05/15/18 – 11 P.M.
Findlay City Council met as a whole to learn more about the income tax program that allows some businesses to pay at a later date. Findlay Income Tax Administrator Andrew Thomas explained that they allow businesses with volatile income taxes to delay payments so that the payments are more accurate.
He added that businesses are expected to make payments 10-18 months before they have a final income report for the year. By allowing them to wait for a final report, income tax collections are more accurate and save the city money.
Many members of council agreed that this is a good practice but that there needs to be more transparency. Safety Director Paul said that administrators will work to help make this process as transparent as legally possible.
Schmelzer said that they will put the process in writing as well as how people and business can qualify. He said that they cant name any businesses due to confidentiality laws. Schmelzer said that the key word is volatile. Businesses and individuals in volatile markets can overpay their tax estimates.