Ordinance 2583-02 - Laserfiche WebLink

Section 10. Over payment of tax, penalty, or interest- Credit or refund - Interest rate- Statute of limitations. (1) If, upon receipt of an application for a refund, or during an audit or examination of the taxpayer's records and tax returns, the Director determines that the amount of tax, penalty, or interest paid is in excess of that properly due, the excess amount shall be credited to the taxpayer's account or shall be refunded to the taxpayer. Except as provided in subsection(2) of this section, no refund or credit shall be made for taxes, penalties, or interest paid more than four(4)years prior to the beginning of the calendar year in which the refund application is made or examination of records is completed. (2)The execution of a written waiver shall extend the time for applying for, or making a refund or credit of any taxes paid during, or attributable to, the years covered by the waiver if, prior to the expiration of the waiver period, an application for refund of such taxes is made by the taxpayer or the Director discovers that a refund or credit is due. (3) Refunds shall be made by means of vouchers approved by the Director and by the issuance of a City check or warrants drawn upon and payable from such funds as the City may provide. (4) Any final judgment for Which a recovery is granted by any court of competent jurisdiction for tax, penalties, interest, or costs paid by any person shall be paid in the same manner, as provided in subsection (3) of this section, upon the filing with the Director a certified copy of the order or judgment of the court. (5) (a) For refunds of amounts paid or other recovery allowed to a taxpayer after December 31, 1991, and before the effective date of this Ordinance, the rate of interest shall be the rate as computed by taking seventy-five percent of the current(daily) state pool rate compounded annually. (b) For refunds or credits of amounts paid or other recovery allowed to a taxpayer after the Effective date of the Ordinance, the rate of interest shall be the federal short term interest rate as outlined for assessments under Section 9 (c) less two percentage points. Section 11. Late payment- Disregard of written instructions - Evasion - Penalties. (1) If the Director does not receive payment of any tax due on a return to be filed by a taxpayer, within fifteen days of the due date a penalty must be included as follows: If sixteen to forty-five days delinquent, ten percent of the tax with a minimum penalty of five dollars. If forty-six to seventy-five days delinquent, fifteen percent of the tax with a minimum penalty of ten dollars. If seventy-six or more days delinquent, twenty percent of the tax with a minimum penalty of fifteen dollars. (2) If payment of any tax assessed by the Director is not received by the due date specified in the notice, or any extension thereof, the Director shall add a penalty equal to the greater of ten percent (10%) of the amount of the additional tax found due, or ten dollars ($10.00). 8