Instructions for Form MC-1 Medical Cannabis Cultivation Privilege Tax Return - Illinois

Form 960 (MC-1) Medical Cannabis Cultivation Privilege Tax Return - Illinois

This document contains official instructions for Form MC-1 , Medical Cannabis Cultivation Privilege Tax Return - a form released and collected by the Illinois Department of Revenue. An up-to-date fillable Form 960 (MC-1) is available for download through this link.

FAQ

Q: What is Form MC-1?
A: Form MC-1 is a tax return specifically for medical cannabis cultivation privilege tax in Illinois.

Q: Who needs to complete Form MC-1?
A: Anyone who is engaged in medical cannabis cultivation in Illinois needs to complete Form MC-1.

Q: What is the purpose of the medical cannabis cultivation privilege tax?
A: The tax is imposed on the privilege of cultivating medical cannabis in Illinois and the revenue generated is used for various purposes, including regulation and oversight of the medical cannabis program.

Q: What information is required on Form MC-1?
A: Form MC-1 requires information such as taxpayer identification number, gross sales or transfers of medical cannabis, and the amount of tax due.

Q: When is Form MC-1 due?
A: Form MC-1 is generally due on a quarterly basis, with specific due dates provided by the Illinois Department of Revenue.

Q: What are the consequences of not filing Form MC-1?
A: Failure to file Form MC-1 or underreporting taxable sales may result in penalties and interest.

Q: Are there any exemptions or deductions available for medical cannabis cultivation privilege tax?
A: Specific exemptions or deductions may be available, and it is recommended to consult with a tax professional or refer to the instructions for Form MC-1 for more details.

Q: Can I amend my Form MC-1 if I made a mistake?
A: Yes, you can file an amended Form MC-1 to correct any errors or omissions. Follow the instructions provided by the Illinois Department of Revenue for amending the form.