About the Discretionary 45 Day Extension
Under the authority of the Director of Finance, the deadline for filing renewal statements may be extended up to 45 days, providing the time for filing the renewal statement has not already passed.
Required Prepayment - 90% or More of Estimated Tax
In order to benefit from the 45 day extension, taxpayers must 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.
Applicable Penalties - Below 90% of Estimated Tax
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.