Instructions for Form ICT-1 Electricity Distribution and Invested Capital Tax Estimated Payment - Illinois

This document contains official instructions for Form ICT-1 , Electricity Distribution and Invested Capital Tax Estimated Payment - a form released and collected by the Illinois Department of Revenue.

FAQ

Q: What is Form ICT-1?
A: Form ICT-1 is a tax form used for making estimated electricity distribution and invested capital tax payments in the state of Illinois.

Q: What is the purpose of the Electricity Distribution and Invested Capital Tax?
A: The Electricity Distribution and Invested Capital Tax is imposed on public utilities that distribute electricity in Illinois.

Q: Who needs to file Form ICT-1?
A: Public utilities that distribute electricity in Illinois are required to file Form ICT-1 and make estimated tax payments.

Q: When should Form ICT-1 be filed?
A: Form ICT-1 should be filed on a quarterly basis, with payments due on April 15th, July 15th, October 15th, and January 15th.

Q: How is the tax calculated?
A: The tax is calculated based on the utility's invested capital and the electricity distribution revenues.

Q: Is there a penalty for late filing or underpayment?
A: Yes, there is a penalty for late filing or underpayment. It is important to file and pay on time to avoid penalties.

Q: What supporting documentation is required with Form ICT-1?
A: Form ICT-1 should be accompanied by Form RUT-25 or Form RUT-50, as well as any required payment vouchers.

Q: Are there any exemptions or deductions available for the Electricity Distribution and Invested Capital Tax?
A: There are no specific exemptions or deductions mentioned in the document. However, it's advisable to consult with a tax professional for more information.