Effective January 1, 2020, parking area operators will be required to register with the state of Illinois and begin collecting and remitting tax on the rental of parking spaces. The Illinois Department of Revenue (IDOR) wants to ensure that parking area operators are aware of their responsibility to ensure compliance with the new registration and tax requirement. Qualified operators will be required to collect and remit the tax monthly to IDOR.
During the Spring Legislative Session, legislation was passed and signed into law for two tax amnesty programs. Specifically, Illinois taxpayers that owe outstanding eligible tax liabilities can participate in both the Illinois Department of Revenue's Illinois Tax Delinquency Amnesty and the Illinois Secretary of State's Illinois Corporate Franchise Tax Amnesty program(s). These amnesty programs provide eligible penalties and interest waivers on taxes paid in full during this amnesty period.
The Illinois Department of Revenue tax amnesty will take place from 10/1/ - 11/15/19. This new amnesty program covers periods after June 30, 2011 and prior to July 1, 2018 for the tax amnesty period beginning on October 1, 2019 through November 15, 2019. For more information on the Dept. of Revenue's tax amnesty program, see IDOR Informational Bulletin entitled 2019 Illinois Tax Delinquency Amnesty Act here.
Franchise Tax amnesty will take place from 10/1/19 - 11/15/19. The Franchise Tax Amnesty applies to franchise tax or license fee liabilities for any tax period ending after March 15, 2008 and on or before June 30, 2019. For more information on the Illinois Secretary of State's franchise tax amnesty program, see Illinois Corporate Franchise Tax Amnesty Information Sheet here.