71-10 Amend Chpt 128, Municipal Income Tax

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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. 128.1304 FILING OF DECLARATION. (a) The declaration required by Section 128.1303 shall be filed on or before the April 15 of each year during the effective period set forth in Section 128.0502 or within four months of the date the taxpayer becomes subject to tax for the first time. (b) Those taxpayers reporting on a fiscal year basis shall file a declaration on or before the fifteenth day of the fourth month following the end of such fiscal year or period. 128.1305 FORM OF DECLARATION. (a) The declaration required by Section 128.1303 shall be filed upon a form furnishedd by or obtainable from the Administrator. As provided in Section 128.1303 hereof, credit shall be taken for the City tax to be withheld 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 128.1902. (b 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. 128.1306 PAYMENT TO ACCOMPANY DECLARATION. Such declaration of estimated tax to be paid to the City shall be accompanied by a payment of at least one-fourth of the estimated annual tax and at least a similar amount shall be paid on or before the last day of the seventh and tenth months after the beginning of the taxable year, and on or before the last day of the first month of the succeeding year following the taxable year. However, if 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. 128.1307 ANNUAL RETURN. On or before the fifteenth day of the fouith 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 City shall be paid therewith in accordance with the provisions of Section 128.1301. INTEREST AND PENALTIES 128.1501 INTEREST ON UNPAID TAX. All taxes imposed and all moneys withheld or required to be withheld by employers and all installments of estimated 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 (8%) per annum. 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 pa taxes or estimated taxes due, other than taxes withheld: ten percent (10%) per annum, but not less than twenty-five dollars ($25.00). (b) For failure to remit taxes withheld from employees: ten percent (10%) per month or fraction thereof, but the accumulated penalty shall not exceed