The deadline for filing 2013 Illinois Manufacturer’s Purchase Credit (MPC) Reports is June 30, 2014. The MPC is earned upon the purchase of certain manufacturing or graphic arts machinery and equipment that are exempt from sales or use tax. The amount of the MPC is equal to 50% of the Illinois sales tax that otherwise would have been due on the qualifying purchase. The credit can be used to pay state sales or use tax on future purchases of qualifying production-related tangible personal property.
In order to avoid forfeiture of potential MPC tax savings, Illinois manufacturers and graphic arts producers should file the appropriate forms by the June 30, 2014, deadline.