Illinois Replacement Tax Investment Credits

Replacement Tax Investment Credits
Form IL-477, Replacement Tax Investment Credits
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Illinois Department of Revenue 		

	

IL-477

Replacement Tax Investment Credits

Year ending

*31612241W*

	

Month

Attach to Form IL-1120, IL-1065, IL-1120-ST, IL-1041, or IL-990-T.	

	

	

Enter your name as shown on your return.				

	-	 	

	

	

Year

IL Attachment No. 18

	 	 	

Enter your federal employer identification number (FEIN).

Step 1: Figure your Replacement Tax Investment Credit for qualified property placed in service d
	 uring the tax year.
	

A	

		
Description of 	
	
qualified property	
	

B	

C	

Date placed 		
in service	
Useful	
Month Year	
life	

D	

E	

F	

New	 Business	
or	
activity	
used*	 (see inst.)	

G			

H

Location of use				
(city or county)	
Basis			
Column G x .5% (.005)

	 1	 a	
	
	
	
	
		
	1a	
	
	b
	
	
	
	
		
	1b	
		c	
	
	
	
	
		
	1c	
			 * If the property is used, enter the abbreviation of the state in which the property was previously used.			
	 2	 Enter the total of each Column G and H.		
				2
		
	 3	 If your business is new to Illinois, enter the amount from Line 2, Column H, here and check 	the box in Step 2.
		 If your business is not new to Illinois, complete Step 2 to see if you qualify for an additional credit. 	3	
	4	Enter the distributive share of Replacement Tax Investment Credit from partnerships and S corporations.
		
Attach Schedule(s) K-1-P.							
4	
	5	 Add Line 2, Column H, and Lines 3 and 4. This is your total Replacement Tax Investment Credit from this year.	5	
	 6	 Partnerships or S corporations only. Multiply Line 5 by the percentage of total ownership in the partnership
		 or S corporation attributable to partners or shareholders subject to replacement tax. See instructions.	6	
	 7	 Subtract Line 6 from Line 5.						 	7	
	8	Enter the amount of your credit carryforward from a previous year. 			 	8	
	9	Add Lines 7 and 8. This is your total investment credit available to use this year.		 	9	
	10	 Enter your total replacement tax. See instructions.			
			
10	
	11	 Trusts only. Enter the amount of tax credit from Form IL-1041, Schedule CR, Line 60. See instructions.	11	
	12	 Subtract Line 11 from Line 10. If the amount is zero or negative, enter zero.			
12	
	13	 Enter the lesser of Line 9 or Line 12 here and on your return. See instructions. 							
		 This is your Replacement Tax Investment Credit to use this year.	 			
13	
	14	 Subtract Line 13 from Line 9. If the amount is negative, enter zero.
		 This is the amount of excess credit available to be carried forward five years.	
	 	14	

Step 2: Figure your base employment calculation worksheet

	

	15	
	

A
B
Current year
15	 Month	
	 Preceding year
		 1st 	
	
Note: 	If your business is new to Illinois, check this box. 	
		2nd	
	
	
Do not complete Lines 15 through 22.
		 3rd 	
	
See instructions for Step 1, Line 3.		
	
	
You automatically qualify for the additional credit.
		 4th	
	
	
		5th	
	
Enter as your “base employment” the number of covered workers from
	 		6th	
	
Line 1 of Illinois Department of Employment Security Form UI-3/40,
		 7th 	
	
Employer’s Contribution and Wage Report. Make entries only for those
		8th	
	
months that you were taxed by Illinois.
		9th	
	
		10th	
	
		11th	
	
		12th	
	
Enter the total of each column.					16	 	
	
Enter the number of months in your taxable year for each column. See instructions.	 17	 	
		
For each column, divide the amount on Line 16 by the amount on Line 17.											
.
.
Round the result to six decimal places and enter the amount here.	
	 18
		
	
Subtract Line 18, Column B, from Line 18, Column A and enter the result here.
If the amount is positive, continue to Line 20.
If the amount is zero or negative, stop here, enter zero on Line 3, and continue to Line 4.				
You do not qualify for the additional credit.	 				
19	
Divide Line 19 by Line 18, Column B. Round the result to six decimal places and enter the amount here. 				
If the amount is .01 or larger, stop here and enter the amount from Line 2, Column H, on Line 3.
If this amount is less than .01, continue to Line 21.	 			
20	
.
Multiply Line 20 by 50% (.50). Round to six decimal places and enter the result here. 	 	
21

	16	
	17	
	18	
		
	19	
		
		
		
	20	
		
		
	21	
	22	 Multiply Line 2, Column G, by Line 21, and enter the result here and on Line 3.		
		

22	

Step 3: Affirm the listed credits are valid
	
		

	 By checking this box, I affirm that the replacement tax investment credits listed are valid and are based on costs incurred 	
pursuant to a binding contract entered into on or before December 31, 2018.
IL-477 (R-12/24)

This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this
information is REQUIRED. Failure to provide information could result in a penalty.

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