Item 4: Ordinance on City Income Tax for Schools

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the fifteenth day of the fourth month following the end of the taxpayer’s tax year. If the due date falls on a weekend or holiday, the due date shall be the first business day following the weekend or holiday. (2) The finance officer shall, when requested, grant extensions for filing returns. An extension will be automatically granted for six months beyond the initial due date, upon request. The finance officer will honor federal and state extensions, upon request. An extension does not extend the time to pay the tax. Payments made after the due date shall be subject to interest and penalties as provided in sections 2.2022 and 2.2024 of this code. (3) The tax return shall contain a written declaration, verified by the taxpayer, to the effect that the statements made therein are true. (4) The finance officer shall prepare blank tax returns and make them available upon request. Failure to receive or secure a form shall not relieve any person from the obligation to pay the income tax. 2.2018 Changes to Federal or State Tax Returns. (1) If a taxpayer's reported net income under applicable state laws imposing a tax on or measured by income is changed by the federal Internal Revenue Service or the Oregon Department of Revenue, or amended by the taxpayer to correct an error in the original federal or state return, a report of such change shall be filed with the finance officer within 60 days after the date of the notice of the final determination of change or after an amended return is filed with the federal or state agencies. The report shall be accompanied by an amended tax return with respect to such income and by any additional tax, penalty, and interest due. (2) The finance officer may assess deficiencies and grant refunds resulting from changes to federal or state returns within the time periods established by the city manager pursuant to section 2.019 of this code, treating the report of change in federal or state income tax returns as the filing of an amended tax return. (3) The finance officer may assess penalties and interest on the additional tax due as provided in sections 2.2022 and 2.2024 of this code or may refuse to grant a refund of taxes as a result of the amended return if the amended return is not filed with the finance officer within the time limits set forth in subsection (1) of this section. 2.2022 Interest. (1) Interest shall be collected on any unpaid tax at the current rate of simple interest established by the Oregon Department of Revenue per month or fraction thereof, computed from the original due date of the tax to the fifteenth day of the month following the date of payment. (2) Interest at the rate established in subsection (1) of this section shall be payable on any overpayments of tax. Such interest shall be computed as beginning 45 days after the later of the due date or the date paid. Ordinance - Page 4 of 8 {00002492;7 }