04-18 Amend Municipal Net Profit Taxes 128.22 - 128.2215

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(C) On or before the fifteenth day of the ninth month after the beginning of the taxable year, sixty -seven and one -half per cent of the combined tax liability for the taxable year; (D) On or before the fifteenth day of the twelfth month of the taxable year, ninety per cent of the combined tax liability for the taxable year. (2) If the taxpayer determines that its declaration of estimated taxes will not accurately reflect the taxpayer's tax liability for the taxable year, the taxpayer shall increase or decrease, as appropriate, its subsequent payments in equal installments to result in a more accurate payment of estimated taxes. (3)(A) Each taxpayer shall report on the declaration of estimated taxes the portion of the remittance that the taxpayer estimates that it owes to each municipal corporation for the taxable year. (B) Upon receiving a payment of estimated taxes under this section, the commissioner shall immediately forward the payment to the treasurer of state. The treasurer shall credit the payment in the same manner as in division (B) of section 718.85 of the Revised Code. (d)(1) In the case of any underpayment of estimated taxes, there shall be added to the taxes an amount determined at the rate per annum prescribed by section 5703.47 of the Revised Code upon the amount of underpayment for the period of underpayment, unless the underpayment is due to reasonable cause as described in subsection (e) of this section. The amount of the underpayment shall be determined as follows: (A) For the first payment of estimated taxes each year, twenty-two and one -half per cent of the combined tax liability, less the amount cof taxes paid by the date prescribed for that payment; (B) For the second payment of estimated taxes each year, forty-five per cent of the combined tax liability, less the amount of taxes paid by the date prescribed for that payment; (C) For the third payment of estimated taxes each year, sixty-seven and one -half per cent of the combined tax liability, less the amount of taxes paid by the date prescribed for that payment; (D) For the fourth payment of estimated taxes each year, ninety per cent of the combined tax liability, less the amount of taxes paid by the date prescribed for that payment. (2) The period of the underpayment shall run from the day the estimated payment was required to be made to the date on which the payment is made. For purposes of this section, a payment of estimated taxes on or before any payment date shall be considered a payment of any previous underpayment only to the extent the payment of estimated taxes exceeds the amount of the payment presently due. (3) All amounts collected under this section shall be considered as taxes collected under sections 128.22 to 128.2215 of the Codified Ordinances and shall be credited and distributed to municipal corporations in accordance with section 718.83 of the Revised Code.