71-10 Amend Chpt 128, Municipal Income Tax

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deferrals, a weighted average of the different tax rates will be used to compute the refund amount. (3) Refunds shall be allowed only if the loss is attributable to the bankruptcy of the employer who had established the NDCP, or the employee's failure or inability to satisfy all of the employer's terms and conditions necessary to receive the nonqualified compensation. (b) Income tax that .has been deposited with the City of Lakewood, but should have been deposited with another municipality, is allowable by the City of Lakewood as a refund but is subject to the three-year limitation on refunds. Income tax that should have been deposited with the City of Lakewood, but was deposited with another municipality, shall be subject to recovery by the City of Lakewood. The City of Lakewood will allow anon-refundable credit for any amount owed the City of Lakewood that is in excess of the amount to be refunded by the other municipality, as long as the tax rate of the other municipality is the same or higher than the City of Lakewood's tax rate. If the City of Lakewood's tax rate is higher, the tax representing the net difference of the rates is also subject to collection by the City of Lakewood. (c) Overpayments of withheld tax that have resulted due to incorrect withholding of an employee by an employer, and are not due as a result of excess withholding requested by the employee, shall be refunded to the employer. It shall be the responsibility of the employer, and not the City of .Lakewood, to refund such overpayment to the employee. However, nothing in this subparagraph shall affect the right of a nonresident employee to apply directly to the City of Lakewood for refund of income tax withheld for days worked out of .Lakewood. (d) Payments on delinquent amounts shall be applied in the following manner: (1) To unpaid tax, then to penalty and interest assessments, on a year-by- yearorder beginning with the oldest year for which delinquencies are due. (2) To the taxpayer's current estimated tax liability. 128.1703 AMOUNTS OF LESS THAN FIVE DOLLARS. Amounts of less than five dollars ($5.00) shall not be collected or refunded. CREDIT FOR TAX PAID TO OTHER MUNICIPALITIES 128.1901 NONRESIDENT TAXPAYERS. Section 128.1901 was repealed by Ordinance 73-71, passed December 20, 1971. 128.1902 TAX CREDIT. (a) When the taxable income of a resident of the City of Lakewood is subject to a municipal income tax in another municipality on the same income taxable under this chapter, such resident shall be allowed a credit of the amount of income tax paid on such taxable income to such other municipality, equal to fifty percent (50%) of the