Instructions For Preparing The Chicago Motor Vehicle Lessor Tax Return Form

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Use these instructions for tax periods beginning January 1,2000.
INSTRUCTIONS FOR PREPARING THE
CHICAGO MOTOR VEHICLE LESSOR TAX RETURN - 7575
NOTE: YOU MUST ATTACH ALL SITE SCHEDULES TO THIS RETURN. THE TOTALS ON THE SITE SCHEDULES MUST REPRESENT
THE CURRENT TAX YEAR.
Lessors of motor vehicles that are used to provide ground transportation for hire in the City should pay the Chicago Ground
Transportation Tax and should not include these vehicles in line 1.
1.
Number of Chicaqo m o t o r vehicles
Enter the total number of motor vehicle rentals. The Motor Vehicle Lessor Tax is due per rental period. For purposes of the tax, each renal
agreement is considered a period (Refer to Section 3-48-030 of the Municipal Cede of Chicago).
2.
Preprinted tax rate.
3.
Tax due before credit (multiply line 1 by line 2).
4.
Enter the total amount of all the current year's estimated tax payments you have remitted to the Chicago Department of Revenue.
5.
Enter credit for overpayment of tax oNy if you have received a letter of credit from the Chicago Department of Revenue.
Enter the letter of credit number and submit the original applicable credit letter or the credt will be disallowed.
6.
Enter total credit balance (add lines 4 and 5).
7.
Enter total tax due (subtract line 6 from line 3). If line 7 is greater than 0, enter the amount owed. If line 7 is less than 0, skip to line
11.
8.
Determine the amount of interest owed based on tax past due.
8a.
Enter number of days late (August 16 being one day late, etc.) .......................
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8b.
Enter the amount from line 7
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8c.
Total amount of interest (8b * [Sa / 365]) * 12% ................................................
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EXAMPLE: If you determine that you owe $100,000 onthe due date (August 15) and you file and pay the tax on August 26, men you are
11 days late in making the payment. The calculation of the interested owed is as follows: [$100,000 * (11/365)] * 12% = $361.64.
9.
Enter 5% of line 7 to compute penalty if tax is not paid when due. The tax is due on or before the 15th day of the
second month following the fiscal year in which taxable receipts are received.
10.
Enter the total tax penalty and interest due (add lines 7, 8, and 9).
11.
Overpayment. If line 7 is less then 0, enter the amount of overpayment.
12.
If you want the amount of the overpayment to be credited to next year's estimated tax, enter a check in the credit box.
Otherwise, check the refund box.
NOTE: Any amounts overpaid will first be applied to deficiencies outs=ending for this tax and to
deficiencies for any other City of Chicago tax for which you are registered
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FOR ADDITIONAL INFORMATION CALL 312-747-9723 (TTY 312-744-2975)
NOTE: YOU MUST COMPLETE ALL INFORMATION ON THIS PAGE FOR THIS RETURN TO BE CONSIDERED COMPLETE.
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Rev 004 0612

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