Sec. 16A-11. Estimates of gross receipts of new businesses.
For the purpose of ascertaining the tax to be paid by every
person, firm or corporation beginning business whose license
tax is based on sales, purchases, gross receipts or commissions,
the license shall be based on the estimated amount of sales,
purchases, gross receipts or commissions which will be made
during the balance of the license year. In the case of any
merchant operating a seasonal or temporary business the estimated
license tax paid shall not be less than one hundred and
fifty dollars. Every underestimate or overestimate under this
paragraph shall be subject to correction by the commissioner
of revenue whose duty it shall be to review all estimated licenses
and assess any additional licenses as may be found to
be due after the close of the license year on the basis of true
sales, purchases, gross receipts or commissions, and any taxpayer
who has overestimated shall be entitled to a refund of
the amount so overestimated. (4-7-69, § 90.)
