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Get the free ST-587 Equipment Exemption Certificate - TaxRates.com

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Illinois Department of Revenue ST-587 Equipment Exemption Certificate Step 1: Identify the seller must keep this certificate. Name Phone Address IT no. Number and street Illinois business tax number
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How to fill out st-587 equipment exemption certificate

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How to fill out st-587 equipment exemption certificate:

01
Obtain the st-587 form from the relevant state tax authority or download it from their website.
02
Provide your business information including your legal name, address, and federal employer identification number (FEIN).
03
Indicate the period for which you are claiming the exemption and provide the starting and ending dates.
04
List the equipment or machinery for which you are claiming the exemption, including a description, quantity, and cost.
05
If applicable, provide the name, address, and FEIN of the retailer or lessor from whom you acquired the equipment.
06
Sign and date the form, certifying that the information provided is accurate and that you are eligible for the exemption.

Who needs st-587 equipment exemption certificate:

01
Businesses or individuals who purchase or lease qualifying equipment or machinery which is eligible for sales tax exemption.
02
This certificate is typically required by state tax authorities to validate the tax-exempt status of the equipment or machinery.
03
It is necessary for those who want to claim a sales tax exemption on their equipment purchases or leases.
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The st-587 equipment exemption certificate is a form used in some states of the United States to certify that certain equipment or machinery is exempt from sales and use tax.
Businesses or individuals who meet the specific criteria set by each state's tax laws are required to file the st-587 equipment exemption certificate.
To fill out the st-587 equipment exemption certificate, you need to provide detailed information about the exempt equipment or machinery, as well as other required information such as your business information and tax identification number. The specific instructions can be found on the form itself or on the corresponding state tax agency's website.
The purpose of the st-587 equipment exemption certificate is to establish and document the exemption status of certain equipment or machinery, ensuring that the appropriate sales and use tax exemptions are applied.
The specific information required to be reported on the st-587 equipment exemption certificate may vary by state. Generally, it includes details such as the description and value of the exempt equipment, the reason for exemption, the purchaser's information, and any applicable tax identification numbers.
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