Form 960 Form Mc-1 - Medical Cannabis Cultivation Privilege Tax Return - Illinois

Form 960 or the "Form Mc-1 - Medical Cannabis Cultivation Privilege Tax Return" is a form issued by the Illinois Department of Revenue.

The form was last revised in May 1, 2015 and is available for digital filing. Download an up-to-date Form 960 in PDF-format down below or look it up on the Illinois Department of Revenue Forms website.

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Illinois Department of Revenue
REV 01 FORM 960
MC-1
E
S
_ _/_ _/_ _ _ _
Medical Cannabis Cultivation Privilege Tax Return
NS
DP
CA
RC
Do not write above this line.
Identify your business
Account ID: ____ ____ ____ ____ ____ ____ ____ ____
Reporting period: ___ ___ / ___ ___ ___ ___
License no.: MC - ____ ____ ____ ____ ____
Business name: ________________________________________________
496001110
Business address: ______________________________________________
Number and street
_____________________________________________________________
City
State
ZIP
Step 1: Figure the total number of ounces sold -
Complete Schedule MC-2 and, if applicable, Schedule MC-3 to
obtain the lines below.
1
Bulk medical cannabis - Total ounces of medical cannabis sold to dispensing organizations
a
1a _________________
Total number of bulk ounces sold
(This is the total of Lines 1a of your attached Schedules MC-2)
b
1b _________________
Total number of deductible bulk ounces
(This is the total of Lines 1b of your attached Schedules MC-3)
1 _________________
Subtract Line 1b from Line 1a. Net bulk ounces sold.
2
Infused medical cannabis - Total ounces of medical cannabis sold to dispensing organizations
a
2a _________________
Total number of ounces infused into products sold
(This is the total of Lines 2a of your attached Schedules MC-2)
b
2b _________________
Total number of deductible ounces infused into products
(This is the total of Lines 2b of your attached Schedules MC-3)
2 _________________
Subtract Line 2b from Line 2a. Net ounces infused into products sold.
3
3 _________________
Add Lines 1 and 2. Total ounces sold to dispensing organizations subject to tax.
Step 2: Figure your privilege tax due
4
Bulk medical cannabis - Total consideration received from dispensing organizations
a
4a _________________
Total consideration received for bulk ounces
(This is the total of Lines 4a of your attached Schedules MC-2)
b
4b _________________
Total deductible consideration for bulk ounces
(This is the total of Lines 4b of your attached Schedules MC-3)
4 _________________
Subtract Line 4b from Line 4a. Net consideration received for bulk ounces.
5
Infused medical cannabis - Total consideration received from dispensing organizations
a
5a _________________
Total consideration received for infused ounces
(This is the total of Lines 5a of your attached Schedules MC-2)
b
5b _________________
Total deductible consideration for infused ounces
(This is the total of Lines 5b of your attached Schedules MC-3)
5 _________________
Subtract Line 5b from Line 5a. Net consideration received for infused ounces.
6
6 _________________
Add Lines 4 and 5. Total consideration received from dispensing organizations subject to tax.
7
7 _________________
Multiply Line 6 by 7% (.07). This is your privilege tax due.
8
8 _________________
If you file and pay the amount due by the due date, multiply Line 7 by 1.75% (.0175).
9
9 _________________
Subtract Line 8 from Line 7. This is your net tax due.
10
10 _________________
Credit amount (See instructions.)
11
11 _________________
Subtract Line 10 from Line 9. This is your payment due.
Step 3: Sign below
Under penalties of perjury, I state that I have examined this return and, to the best of my knowledge, it is true, correct, and complete.
__________________________________________________
(_____) _____ - _______
____ / ____ / ________
Taxpayer's signature
Phone
Date
__________________________________________________
(_____) _____ - _______
____ / ____ / ________
Preparer's signature
Phone
Date
This form is authorized as outlined under the tax or fee Act imposing the tax or fee for which this form is filed. Disclosure of this
