2023-143 Ordinance - Laserfiche WebLink

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(C) If the City's tax rate is less than the tax rate in the other municipality, then the nonrefundable credit shall be calculated using the City's tax rate. However, if -the City's rax rate is greater than the tax rate in the other municipality, the tax due in excess of the nonrefundable credit is to be paid to the City, along with any penalty and interest that accrued during the period of nonpayment. (D) Nothing in this section permits any credit carryforward. IFii76f RIO 130113 x11;1 * ILU 11 . (A)(l) If a taxpayer's tax liability shown on the annual tax return for the City changes as a result of an adjustment to the taxpayer's federal or state income tax return, the taxpayer shall file an amended return with the City. The amended return shall be filed on a form required by the Tax Administrator. (2) If a taxpayer intends to file an amended consolidated municipal income tax return, or to amend its type of return from a separate return to a consolidated return, based on the taxpayer's consolidated federal income tax return, the taxpayer shall notify the Tax Administrator before filing the amended return. (Bxl) In the case of an underpayment, the amended return shall be accompanied by payment of any combined additional tax due, together with any penalty and interest thereon. If the combined tax shown to be due is ten dollars or less, no payment need be made. The amended return shall reopen those facts, figures, computations, or attachments from a previously filed return that are not affected, either directly or indirectly, by the adjustment to the taxpayer's federal or state income tax return only: (i) to determine the amount of tax that would be due if all facts, figures, computations, and attachments were reopened; or, (ii) if the applicable statute of limitations for civil actions or prosecutions under Section 1501.12 has not expired for a previously filed return. (2) The additional tax to be paid shall not exceed the amount of tax that would be due if all facts, figures, computations, and attachments were reopened; i.e, the payment shall be the lesser of the two amounts. (C)(1) In the case of an overpayment, a request for refund may be filed under this division within the period prescribed by division (E) of Section 1501.12 for filing the amended return, even if it is filed beyond the period prescribed in that division if it otherwise conforms to the requirements of that division. If the amount of the refund is in accordance with the dollars, no refund need be paid by the City. A request filed under this division shall claim refund of overpayments resulting from alterations only to those facts, figures, computations, or attachments required in the taxpayer's annual return that are affected, either directly or indirectly, by the adjustment to the taxpayer's federal or state income tax return, unless it is also filed within the time prescribed in Section 1501.09. (2) The amount to be refunded shall not exceed the amount of refund that would be due if all facts, figures, computations, and attachments were reopened. All facts, figures, computations, and attachments may be reopened to determine the refund amount due by inclusion of all facts, figures, computations, and attachments. (D) Within 60 days after the final determination of any federal or state tax liability affecting the taxpayer's the City's tax liability, that taxpayer shall make and file an amended the City return showing income subject to the City income tax based upon such final determination of federal or state tax liability. The taxpayer 38