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Illinois Free Printable IL-477 for 2023 Illinois Replacement Tax Investment Credits

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Replacement Tax Investment Credits
IL-477

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 IL-477 Year ending Replacement Tax Month Year Investment Credits IL Attachment No. 18 Attach to Form IL-1120, IL-1065, IL-1120-ST, IL-1041, IL-990-T, or IL-1023-C. Write your name as shown on your return. Write your federal employer identification number (FEIN). Step 1: Figure your Replacement Tax Investment Credit for qualified property placed in service during the tax year A Description of qualified property 1 2 3 4 5 6 7 8 9 10 11 12 B C Date placed in service Useful Month Year life D E New Business or activity used* (see inst.) F Location of use (city or county) a b c G Basis H Column G x .5% (.005) 1a 1b 1c * If the property is used, write the abbreviation of the state in which the property was previously used. Write the total of each Column G and H. 2 If your business is new to Illinois, write 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 based on increases in employment. 3 Write the distributive share of replacement tax investment credit from partnerships and S corporations. Attach Schedule(s) K-1-P. 4 Add Line 2, Column H, and Lines 3 and 4. This is your total replacement tax investment credit from this year. 5 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 Subtract Line 6 from Line 5. 7 Write the amount of your credit carryforward from a previous year. 8 Add Lines 7 and 8. This is your total investment credit available to use this year. 9 Write your total replacement tax. See Instructions. 10 Write the lesser of Line 9 or Line 10 here and on your return. See instructions. This is your replacement tax investment credit to use this year. 11 Subtract Line 11 from Line 9. If the amount is negative, write zero. This is the amount of excess credit available to be carried forward five years. 12 Step 2: Figure your base employment calculation worksheet Note: If your business is new to Illinois, check this box. You automatically qualify for the additional credit. Do not A B complete Lines 13 through 19. See instructions for Step 1, Line 3. Month Current year Preceding year 13 Write as your “base employment” the number of covered workers 1st from Line 1 of Illinois Department of Employment Security Form 2nd UI-3/40, Employer’s Contribution and Wage Report. 3rd Make entries only for those months that you were taxed by Illinois. 4th 5th 6th 7th 8th 9th 10th 11th 12th 14 Write the total of each column. 14 15 Divide the amount on Line 14 by the number of months used in that column. Round the result to six decimal places and write the amount here. 15 16 Subtract Line 15, Column B, from Line 15, Column A and write the result here. If the amount is positive, continue to Line 17. If the amount is zero or negative, stop here. Write “0” on Line 3, and continue to Line 4. You do not qualify for the additional credit. 16 17 Divide Line 16 by Line 15, Column B. Round the result to six decimal places and write the amount here. If the amount is .01 or larger, stop here and write the amount from Line 2, Column H, on Line 3. If this amount is less than .01, continue to Line 18. 17 18 Multiply Line 17 by 50% (.50). Round to six decimal places and write here. 18 19 Multiply Line 2, Column G, by Line 18, and write the result here and on Line 3. 19 Page 1 of 4 IL-477 (R-12/12) Reset Print Page 2 of 4 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. IL-477 (R-12/12) Form IL-477 Instructions General Information What if I need additional assistance? Complete this form if you are a corporation, S corporation, partnership, trust, or exempt organization subject to replacement tax and are entitled to a replacement tax investment credit. If you need additional assistance, If you are filing an Illinois combined unitary return, complete one Form IL-477, Replacement Tax Investment Credit, for the entire combined group. • call our Taxpayer Assistance Division, at 1 800 732‑8866 or 217 782-3336; or For tax years ending on or after December 31, 2000, investment credits earned by you and allocable to your partners and shareholders subject to replacement tax automatically flow through to those partners and shareholders. The amount allocable to other partners and shareholders remains with you. How do I qualify for a credit? You may take this credit if you • placed qualified property in service in Illinois within the tax year, • visit our website at tax.illinois.gov; • write to us at P.O. Box 19044, Springfield, Illinois 62794-9044; • call our TDD (telecommunications device for the deaf) at 1 800 544-5304. Our office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday. Specific Instructions Step 1— Figure your Replacement Tax Investment Credit for qualified property placed in service during the tax year Lines 1a through 1c — Follow the instructions for each column. • continue to use the qualified property on the last day of your tax year, and Column A — Describe each item of qualified property you placed • are primarily (more than 50 percent) engaged in manufacturing, mining coal or fluorite, or retailing. Column B — Write the date, including month and year, each item This credit includes • an amount equal to .5 percent (.005) of the basis of qualified property ­placed in service in Illinois during your tax year, and • an additional credit of up to .5 percent (.005) of the basis of qualified property placed in service during your tax year, if your Illinois base employment increased over the preceding year, or if your business is new to Illinois. in service in Illinois. of qualified property was placed in service in Illinois. An item is placed in service on the earlier of • the date the item is placed in a condition or state of readiness and availability for its specifically