Illinois Claim for Credit for Repossession of Motor Vehicles

Claim for Credit for Repossession of Motor Vehicles
ST-557 Tax Credit for Uncollectible Debt on Motor Vehicles, Watercraft, Aircraft, Trailers, and Manufactured (Mobile) Homes
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Illinois Department of Revenue

ST-557	 Tax Credit for Uncollectible Debt on Motor

Vehicles, Watercraft, Aircraft, Trailers, and
Manufactured (Mobile) Homes

REV 03	
FORM 033
E S  _____/_____/_____
NS	
DP	
CA	
RC
Do not write above this line

Step 1: Identify your business, accounting method, and provide the date of your
federal return filing
1	 Taxpayer name	 _______________________________________	

2 	 Account ID	 __________________________________________	

3	 Phone	______________________________________________	 4	 Email address	

_______________________________________

5	 Check the box that describes the accounting method used to file your federal income tax return	
Cash Basis
Accrual 	
Other
6	 Are you filing this return to amend a previously filed Form ST-557?	

	

	Yes	

	No

	If yes, provide the date you filed the prior Form ST-557.	 ____/____/________
7	 Provide the date of your federal tax return filing or amendment: ____/____/________
You must provide the date that you filed the federal income tax return or amended return on which this claim for uncollectible debt was
claimed as a deduction. Taxpayers who file their federal income tax return on the cash basis must provide the date on which the uncollectible
debt would have been claimed as a deduction if the taxpayer had filed its federal income tax return on the accrual basis.	
NOTE: You must attach a copy of that part of the federal return on which the deduction was claimed, including any supporting
statements or schedules.

Step 2: Total tax credit for uncollectible debt after retailer’s allowance
8	 Total tax credit for uncollectible debt after retailer’s allowance
(Total of all Line 10 amounts from Form ST-557, Table 1)

8___________________________

NOTE: Form ST-557, Table 1 is found on page 2 and must be completed to calculate your tax credit for uncollectible debt. If additional
space is needed, complete and attach additional pages of Form ST-557, Table 1 as needed. Include all Table 1, Line 10 totals from all tables
attached when completing the total tax credit for uncollectible debt.



If you are attaching additional pages of Form ST-557, Table 1, enter the total number of pages included in this claim form. 

__________

NOTE: To ensure that IDOR can account for all pages of your Form ST-557, enter a page number and total page count on the
provided lines at the bottom of each additional Table 1 that you attach.

Step 3: Sign below
Under penalties of perjury, I hereby certify that this return, including any accompanying schedules and statements, has been examined by
me and to the best of my knowledge and belief is a true, correct, and complete return.
______________________________________________________________________________________________________________
Taxpayer’s signature                                                                                    Phone	

Date                                Title

______________________________________________________________________________________________________________
Preparer’s signature                                                                                    Phone                                                       Date

Mail to:
RETAILERS’ OCCUPATION TAX
ILLINOIS DEPARTMENT OF REVENUE
PO BOX 19042
SPRINGFIELD IL 62794-9042
This form is authorized by the Illinois Retailers’ Occupation and related tax acts. Disclosure
of this information is REQUIRED. Failure to provide information could result in a penalty.
ST-557 (R-05/24)

Printed by the authority of the State of Illinois - web only, one copy

Page 1 of 2

Table 1: Calculate the tax credit for uncollectible debt — Complete the table below to calculate
your tax credit for uncollectible debt. Use a separate column for each tax credit. If additional space is needed,
complete and attach additional pages of Form ST-557, Table 1. – Note: When applicable, round to the nearest whole
dollar.
1.	 Original ST-556 or ST-556-LSE
tax return number.

A

B

C







2.	 Purchaser’s name
3.	 Identification number
(VIN, HIN, etc.)
4.	 Date of delivery (MM/DD/YYYY)
5.	 Amount of tax paid
6a.	 Selling price from Line 1 of
original return
6b.	 Trade-in amount from Line 2 of
original return
6c.	 Cash down payment (if any)
6.	 Taxable amount financed
(Subtract Line 6b and Line 6c from
Line 6a.)
7.	 Total amount of finance contract
8.	 Unpaid balance of contract when
debt charged off
9.	 Uncollected taxable amount
calculated from contract (Divide
Line 8 by Line 7, and multiply result
by Line 6.)
10a.	 Credit base
(Enter the amount from Line 9.)
10b.	Tax rate from the original return
as a decimal (e.g., “.0625”)
10c.	 Credit before retailer’s allowance
(Multiply Line 10a by Line 10b.)
10d.	Check the box if the retailer’s
allowance was claimed on
original Form ST-556 or
ST-556-LSE tax return. (If
checked, you must complete
Line 10e.)
10e.	 Retailer’s allowance adjustment
(Multiply Line 10c by .0175.)
10.	 Tax credit for uncollectible debt
after retailer’s allowance
(Subtract Line 10e from Line 10c.)

Page total for Line 10 ______________
ST-557 (R-05/24)

Page 2 of 2

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