Illinois Department of Revenue ST587 Equipment Exemption Certificate Step 1: Identify the seller The seller must keep this certificate. Name Phone ( ) Address IBT no. Number and street Illinois business.
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How to fill out the ST-587 online
Filling out the ST-587, also known as the Equipment Exemption Certificate, is an essential task for those involved in purchasing or leasing equipment for specific purposes in Illinois. This guide provides a comprehensive step-by-step approach to help users complete the form accurately and efficiently.
Follow the steps to fill out the ST-587 Form online
- Click the ‘Get Form’ button to obtain the ST-587 form and open it in the editor.
- Identify the seller by filling in their name, phone number, and address, including the Illinois business tax number (IBT) and ZIP code.
- Identify the purchaser (lessor) by providing their name, phone number, and address, along with the date of purchase indicating the month, day, and year.
- Identify the lessee by entering their name, phone number, and address.
- Specify the equipment you are purchasing or leasing by indicating the type of equipment and its serial number. Note that equipment includes machinery and repair or replacement parts.
- Indicate how you will use this equipment by checking the appropriate box, based on one of the provided usage categories.
- Sign the form stating under penalties of perjury that you have examined this certificate and it is accurate, while also providing the date of signing.
- Complete the process by saving any changes made to the form, and choose to download, print, or share the completed ST-587 form as needed.
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What is a Illinois sales tax exemption certificate for?
Your Illinois Sales Tax Exemption Certificate is an important tax document that authorizes you under the Retailers' Occupation Tax Act to purchase tangible personal property for use or consumption tax-free.
How do I file sales tax in Illinois?
You have three options for filing and paying your Illinois sales tax: File online – File online at MyTax Illinois. You can remit your state sales tax payment through their online system. File by mail – You can use Form ST-1 and file and pay through the mail. AutoFile – Let TaxJar file your sales tax for you.
What is the tax exemption in Illinois?
What is the Illinois exemption allowance? The standard personal exemption is calculated using the basic exemption amount of $2,050 plus the cost-of-living adjustment. For tax year beginning January 1, 2022, it is $2,425 per exemption.
How do I get a farm tax exempt number in Illinois?
No forms are required, however to receive an exemption, agencies are required to have an Exemption Identification Number (E-number). For information on how to receive an E-number, please contact the Illinois Department of Revenue's Central Registration at (217-785-3707).
How to obtain an Illinois sales tax exemption certificate?
To apply for an Illinois sales tax exemption number, your organization should submit Form STAX-1, Application for Sales Tax Exemption or Apply for or Renew a Sales Tax Exemption online using MyTax Illinois. If eligible, IDOR will issue your organization a sales tax exemption number (e-number).
How long does a sales tax exemption certificate last in Illinois?
Tax exemptions must be renewed every 5 years.
What is a blanket sales tax exemption certificate in Illinois?
Illinois does permit the use of a blanket resale certificate, which means a single certificate on file with the vendor can be re-used for all exempt purchases made from that vendor. A new certificate does not need to be made for each transaction.
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