Business Tax Extensions-Prepayment Required

The Director of Finance may, as currently done, extend the time for filing renewal statements for a period not to exceed 45 days, providing the time for filing the renewal statement has not already passed. A new provision has been added that requires taxpayers to pay an estimate of the total tax due by the last day of the renewal deadline (February 28th). If the payment made is 90% or more of the actual tax due, no penalties will apply. If less than 90% of the tax is paid prior to the tax becoming delinquent, a 20% penalty on any unpaid principal tax balance will accrue. Interest accrues during the extension period. This ordinance became effective September 25, 2004.