Legislation passed in August 2012 requires a taxpayer receiving Illinois Enterprise Zone or High Impact Business tax incentives to submit an annual report to the Department of Revenue. Taxpayers failing to timely file a report will be ineligible to receive incentives. The Department recently released guidance regarding how taxpayers can comply with this requirement and what information is needed.
The first report is due March 30, 2013, but the Department is granting businesses an automatic 60-day extension to May 29, 2013. However, taxpayers should approach the extension with caution because filing after March 30, 2013, could result in the loss of taking a future 60-day extension. Taxpayers should start compiling information now to ensure that tax benefits are not lost. [20 ILCS 655/8.1, Informational Bulletin FY 2013-12]