(a) Except as provided in this section, every person shall file a declaration setting forth taxable income, including distributive shares of net profits of unincorporated business entities, estimated to be earned by the taxpayer during the current tax year, together with the estimated tax due thereon, less the tax withheld within the Village and less the tax credit allowed in Section 890.13, unless the entire taxable income is subject to withholding within the Village. If the estimated tax for the current year, less the tax to be withheld and less such tax credit, is less than four hundred dollars ($400.00), no declaration or payment of estimated tax is required.
(b) (1) The declaration required by this section shall be filed on or before April 15 of each year during the effective period set forth in Section 890.04 or on or before the fifteenth day of the fourth month of the date the taxpayer becomes subject to tax for the first time.
(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) The declaration required by this section shall be filed upon a form furnished by or obtainable from the Administrator, or on an acceptable generic form as defined in this chapter. As provided in this section, credit shall be taken for the tax to be withheld by the Village from any portion of such income, and credit shall be taken for tax to be paid or withheld and remitted to another taxing municipality, in accordance with the provisions of Section 890.13.
(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.
(d) Payment Dates.
(1) The declaration of estimated tax to be paid to the Village shall be accompanied by a payment of at least one-fourth of the estimated non-withheld and/or under-withheld tax due.
(2) If the taxpayer is an individual, at least a similar amount shall be paid on or before the last day of the seventh, tenth, and thirteenth 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.
(3) If the taxpayer is a corporation or association, at least a similar amount shall be paid on or before the fifteenth day of the sixth, ninth, and twelfth months of the taxable year; provided, however, that in case an amended declaration has been filed, or the taxpayer is taxable for a portion of the year only, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(e) No penalties or interest shall be assessed, for not filing a declaration, if the taxpayer qualifies under one of the following provisions:
(1) A resident taxpayer who was not domiciled in the Village on the first day of January in the year in which they became subject to estimated payments.
(2) The taxpayer has remitted an amount equal to 100% of the previous year’s tax liability, provided that the previous year reflected a 12 month period and the taxpayer filed a return for that year.
(3) The taxpayer has remitted an amount equal to 90% of the final tax liability for the tax year due on or before April 15 of the current year.
(f) On or before the fifteenth day of the fourth month of the year following that for which such declaration or amended 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 890.05. However, any taxpayer may file, on or before the last day of the first month of the year following that for which such declaration or amended declaration was filed, an annual return and pay any balance due at such time in lieu of paying the final quarterly installment based upon a declaration or amended declaration of estimated tax.
(Ord. 2007-23. Passed 6-19-07; Ord. 2014-13. Passed 11-18-14)