Ill. Admin. Code tit. 86, § 510.120 - Returns
a)
A return
with respect to the tax imposed by Section 2a.1 of the Act (See
Section 510.110(b)(1) and
(2)) shall be made by every person
for any taxable period for which such person is liable for such tax. Returns
shall be due and shall be filed with the Department not later than the 15th day
of the third month following the close of the taxable period. A taxpayer making
a return shall, at the time of making such return, pay to the Department the
remaining amount of tax herein imposed and due for the taxable period. Such
return shall contain the following information:
1)
Taxpayer's
name;
2)
Address
of taxpayer's principal place of business, and address of the principal place
of business (if that is a different address) from which the taxpayer engages in
the business of distributing electricity in this State;
3)
The total equity, in the case of
electric cooperatives, in the annual reports filed with the Rural Utilities
Service for the taxable period;
4)
The total kilowatt-hours of
electricity distributed by a taxpayer, other than an electric cooperative, in
this State for the taxable period covered by the return; and
5)
The amount of tax due for the
taxable period (computed on the basis of the amounts set forth in
Items 3 and 4. [35 ILCS
620/2a.2]
b)
Each taxpayer shall make estimated
quarterly payments on the 15th day of the third, sixth, ninth and twelfth
months of each taxable period. Such estimated payments shall be 25% of the tax
liability for the immediately preceding taxable period.
c)
If any payment provided for in
this Section exceeds the taxpayer's liabilities under
the Act, as shown on an original return, the taxpayer may credit such
excess payment against liability subsequently to be remitted to the Department
under the Act. [35 ILCS
620/2a.2] .
d) Notwithstanding any other provision in the
Act concerning the time within which a taxpayer may file a return, in the case
of any taxpayer who ceases to engage in a kind of business which makes the
taxpayer responsible for filing returns under the Act, such taxpayer shall file
a final return under the Act with the Department not more than one month after
discontinuing such business.
e) The
return is to be made on forms prescribed and furnished by the Department and
must be signed by the taxpayer or the taxpayer's duly authorized agent for this
purpose. It is the duty of each taxpayer to obtain return forms, and failure to
obtain such forms will not relieve a taxpayer from liability for any penalties
attaching to failure to make any return. Return forms may be found on the
Department's website. Returns may be submitted electronically on the
Department's website at MyTax.Illinois.gov.
f)
Any taxpayer who fails to make a
return, or who makes a fraudulent return, or who willfully violates any other
provision of the Act or any rule or regulation of the
Department for the administration and enforcement of the Act,
is guilty of a business offense and, upon conviction thereof, shall be fined
not less than $750 nor more than $7,500. [35 ILCS
620/13]
Notes
Amended at 16 Ill. Reg. 5990, effective March 31, 1992
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.