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

Use your 'Mouse' or the 'Tab key' to move through the fields and 'Mouse' or 'Space bar' to enable the checkboxes. Illinois Department of Revenue ST-587 Step 1: Equipment Exemption Cert?came Identify

How to fill out st-587 equipment exemption certificate

How to fill out st-587 equipment exemption certificate:

1. Obtain the st-587 equipment exemption certificate form. You can download it from the official website of the relevant tax authority or request a physical copy from their office.
2. Begin by providing your business information. This includes your legal business name, address, federal employer identification number (FEIN), and contact details.
3. Indicate the period for which you are claiming the exemption. Specify the start and end dates during which the equipment was used for qualified activities.
4. List the specific equipment for which you are seeking exemption. Include the description, quantity, and cost of each item. It is important to ensure that the equipment meets the criteria for exemption as defined by the tax authority.
5. Describe the qualified activities for which the equipment was used. This could include manufacturing, production, graphic arts, or agriculture, among others. Provide details on how the equipment directly contributed to these activities.
6. Calculate the amount of exemption you are claiming. This involves multiplying the purchase price of each equipment by the corresponding exemption percentage. Include the total exemption claimed for the period specified.
7. Sign and date the form. As the responsible party, you need to provide your signature and date of submission.
8. Retain a copy of the completed form for your records. It is essential to keep all relevant documentation in case of an audit or further inquiries from the tax authority.

Who needs st-587 equipment exemption certificate:

1. Businesses involved in qualifying activities: The st-587 equipment exemption certificate is required by businesses engaged in specific activities that are eligible for tax exemption. These activities can vary based on the jurisdiction and tax regulations.
2. Individuals purchasing qualifying equipment: In some cases, individuals such as farmers or contractors may also need to provide the st-587 equipment exemption certificate when purchasing equipment for their eligible activities.
3. Tax-exempt organizations: Non-profit organizations that engage in qualifying activities may also need the st-587 equipment exemption certificate to claim exemption on eligible equipment purchases.
4. Compliance with tax regulations: It is important for businesses and individuals to obtain and submit the st-587 equipment exemption certificate to comply with tax laws and regulations. Failure to do so may result in penalties or loss of potential tax savings.

For pdfFiller’s FAQs

What is st-587 equipment exemption certificate?

The ST-587 equipment exemption certificate is a form used to claim a sales tax exemption on qualifying equipment purchases.

Who is required to file st-587 equipment exemption certificate?

Businesses or individuals purchasing qualifying equipment for a specific exempt purpose are required to file the ST-587 equipment exemption certificate.

How to fill out st-587 equipment exemption certificate?

The ST-587 equipment exemption certificate should be completed with the purchaser's information, description of the qualifying equipment, exempt purpose, and signed by both the purchaser and seller.

What is the purpose of st-587 equipment exemption certificate?

The purpose of the ST-587 equipment exemption certificate is to provide documentation to support the sales tax exemption claimed on qualifying equipment purchases.

What information must be reported on st-587 equipment exemption certificate?

The ST-587 equipment exemption certificate requires information such as purchaser's name and address, seller's name and address, description of qualifying equipment, exempt purpose, and signature of both parties.

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