142-02 Amend 128.1303 Declarations of Income

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PLACED ON IST READING & REFERRED TO FINANCE COMMITTEE 9/16~02. ORDINANCE NO. Z42-02 BY: Corrigen, Dun~ FitzGa~d ~eorge, ~ Seelie, Skindell AN ORDINANCE to amend section 128.1303, Dedaretions of Income Not Collected at Source, of the Codified Ordinances of the City of Lakewood for the purpose of Increasing the threshold at which tax payers are required to file a declaration and to pay estimated taxes from ten dollars ($10.00) to one hundred dollars ($100.00). WHEREAS, the current Lakewood Codified Ordinance 128.1303 .was enacted in 1973 and taxable incomes have increased since that time; and WHEREAS, the Regional Income Tax Agency (RITA) has recommended that the threshold be increased to one hundred dollars ($100.00) for all RITA communities considering changing the requirement; and WHEREAS, nine (9) other RITA communities already require the filing of a declaration to pay estimated tax if the liability is over one hundred dollars ($100.00). NOW, therefore BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: · Section 1. That Section 128.1303, Declarations of Income Not Collected at Source, of the Codified Ordinances of the City of Lakewood, currently reading as follows: 128.1303 DECLARATIONS OF INCOME NOT COLLECTED AT SOURCE. Except as provides in this section, every person shall file a declaration setting forth taxable income, indudlng 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 tax withheld within the City, less the tax credit allowed in Section 128.1902, unless such taxpayer anticipates that such tax will be fully withheld within the City, and any income earned outside of the aty will be fully taxed at the same or higher rate of tax in another municipallty. If the estimated tax for the current year, less the tax to be withheld and less such tax credit, amounts to not more than ten dollars ($10.00), no declaration or payment of estimated tax is required. shall be and IS hereby amended to read as follows: 128.1303 DECLARATIONS OF INCOME NOT COLLECTED AT SOURCE. Except as provides 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 tax withheld within the City, less the tax credit allowed in Section 128.1902, unless such taxpayer anticipates that such tax will be.fully withheld within the City, and any income earned outside of the City will be fully taxed at the same or higher rate of tax in another municipality. If the estimated tax for the current year, less the tax to be withheld and less such tax credit, amounts to not more than one hundred dollars ($100.00), no declaration or payment of estimated tax is required. Section 2. .It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Coundl, and that all such deliberations of this Council