herein.
(g) On or before April 15 of the year following that for which such declaration or amended declaration was filed or, in the case of a fiscal year taxpayer, on or before the fifteenth (15th) day of the fourth month after the close of the fiscal year for which a declaration was filed, an annual return shall be filed and any balance which may be due the Village shall be paid therewith in accordance with the provisions of Section 191.05 hereof. The due dates in this provision shall be adjusted to the Federal due dates for any year in which the Federal due dates are other than those contained in this provision.
(Ord. 11-30. Passed 12-19-11.)