Illinois Manufacturer's Purchase Credit: Action Required by June 30th!
Posted by accountingweb on 1741
If you operate manufacturing plants in Illinois, then you need to be aware that June 30th is the deadline for filing the proper forms to obtain the Illinois Manufacturer’s Purchase Credit (MPC) for calendar year 2009. There is NO filing extension available—June 30th is THE deadline. On the positive side, a blank form with zeros can be filed by June 30th and then amended later with the actual figures. Background on Illinois MPC Beginning September 1, 2004, qualifying manufacturers may earn a Manufacturer's Purchase Credit (MPC). The MPC is earned when a manufacturer purchases manufacturing or graphic arts machinery and equipment that qualifies for the existing sales/use tax exemptions. MPC may be used to pay state sales or use tax on future purchases of qualifying production-related tangible personal property. All unused MPC expires the last day of the second calendar year following the year in which the original tax-exempt purchase was made. MPC may not be transferred to another party. The MPC is equal to half of the 6.25% state tax that would have been owed if the purchase was not otherwise exempt. Goto ILLINOIS MPC to access the forms and statutes. Please contact me at email@example.com  for assistance in filing the forms and analyzing your records to quantify the amount of your Illinois MPC.