Instructions for Form RUT-75 Aircraft / Watercraft Use Tax Transaction Return - Illinois

This document contains official instructions for Form RUT-75 , Aircraft/Watercraft Use Tax Transaction Return - a form released and collected by the Illinois Department of Revenue.

FAQ

Q: What is Form RUT-75?
A: Form RUT-75 is the Aircraft/Watercraft Use Tax Transaction Return used in Illinois.

Q: What is the purpose of Form RUT-75?
A: The purpose of Form RUT-75 is to report and pay the use tax on aircraft and watercraft purchased or acquired in Illinois for use or storage in the state.

Q: Who needs to file Form RUT-75?
A: Anyone who purchases or acquires an aircraft or watercraft in Illinois for use or storage in the state needs to file Form RUT-75.

Q: When should Form RUT-75 be filed?
A: Form RUT-75 should be filed within 30 days of the date of purchase or acquisition of the aircraft or watercraft.

Q: What information is required on Form RUT-75?
A: Form RUT-75 requires information such as the purchaser's name and address, details of the aircraft or watercraft, the purchase price or fair market value, and the amount of use tax owed.

Q: Are there any exemptions to the use tax on aircraft and watercraft in Illinois?
A: Yes, certain exemptions apply, such as purchases made by government agencies or charitable organizations. These exemptions must be claimed on Form RUT-75.

Q: What happens if Form RUT-75 is not filed or if the use tax is not paid?
A: Failure to file Form RUT-75 or pay the use tax can result in penalties and interest being assessed by the Illinois Department of Revenue.

Q: Is there a fee for filing Form RUT-75?
A: There is no fee for filing Form RUT-75, but the use tax owed must be paid.