Restaurants and bars in Illinois are already feeling the strain from the mandated shut down due to the coronavirus.
Governor J.B. Pritzker announced today measures aimed at helping small and medium businesses to cope with recent losses.
In his daily update today, Pritzker announced he has directed the Department of Revenue to defer sales tax payments for more than 24,000 small- and medium-sized bars and restaurants.
Pritzker says that under the directive, eating and drinking establishments that incurred less than $75,000 in sales tax liabilities last year will not be charged penalties or interest on payments due in March, April or May made late.
The Department of Revenue estimates this will give relief to nearly 80% of bars and restaurants in Illinois.
Penalties and interest will be automatically waived; however, qualified taxpayers must still file their sales tax return even if they are unable to make a payment.
Pritzker says that any taxpayers taking advantage of this relief will be required to pay their sales tax liabilities due in March, April and May in four installments, starting on May 20th and extending through August 20th.
For more information, please view IDOR’s informational bulletin available at tax.illinois.gov