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Tuesday, March 26, 2013

Reminder: Sales Tax Rebate Reports Due April 1st

Any municipality that enters or has entered into a sales tax rebate agreement to share sales taxes with a retailer within its borders is now subject to new reporting requirements with the Illinois Department of Revenue.  P.A. 976.  Reports must be filed by April 1st for all existing sales tax rebate agreements.  For all new sales tax rebate agreements or amendments to existing agreements, reports must be filed within 30 days of the execution of the agreement or amendment. 
The report must be on a DOR form and contain the following information:
1.   the names of the municipality and business that are parties to the agreement.
2.   the location or locations of the business within the municipality.
3.   a statement as to whether or not the company maintains other places of business in Illinois.
4.   the terms of the agreement, including (a) the manner in which the sales taxes are shared, rebated, or refunded for each year of the agreement; (b) the term of the agreement; and (c) the name of any other business that is not a party to the agreement who receives a share, refund or rebate of the tax.
5.   a copy of the agreement.
These reports will be redacted by the DOR prior to posting on its website to remove the sales figures, amount of sales tax collected, and amount of sales tax rebated. 
Post Authored by Julie Tappendorf, Ancel Glink


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