25-80 Amend 128.1501 & .1502 Admin - unpaid income tax

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ORDINANCE NO. 25-80 BY: Wendling, Brown, Chinnock, Gallagher, Graham, McBride, Salmon AN EMERGENCY ORDINANCE amending Section 128.1501 and 128.1502 of Chapter 128 of the Administrative Code of the Codified Ordinances of the City of Lakewood relatlng to interest and penalties on unpaid municipal income tax. WHEREAS, this ordinance constitutes an emergency measure pro- viding for the immediate preservation of the public safety and welfare and for the usual daily operation of a municipal department; now, therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That Section 128.1501 of Chapter 128 of the Admin- istrative Code of the Codified Ordinances now reading as follows: 128.1501 INTEREST ON UNPAID TAX. All taxes imposed and all monies withheld or required to be withheld by employers and all installments of estimates taxes required to be paid under the provisions of this chapter and remaining unpaid after they become due, shall bear interest in the rate of six percent per annum. be and the same is hereby amended to read as follows: 128.1501 INTEREST ON UNPAID TAX. All taxes imposed and all monies withheld or required to be ..... withheld by employers and all installments of estimates taxes required to be paid under the provisions of this chapter and remaining unpaid after they become due, shall bear interest at the rate of eight percent per annum. Section 2. That Section 128.1502 of Chapter 128 of the Admin- istrative Code of the Codified Ordinances of the City of Lakewood now reading as follows: 128.1502 PENALTIES ON UNPAID TAX. In addition to interest as provided in Section 128.1501, penalties based on the unpaid tax or installments of estimated tax are hereby imposed as follows: a) For failure to pay taxes or estimated taxes due, other than taxes withheld: ten percent per annum, but not less than ten dollars ($10.00). b) For failure to remit taxes withheld from employees: ten per- cent per month or fraction thereof, but the accumulated penalty shall not exceed fifty percent upon any unpaid amount and shall not be less than ten dollars ($10.00). be and the same is hereby amended to read as follows: 128.1502 PENALITIES OH UNPAID TAX. In addition to interest as provided in Section 128.150!, penalites based on the unpaid tax or installments of estimated tax are hereby imposed as follows: a) For failure to pay taxes or estimated taxes due, other than taxes withheld: ten percent per annum, but not less than twenty-five dollars ($25.0O). b) For failure to remit taxes withheld from employees: ten per- cent per month or fraction thereof, but the accumulated penalty shall not exceed fifty percent upon any unpaid amount and shall not be less than twenty-five dollars ($25.00).