(The Center Square) – Illinois small businesses and other taxpayers attempting to rise above extreme weather damage this summer won’t also have the dark cloud of impending state tax penalties over their heads.
Gov. J.B. Pritzker is resetting the clock on penalties and interest on state taxes for those who file for a waiver with the Illinois Department of Revenue.
“To support those impacted across the state, I have signed a disaster proclamation and the state will waive the penalties for impacted taxpayers who need more time to file their state taxes,” Pritzker said in a news release.
The program offers relief for those who qualify in counties covered by the state’s disaster proclamation and starts with a request submitted electronically or through the mail.
“I think it is very helpful, and we applaud the governor for taking action,” said Clark Kaericher, senior vice president of Government Affairs with the Illinois Chamber of Commerce. “When you’ve lost your business or a big chunk of your building, and you’re trying to get contractors and you’re trying to literally get the lights back on, taxes fall by the wayside in priority.”
The program will not sweep away state taxes, whether they be income, withholding, sales or excise taxes, Kaericher said. Eventually, these quarterly taxes will have to be paid, and returns will have to be filed, but business owners will have the opportunity to focus on getting to the point where they can hang that open sign once again.
To kick off what Kaericher describes as a simple process, taxpayers should send a brief explanation of why they need more time to the Illinois Department of Revenue, including their name, account number, mailing address and estimate of when they will be back on track. Make those requests electronic to REV.DisasterRelief@illinois.gov or send them through the mail from the address associated with the tax return.
Acknowledging that businesses face a hard road, Kaericher urged them to take the step to rebuild and become the lifeblood of their communities once again.
“We would say, ‘Good luck, your community needs you, you are the bedrock of your community, rebuild your business,'” he said.
