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'r ~ ~.. b 'e • CITY OF NORTH OLMSTED ORDINANCE NO. 71- ~~,1 Page 10 Section 1501.1307 continued for which such declaration or amended declaration was filed, an annual return shall be filed and any balance which may be due the City of North Olmsted shall be paid thersgwith in accordance with the provisions of Section 1501.1301 hereof. Provided, however, that any taxpayer may file, on or be- fore the last day of the first month of the year following that far which such declaration or amended declaration was filed, an annual return and pay any balance due at such time in lieu of filing such declaration or an amended declaration, and in lieu of paying the final quarterly installment based upon a declaration or amended declaration of estimated tax. CHAPTER 15 INTEREST AND PENALTIES Section 1501.1501 IINTEREST ON UNPAID TAX All taxes imposed and all monies withheld or required to be withheld by employers and all instailsnents of estimated taxes required to be paid under the provisions of this Title I, Part 15 (North Olmsted Codifed Ordinances) of the City of North Olmsted and remaining unpaid after they become due, shall bear interest at the rate of six per cent (6 % ) per anhum . Section 1501.1502 PENALTIES ON UNPAID TAX In addition to interest as provided in Section 1501.1801 hereof, penalties based on the unpaid tax or installemtns of estimated tax are hereby im- posed as follows : (1) For failure to pay taxes or estimated taxes due, other than taxes withheld :ten per cent (10%) per annum, but not less than five Dollars $5.00 . (2) For failure to remit taxes withheld from employees :ten. per cent less than Five Dollars ($5.00) . a Section 1501.1504 ABASEMENT OF INTERESTAAND PENALTY Either the Administrator hereunder or the Board of Review may abate penalty or interest, or both, for good cause shown, CHAPTER 19 TAXPAYER RELIEF Section 1501.1901 and 1501.1903 Section 1501.1901 and 1501.1903 are hereby repealed in their entirety and Section~1501.1902 is now renumbered to Section 1501.1901 and reads as follows : Section 1501.1901 TAX CREDIT (a) When the taxable income of a resident of the City of North Olmsted is subject to a munic$~1 incame tax in another municipality on the same income taxable under this Title, such resident shall be allowed a credit of the amount of income tax paid on such taxable income to such other municipality , equal to Seventy-Five per cent (75%) of the amount obtained by multiplying the lower of the tax rate of such other municipality or of the City of North Olmsted by the taxable income earned in or attributable to the municipality of employ- ment or business actiiri.ty. For the purposes of this section taxable income shall include the distributive share of net profits of a resident partner or -~a~u~~