Instructions For Preparing The Electricity Tax (Resellers) Return Form 7570 - Chicago Department Of Revenue

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Use these instructions for tax periods beginning January 1,2000.

ACCOUNT NUMBER

INSTRUCTIONS FOR PREPARING THE

.......................................................................................

ELECTRICITY

TAX

(RESELLERS)

RETURN

- 7570

NOTE: YOU MUST ATTACH ALL SITE SCHEDULES TO THIS RETURN. THE TOTALS ON THE SITE SCHEDULES MUST

REPRESENT THE CURRENT TAX YEAR.

LINE I.

LINE 2.

LINE 3.

LINE 4.

LINE 5.

LINE 6.

LINE 7.

LINE 8.

LINE 9.

LINE 10.

LINE 11.

LINE 12.

LINE 13.

LINE 14.

Enter the gross receipts from the supply/sale of electricity.

a) Enter the amount of Cl'icago Utility Tax actually collected from me consumer.

b) Enter the amount of State Resellers Tax actually collected from the consumer.

c) Total deductions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Enter receipts subject to tax (subtract line 2c from line 1).

Preprinted tax rate.

Tax due before credit (multiply line 3 by line 4).

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Enter the total amount of all the current year's tax payments you have remitted to the deparlment.

Enter credit for overpayment of tax only if you have received a letter of credit from the Chicago Department of Revenue.

Enter the letter of credit number and submit the original applicable credit letter or the crecit will be disallowed.

Enter total credit balance (add lines 6 and 7).

Enter total tax due (subtract line 8 from line 5). If line 9 is greater than 0, enter the amount owed. If line 9 is less than 0,

skip to line 13.

Determine the amount of interest owed based on tax past due.

10a. Enter number of days late (August 16 being one day late, etc.)

. . . . . . . . . . . . . . . . . .

10b. Enter the amount from line 9 .......................................................................

10c. Total amount of interest (10b* [10a / 365]) * 12% .......................................

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EXAMPLE: If you determine that you owe $100,000 onthe due date (August 15) and you file and pay the tax on August 26, bhen you are

11 days late in making the payment. The calculation of the interested owed is as follows: [$100,000 * (11/365)] * 12% = $361.64.

Enter 5% of line 9 to compute penalty if tax is not paid when due. The tax is due on or before the 15th day of the second month following

the fiscal year in which taxable receipts are received.

Enter the total tax, penalty, and interest due (add lines 9, 10, and 11).

Overpayment. If line 9 is less then 0, enter the amount of overpayment.

If you want the amount of overpayment to be credited to next year's estimated tax, enter a check in the credit box. Otherwise, check

the refund box.

NOTE: Any amounts overpaid will first be applied to deficiencies outstanding for this tax and to deficiencies for any other City of

Chicago tax for which you are registered.

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FOR ADDITIONAL INFORMATION, CALL 312-747/9723 (TTY 312-744-2975)

NOTE: YOU MUST COMPLETE ALL INFORMATION ON THIS PAGE FOR THIS RETURN TO BE CONSIDERED COMPLETE.

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