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(a) Every person who anticipates the receipt of any taxable income which is not subject to collection at the source as provided by Section 880.06, or income which is not taxed at a municipal tax rate equal to or greater than the Village's, or who engages in any business, profession, enterprise or activity subject to the tax imposed by Section 880.03, shall file a declaration setting forth such person's estimated taxable income together with any estimated tax due thereon, if any.
(Ord. 89-11. Passed 11-20-89.)
(b) (1) Such declaration shall be filed on or before April 30 of each year, and on or before April 15 for taxable years 2005 and later, during the life of this chapter.
(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, except the filing shall be within 105 days for taxable years 2005 and later.
(c) (1) Such declaration shall be filed upon a form furnished by or obtainable upon request from the Superintendent, or on other forms deemed acceptable by the Superintendent. Credit shall be taken for the Village tax to be withheld from any portion of such income to determine the estimated tax due. In accordance with the provisions of Section 880.15, 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 amended at any time.
(3) An amended declaration must be filed on or before January 31 of the following year, or in the case of a taxpayer on a fiscal year, on or before the date fixed by regulation of the Superintendent if it appears that the original declaration made for such taxable year underestimated the taxpayer's income by 30% or more. At such time a payment which, together with prior payments, is sufficient to pay the taxpayer's entire estimated liability shall be made.
(d) Upon the filing of the return required by Section 880.05, if it appears that the taxpayer did not pay 90% of his or her tax liability as shown on such return, on or before January 31 or the date fixed by regulations, whichever is applicable, the difference between 90% of such taxpayer's tax liability and the amount of estimated tax actually paid on or before January 31 or the date fixed by regulation, whichever is applicable, shall be subject to the interest and penalty provisions of Section 880.10, except that no penalties or interest shall be assessed for not filing a declaration on any 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, nor shall penalties or interest be assessed on estimated payments if 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.
(e) (1) Effective January 1, 2003, such declaration of net estimated tax to be paid the Village by taxpayers who are individuals shall be accompanied by a payment of at least one-fourth of 90% of the estimated annual tax, less credit, and 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 taxable year. However, in case 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.
(2) Effective January 1, 2003, such declaration of estimated tax to be paid to the village by corporations and associations shall be accompanied by a payment of at least one-fourth of 90% of the estimated annual tax and at least a similar amount shall be paid on or before June 15, September 15 and December 15. In the case of a fiscal year taxpayer the second, third, and fourth quarterly estimated payments shall be due on the fifteenth day of the sixth, ninth, and twelfth months of the taxable year, respectively. In case 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.
(3) The last quarterly payment of estimated tax need not be made if the taxpayer files his or her final return and pays the balance of the tax due thereon within 45 days following the end of his or her taxable year.
(f) The declaration and estimated payments shall be filed upon a form furnished by or obtainable from the Superintendent, or on a generic form deemed acceptable by the Superintendent.
(Initiative Ord. Passed 11-5-68; Ord. 2004-11. Passed 4-5-04.)