Illinois Administrative Code
Title 86 - REVENUE
Part 510 - THE PUBLIC UTILITIES REVENUE ACT
Section 510.120 - Returns
Current through Register Vol. 48, No. 38, September 20, 2024
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:
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]