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Illinois Department of Revenue
ST-557
Claim for Credit for Repossession of Motor Vehicles,
Watercraft, Aircraft, Trailers, and Mobile Homes
REV
02
FORM 033
E S
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NS
DP
CA
RC
Do not write above this line
Step 1: Identify your business
(
)
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1 Account ID no. __________________________________________________________
3
Phone ________________________________________________________________
Illinois account ID number
2 Business name _________________________________________________________
__
Step 2: Describe your fi nance contract information
Were all of your fi nance contracts sold “with recourse”? (i.e., Did you have to pay the lending institution when your customer defaulted on the loan?)
______
yes ______
no
If you answered “no,” please explain the terms of the contract on the lines below.
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Step 3: Figure the amount of overpaid tax
(Round to the nearest whole dollar.)
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
Column 7
Column 8
Column 9
Column 10
Taxable amount
Amount on which
ST-556 tax
Buyer’s name
Date of delivery
Date
Amount of
fi nanced (sale price
Total amount of
Unpaid balance
credit is claimed
Overpayment
return no.
repossessed
tax paid
minus trade-in, minus fi nance contract
of contract when
(divide Col. 6 by
(multiply Col.9
cash down payment)
repossessed
Col. 7; multiply
by the tax
result by Col.8.)
rate)
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Please turn page over to continue Step 3 and complete Step 4
.
Total Page 1
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This form is authorized by the Illinois Retailers’ Occupation and related tax acts. Disclosure of this information is REQUIRED. Failure
ST-557 front (R-12/10)
to provide information could result in a penalty. This form has been approved by the Forms Management Center.
IL-492-2738