information is required. Failure to provide information may result in this form not being processed and may result in a penalty.
MC-1 (N-05/15)
Reset
Print
Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes.
Illinois Department of Revenue
REV 01 FORM 960
MC-1
E
S
_ _/_ _/_ _ _ _
Medical Cannabis Cultivation Privilege Tax Return
NS
DP
CA
RC
Do not write above this line.
Identify your business
Account ID: ____ ____ ____ ____ ____ ____ ____ ____
Reporting period: ___ ___ / ___ ___ ___ ___
License no.: MC - ____ ____ ____ ____ ____
Business name: ________________________________________________
496001110
Business address: ______________________________________________
Number and street
_____________________________________________________________
City
State
ZIP
Step 1: Figure the total number of ounces sold -
Complete Schedule MC-2 and, if applicable, Schedule MC-3 to
obtain the lines below.
1
Bulk medical cannabis - Total ounces of medical cannabis sold to dispensing organizations
a
1a _________________
Total number of bulk ounces sold
(This is the total of Lines 1a of your attached Schedules MC-2)
b
1b _________________
Total number of deductible bulk ounces
(This is the total of Lines 1b of your attached Schedules MC-3)
1 _________________
Subtract Line 1b from Line 1a. Net bulk ounces sold.
2
Infused medical cannabis - Total ounces of medical cannabis sold to dispensing organizations
a
2a _________________
Total number of ounces infused into products sold
(This is the total of Lines 2a of your attached Schedules MC-2)
b
2b _________________
Total number of deductible ounces infused into products
(This is the total of Lines 2b of your attached Schedules MC-3)
2 _________________
Subtract Line 2b from Line 2a. Net ounces infused into products sold.
3
3 _________________
Add Lines 1 and 2. Total ounces sold to dispensing organizations subject to tax.
Step 2: Figure your privilege tax due
4
Bulk medical cannabis - Total consideration received from dispensing organizations
a
4a _________________
Total consideration received for bulk ounces
(This is the total of Lines 4a of your attached Schedules MC-2)
b
4b _________________
Total deductible consideration for bulk ounces
(This is the total of Lines 4b of your attached Schedules MC-3)
4 _________________
Subtract Line 4b from Line 4a. Net consideration received for bulk ounces.
5
Infused medical cannabis - Total consideration received from dispensing organizations
a
5a _________________
Total consideration received for infused ounces
(This is the total of Lines 5a of your attached Schedules MC-2)
b
5b _________________
Total deductible consideration for infused ounces
(This is the total of Lines 5b of your attached Schedules MC-3)
5 _________________
Subtract Line 5b from Line 5a. Net consideration received for infused ounces.
6
6 _________________
Add Lines 4 and 5. Total consideration received from dispensing organizations subject to tax.
7
7 _________________
Multiply Line 6 by 7% (.07). This is your privilege tax due.
8
8 _________________
If you file and pay the amount due by the due date, multiply Line 7 by 1.75% (.0175).
9
9 _________________
Subtract Line 8 from Line 7. This is your net tax due.
10
10 _________________
Credit amount (See instructions.)
11
11 _________________
Subtract Line 10 from Line 9. This is your payment due.
Step 3: Sign below
Under penalties of perjury, I state that I have examined this return and, to the best of my knowledge, it is true, correct, and complete.
__________________________________________________
(_____) _____ - _______
____ / ____ / ________
Taxpayer's signature
Phone
Date
__________________________________________________
(_____) _____ - _______
____ / ____ / ________
Preparer's signature
Phone
Date
This form is authorized as outlined under the tax or fee Act imposing the tax or fee for which this form is filed. Disclosure of this
information is required. Failure to provide information may result in this form not being processed and may result in a penalty.
MC-1 (N-05/15)
Reset
Print

Download Form 960 Form Mc-1 - Medical Cannabis Cultivation Privilege Tax Return - Illinois

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