(a) Every taxpayer who anticipates any taxable income which is not subject to Section 890.06, or who engages in any business, profession, enterprise or activity subject to the tax imposed by Section 890.03, 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.
(1) If upon the filing of the return required by Section 890.05 hereof it appears that the taxpayer did not pay an amount equal to or greater than the tax paid for the previous year, or did not pay ninety percent of his tax liability, as shown on said return, on or before December fifteenth, or the fifteenth day of the month following the close of his fiscal year, whichever is applicable, the difference between ninety percent of said taxpayer’s tax liability and the amount of estimated tax he actually paid on or before said date shall be subject to the interest and penalty provisions of Section 890.10 hereof.
(b) Such declaration of estimated tax shall be filed on or before April 15 of each year, or on or before the fifteenth day of the fourth month following the date the taxpayer becomes subject to tax for the first time. Those taxpayers having a fiscal year or period differing from the calendar year shall file a declaration on or before the fifteenth day of the fourth month following the start of each fiscal year or period.
(c) Such declaration of estimated tax shall be filed upon a form furnished by, or obtainable from, the Commissioner of Taxation, or an acceptable generic form, provided, however, that credit shall be taken for the City tax to be withheld from any portion of such income. In accordance with the provisions of Section 890.14, credit may be taken for tax to be withheld and remitted to another taxing municipality.
(d) The original declaration of estimated tax (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date as provided for herein.
(e) Such declaration of estimated tax to be paid to the City of Trenton shall be accompanied by a payment of at least one-fourth of the estimated annual tax and at least a similar amount shall be paid on or before the fifteenth day of the sixth, ninth, and thirteenth months after the beginning of the taxable year, provided, however, that in the event that 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.
(f) On or before the fifteenth day of the fourth month of the year following that for which such declaration of estimated tax or amended declaration of estimated tax was filed, an annual return shall be filed and any balance which may be due the City shall be paid therewith in accordance with the provisions of Section 890.05.
(Ord. 05-2014. Passed 3-6-14.)