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Focus on State & Local Taxation: Annual Reporting Requirement for Illinois Business Incentives Due June 2, 2014

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If your company received zone benefits in Illinois during 2013, you must complete the user-friendly, online reporting by June 2, 2014 to secure future benefits.
April 30, 2014

If your company received zone benefits in Illinois during 2013, you must complete the user-friendly, online reporting by June 2, 2014 to secure future benefits.

All Illinois entities, including businesses in designated Enterprise and River Edge Redevelopment Zones, High Impact Businesses, Zone Administrators, Building Materials Exemption Certificate holders and utility providers, are required to report tax incentives.

Public Act 97-905 created new annual reporting requirements for these types of businesses and administrators beginning in 2012 with the first reporting cycle due March 30, 2013. The act requires that businesses receiving these tax incentives report the value of these benefits to the Illinois Department of Revenue.

It also requires that utilities providing tax exempt gas, electric, or telecom services to eligible businesses report to the value of those services.

Public Act 98-0109 made changes to the business incentives reporting requirements:

  • Holders of sales tax exemption certificates from Illinois Department of Revenue issued for the period beginning July 1, 2013, must file a report.
  • Enterprise Zone and River Edge Redevelopment Zone administrators are no longer required to file reports.
  • The deadline to file reports has been changed to May 31 (previously the end of March).
  • Certificate holders who fail to file reports may have their certificates revoked and may become ineligible to receive certificates for other projects.
  • Businesses that fail to report may lose their eligibility to receive incentives.

All reports for the previous calendar year are due no later than May 31 of the following year. If a report deadline falls on a Saturday, Sunday, or holiday, the deadline to file automatically defaults to the following business day.

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Under U.S. Treasury Department guidelines, we hereby inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used by you for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service, or for the purpose of promoting, marketing or recommending to another party any transaction or matter addressed within this tax advice. Further, RubinBrown LLP imposes no limitation on any recipient of this tax advice on the disclosure of the tax treatment or tax strategies or tax structuring described herein.

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