2016 Form IL-1120-ST, Small Business Corporation Replacement Tax Return-2025

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The document is the 2016 Form IL-1120-ST, a Small Business Corporation Replacement Tax Return for Illinois. It outlines the process for small business corporations to report their income, calculate taxes owed, and submit necessary information to the Illinois Department of Revenue. The form includes sections for identifying the corporation, detailing income and expenses, calculating net income and replacement tax, and instructions for filing and payment.

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What is the Illinois Small business Corporation replacement tax?

The purpose of the replacement tax is to replace the money Illinois lost when local governments could no longer impose personal property taxes. The amount you pay depends on your entity type. C corps pay a rate of 2.5% of their net income, while partnerships, trusts, and S corps pay 1.5% of their net income.

Do your business activities make you liable for business income or replacement tax in Illinois?

Illinois has a corporate income tax, a personal property replacement tax, and a corporation franchise tax. With the exception of sole proprietorships, most businesses will be subject to at least one of these three business-related taxes.

What is the income exemption in Illinois?

Illinois exemption allowance In addition, Illinois has what is called an exemption allowance, which is a set amount that most people who earned a paycheck can knock off their taxable income. The exemption for tax year 2024 is a maximum of $5,550 for married couples filing jointly ($2,775 for single filers).

What is IL 1120 St?

You must file Form IL-1120-ST if you are a small business corporation (S corporation), as defined in Internal Revenue Code (IRC) Section 1361(a), that has net income or loss as defined under the Illinois Income Tax Act (IITA); or is qualified to do business in the state of Illinois and is required to file federal

What income is taxable in Illinois?

The Illinois Income Tax is imposed on every trust and estate earning or receiving income in Illinois or as a resident of Illinois. The Illinois Individual Income Tax is imposed on every individual earning or receiving income in Illinois.

il 1120 st instructions

illinois form 1120 instructions illinois form 1120 instructions 2019

What income is subject to Illinois replacement tax?

Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income. Public utilities pay a 0.8 percent tax on invested capital.

What purchases are subject to Illinois use tax?

Illinois Use Tax rates are 6.25 percent of the purchase price of general merchandise and 1.00 percent of the purchase price of qualifying food, drugs, and medical appliances. medical appliances that replace a malfunctioning part of the human body (such as wheel chairs and hearing aids).

What is the form for Illinois corporate tax extension?

Illinois extensions are automatic, which means that you dont need to submit a written request to obtain one. If you have a valid Federal tax extension (IRS Form 7004), you will automatically be granted an extension for Illinois.