(A) Every business entity, other than a sole proprietorship, subject to taxation under this subchapter, shall make quarterly estimated tax payments on or before the fifteenth day of the fourth, sixth, ninth, and twelfth month of each taxable year if the tax liability for the taxable year exceeds $5,000.
(B) The quarterly estimated tax payments required under division (A) of this section shall be based on the lesser of:
(1) 22.5% of the current taxable year tax liability;
(2) 25% of the preceding full year taxable year tax liability; or
(3) 25% of the average tax liability for the three preceding full year taxable years' tax liabilities if the tax liability for any of the three preceding full taxable years exceeded $20,000.
(C) (1) Any business entity that fails to submit the minimum quarterly payment required under division (B) of this section by the due date for the quarterly payment shall pay an amount equal to 12% per annum simple interest on the amount of the quarterly payment required under division (B) of this section from the earlier of:
(a) The due date for the quarterly payment until the time when the aggregate quarterly payments submitted for the taxable year equal the minimum aggregate payments due under divison (B) of this section; or
(b) The due date of the annual return.
(2) A fraction of a month is counted as an entire month.
(D) The provisions of this section shall not apply to any business entity's first full or partial taxable year of doing business in the city or any first taxable year in which a business entity's tax liability exceeds $5,000.
(E) At the election of the business entity, any installment of the estimated tax may be paid prior to the date prescribed for its payment.
(Ord. 10-17, passed 11-20-2017)