An extension of time to file your Form IL-1120 does not extend the amount of time you have to pay your Illinois tax liability. However, if you expect tax to be due, you must pay any tentative tax due by the original due date of the retur n to avoid interest and penalty on tax not paid. You are not required to file a form to obtain this automatic extension. Form IL-1120 is due on or before the 15th day of the 3rd month following the close of the tax year.Note : If you are a cooperative, Form IL-1120 is due on the 15th day of the 9th month following the close of the tax year regardless of when your tax year ends. June 30, Form IL-1120 is due on or before the 15th day of the 3rd month following the close of the tax year.a date other than June 30, Form IL-1120 is due on or before the 15th day of the 4th month following the close of the tax year.is qualified to do business in the state of Illinois and is required to file a federal income tax return (regardless of net income or loss).ĭetermine the date your tax year ends.has net income or loss as defined under the Illinois Income Tax Act (IITA) or.See the Illinois Department of Revenue Income Tax Credits and Expirations spreadsheet for information about income tax credits.įorm IL-1120, Corporation Income and Replacement Tax Return, if you are a corporation that Next, the federal taxable income is changed by adding back certain items ( e.g., state, municipal, and other interest income excluded from federal taxable income) and subtracting others ( e.g., interest income from U.S. The starting point for the Illinois Corporate Income and Replacement Tax Return is federal taxable income, which is income minus deductions. Tax Rate Database to determine th e corporation income and replacement tax rates. Replacement tax is collected from corporations, subchapter S corporations, partnerships, and trusts by the State of Illinois and paid to local governments. This tax replaces money lost by local governments when their power to impose personal property taxes was taken away. Replacement Tax , also known as Personal Property Replacement Tax, is a tax on the net income of corporations, subchapter S corporations, partnerships, and trusts.
The Illinois Income Tax is based, to a large extent, on the federal income tax code. The tax is calculated by multiplying net income by a flat rate. The Illinois Income Tax is imposed on every taxpayer e arning or receiving income in Illinois.
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