(a) Every person who anticipates any taxable income which is not subject to Section 882.06, or who engages in any business, profession, enterprise or activity subject to the tax imposed by Section 882.03, and anticipates a tax liability of fifty dollars ($50.00) or more, shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity, together with the estimated tax due thereon, if any, provided, however, that if a person's income is wholly from wages which the tax will be withheld and remitted to this Municipality in accordance with Section 882.06, such person need not file a declaration.
(b) (1) Such declaration shall be filed on or before April 15 of each year during the life of this chapter, except that no penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the Municipality on the first day of January of the year in which they became subject to estimated payments, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to 100 percent of the previous year's tax liability, provided that the previous year reflected a 12-month period.
(2) Those taxpayers reporting on a fiscal year basis shall file a declaration within four months after the beginning of each fiscal year or period.
(c) (1) Such declaration shall be filed upon a form furnished by, or obtainable from, the Administrator, provided, however, that credit shall be taken for this Municipality's income tax to be withheld from any portion of such income. In accordance with the provisions of Section 882.17, credit may be taken for tax to be paid to or to be withheld and remitted to another taxing Municipality.
(2) 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. The safe harbor method shall be considered a good faith estimate and no taxpayer shall be penalized for late payment or nonpayment of estimated taxes by charging a penalty, interest or similar charge if the taxpayer pays estimated taxes equal to 90 percent of the taxpayer's gross tax liability for the current year, or 100 percent of the taxpayer's reported tax liability for the preceding year, provided the return for the preceding year reflected a twelve -month period and the taxpayer actually filed a return for that year. A taxpayer shall not be penalized for the late payment or nonpayment of estimated taxes if the taxpayer is a resident individual who was not domiciled in the Municipal corporation on January 1 of the calendar year for which the tax is due. (See division (b)(1) of this section).
(d) Such declaration or estimated tax to be paid to the Municipality shall be accompanied by a payment of 22.5 percent of the estimated tax. An additional payment of 22.5 percent of the estimated tax shall be due not later than the 15th day of the seventh month after the beginning of the taxable year, and a payment of 22.5 percent of the estimated tax shall be due not later than the 15th day of the tenth month after the beginning of the taxable year and 22.5 percent of the estimated tax shall be due not later than the 15th day of the 12th month after the beginning of the taxable year. However, if amended declaration has been filed, the unpaid balance shown due thereon shall be paid on the remaining payment date.
(e) On or before the 15th day of the fourth month of the year following that for which such declaration was required to be filed, an annual return shall be filed and any balance which may be due this Municipality shall be paid therewith in accordance with the provisions of Section 882.05.
(f) Any installment remaining unpaid ten days after it becomes due shall be liable to a penalty of ten percent of the amount owed and interest at the rate of one and one-half percent per month or fraction thereof from the time the estimated payment was due.
(g) Failure to file and pay a declaration and estimate within the specified time period will result in a twenty-five dollar ($25.00) fee for non-compliance, in addition to the interest and penalty charge.
(Ord. 2002-141. Passed 1-7-03.)