Section 4-7.2-5. Computation of annual license taxes: beginning business; renewal of licenses.
A. Beginning business. Notwithstanding the provisions of Section 4-7.2-1(C) of this Article, every person beginning a business, profession, trade, occupation or calling which is subject to a license tax or fee under the provisions of this Article, shall estimate the amount of the gross receipts or gross purchases that the person applying for a license expects to receive between the date of beginning business and the end of the then current license year, and the license tax or fee for the current year also shall be computed on such estimate. Whenever a license tax or fee is computed upon estimated gross receipts or gross purchases, such estimate shall be subject to adjustment by the Director at the end of the tax year to reflect actual gross receipts or gross purchases and the Director shall give credit for any overpayment on the license tax or fee payable the following year. Similarly, underestimates will be adjusted to reflect actual gross receipts or actual gross purchases and the amount underestimated will be added to the license tax for the succeeding year. License tax shall be levied according to the license fee table set forth under Section 4-7.2-7 or the tax rates established within this Article.
B. Renewal of license. The license taxes and fees imposed by this Article shall be imposed annually on all phases of any business activity required to be licensed by this Article. Except as otherwise provided by this Article or by state law, the renewal of the annual license tax for each licensable business activity shall be computed in accord with (i) the license fee table set forth in Section 4-7.2-7 of this Article or (ii) by multiplying annual gross receipts or gross purchases from the preceding calendar year, as established in accordance with Section 4-7.2-1(C), by the tax rate set forth in this Article which is appropriate for the type of business, profession, trade, occupation or calling to be licensed.