(a) All taxes imposed and administered by the chapter shall be collectible, together with any interest and penalties thereon, by suit, as other debts of like amount are recoverable. Except in the case of fraud, omission of twenty-five percent (25%) or more of income subject to this tax, or failure to file a return, an additional assessment shall not be made after three years from the time the return was due or filed, whichever is later. In the case of fraud, omission of twenty-five percent (25%) or more of income subject to this tax, or failure to file a return, all additional assessments shall be made and all prosecutions to recover Municipal income taxes and penalties and interest thereon shall be brought within six (6) years after the tax was due or the return was filed, whichever is later.
(b) In those cases in which the Commissioner of Internal Revenue and the taxpayer have executed a waiver of the Federal Statute of Limitations, the period within which an additional assessment may be made by the Tax Administrator shall be one year from the time of the final determination of the Federal tax liability.
(c) Payments on delinquent amounts shall be applied in the following manner:
(1) To taxes for the oldest year in which a tax liability remains unpaid, then to interest and penalty assessments remaining unpaid for that same year. Payments shall continue to be applied in this sequence until all delinquent liabilities have been satisfied.
(2) To the taxpayer’s current estimated tax liability.
(d) Any amount of less than one dollar ($1.00) shall not be collected or refunded.
(Ord. 051206-85. Passed 12-20-05.)