State & local tax alert: Illinois Business Incentive Reporting Due June 1
Illinois requires annual reporting for taxpayers receiving benefits from certain incentives related to enterprise zones, river edge redevelopment zones, and high impact businesses, including utilities with customers who have received such incentives.
The reports are generally due by May 31 of each year with no extension available. Since May 31 falls on a Sunday this year, the reports for the 2014 calendar year are due on June 1, 2015. In addition to those businesses required to file a business report or utility company report, holders of sales tax exemption certificates issued for building materials purchased for use in an enterprise zone must file a report as well. The form BMEC is required to report the dollar amount of exempt building materials purchased during 2014.
The reports are filed online through the Illinois Department of Revenue’s website at tax.Illinois.gov. In order to file, click on the following:
- Business Incentives (left side of screen)
- Click Here to Begin Filing a Report
- Next (after reading the general system information)
- Select either “Business Report,” “BMEC Report,” or “Utility Company Report,” depending on the report you are filing
Failure to file a required report could result in ineligibility to receive the incentive benefits. For exemption certificate holders, failure to report enterprise zone purchases may result in a revocation of the exemption certificate and ineligibility to receive certificates for future projects