71-10 Amend Chpt 128, Municipal Income Tax

Home Browse Search

the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates. (c) No penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the City 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 one hundred percent of the previous year's tax liability, provided that the previous year reflected atwelve-month period and the taxpayer filed a return for that year, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to ninety percent of the final tax liability for the tax year due on or before April 15th of the current year. 128.1307 ANNUAL RETURN. On or before the fifteenth day of the fourth 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 pay taxes or estimated taxes due, other than taxes withheld: one percent (1%) per month or fraction of a month thereof, 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 of a month thereof, but the accumulated penalty shall not exceed fifty percent (50%) upon any unpaid amount and shall not be less than twenty-five dollars ($25.00). (c) A penalty of twenty-five dollars ($25.00) shall be assessed for failure to file an income tax return. This penalty shall be in addition to any other penalties that may be assessed. 128.1503 EXCEPTIONS. A penalty shall not be assessed on an additional tax assessment made by the Administrator when a return has been filed in good faith and the tax paid thereon