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State & local tax alert: Illinois Business Incentive Reporting Due June 1

May 8, 2015 Article 1 min read
Ron Cook

Illinois requires annual reporting for taxpayers receiving benefits from certain incentives related toenterprise zones, river edge redevelopment zones, and high impact businesses, including utilities withcustomers who have received such incentives.

The reports are generally due by May 31 of each year with no extension available. Since May 31 falls ona Sunday this year, the reports for the 2014 calendar year are due on June 1, 2015. In addition to thosebusinesses required to file a business report or utility company report, holders of sales tax exemptioncertificates issued for building materials purchased for use in an enterprise zone must file a report aswell. The form BMEC is required to report the dollar amount of exempt building materials purchasedduring 2014.

The reports are filed online through the Illinois Department of Revenue’s website at Inorder to file, click on the following:

  1. Business Incentives (left side of screen)
  2. Click Here to Begin Filing a Report
  3. Next (after reading the general system information)
  4. Select either “Business Report,” “BMEC Report,” or “Utility Company Report,” depending onthe report you are filing

Failure to file a required report could result in ineligibility to receive the incentive benefits. For exemptioncertificate holders, failure to report enterprise zone purchases may result in a revocation of the exemptioncertificate and ineligibility to receive certificates for future projects

The information provided in this alert is only a general summary and is being distributed with the understanding that Plante & Moran, PLLC, is not rendering legal, tax, accounting, or other professional advice, position, or opinions on specific facts or matters and, accordingly, assumes no liability whatsoever in connection with its use.

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