assigned function, or • the date the item is placed in service for purposes of the federal depreciation deduction. Improvements to a qualified property are placed in service, for purposes of this credit, on the date the improvements are placed in service for the federal depreciation deduction. The date placed in service in Illinois must be written in ­Column B or your basis in Column G will be reduced to zero. “Qualified property” is property that • is tangible; • is depreciable according to IRC Section 167; • has a useful life of four or more years as of the date placed in service in Illinois; and • is acquired by purchase as defined in IRC Section 179(d). Qualified property can be new or used but does not qualify for the Replacement Tax Investment Credit if it was previously used in Illinois in a manner that qualified for that credit or for the Enterprise Zone or River Edge Redevelopment Zone Investment Credit on Illinois Schedule 1299-A or 1299-D. Such property includes buildings, structural components of buildings, and signs that are real property. It does not include land or improvements to real property that are not a structural component of a building, such as landscaping, sewer lines, local access roads, fencing, parking lots, and other appurtenances. Any improvement or addition made after the property is placed in service is considered to be qualified property to the extent that the i­mprovement or addition increases the adjusted basis of the property, and otherwise meets the requirements of qualified property. IL-477 (R-12/12) Column C — If you are using the modified accelerated cost recovery system, (MACRS) to depreciate the property, write the MACRS class assigned to each item of qualified property. Property assigned to a MACRS class of less than four years is not qualified property. If you are not using the MACRS method to depreciate the property, write the useful life assigned to the property for federal depreciation purposes. The useful life of the property, when placed in service, must be four or more years to qualify. Column D — Indicate whether each item of qualified property is new or used. If the property was previously used, write the abbreviation of the state where the property was located. Column E — Indicate your primary business activity. Write the corresponding number of the following functions on the line. • 1 — retailing • 2 — manufacturing • 3 — coal mining • 4 — fluorite mining Column F — Write the municipality or county, if the area is unincorporated, where each item of qualified property was used. Page 3 of 4 Column G — For each item of property, write the basis used to figure the depreciation deduction for federal income tax purposes. Generally, the basis will be the purchase price of the property, plus any capital expenditures, minus any rebates and IRC Section 179 expense. The basis is not reduced by depreciation, including bonus depreciation, except for depreciation you were allowed to claim on an asset you used in another state prior to bringing it to Illinois. Column H — Multiply each entry by .5 percent (.005) and write the result. Line 2 — Write the total of Column G and the total of Column H from all attached pages of Form IL-477. Line 3 — If your business is new to Illinois, write the amount from Line 2, Column H, and check the box above Line 13. Do not complete Lines 13 through 19. If your business is not new to Illinois and your base employment • did not increase over the preceding year, write “0” and continue to Line 4; or • increased from the preceding year, complete Step 2 before making an entry. Line 4 — Write the distributive share of replacement tax investment credit distributed from partnerships and S corporations. Attach copies of the Schedules K-1-P you received from the partnerships and S corporations. Complete Line 4 only if you are a partner in a partnership or a shareholder in an S corporation. All other corporations and trusts write zero. Line 6 — To figure the percentage of total ownership in the partnership or S corporation attributable to partners or shareholders subject to replacement tax divide the amount on Form IL-1065 or IL-1120-ST, Schedule B, Line 7, by the total of the amount from Schedule B, Line 7, plus your base income from Forms IL-1065 or IL-1120-ST, Line 35. Multiply this fraction by the amount on this Form IL-477, Line 5, and write the result on Line 6. Line 8 — Write the amount of credit carryforward from your prior year Form IL-477. Do not include any excess credit earned that is more than 5 years old. For example, if your tax year ends December 31, 2012, do not include any excess credit earned in tax years ending prior to December 31, 2007. Line 10 — Write the total replacement tax (after recapture of the replacement tax investment credit) from your • Form IL-1120, Line 42 • Form IL-1120-ST, Line 54 • Form IL-1065, Line 56 • Form IL-1041, Line 36 • Form IL-990-T, Line 15 • Form IL-1023-C, Line 12 Line 11 — Write the lesser of Line 9 or Line 10 here and on your • Form IL-1120, Line 43 • Form IL-1120-ST, Line 55 • Form IL-1065, Line 57 • Form IL-1041, Line 37 • Form IL-990-T, Line 16 • Form IL-1023-C, Line 13 Line 12 — Subtract Line 11 from Line 9. This is the amount of excess credit available to be carried forward five years. Step 2 — Figure your base employment calculation worksheet Lines 13 through 19 — Follow the instructions on the form. Page 4 of 4 IL-477 (R-12/12)
Extracted from PDF file 2022-illinois-form-il-477.pdf, last modified January 2013

More about the Illinois Form IL-477 Individual Income Tax Tax Credit TY 2022

We last updated the Replacement Tax Investment Credits in February 2023, so this is the latest version of Form IL-477, fully updated for tax year 2022. You can download or print current or past-year PDFs of Form IL-477 directly from TaxFormFinder. You can print other Illinois tax forms here.

Other Illinois Individual Income Tax Forms:

TaxFormFinder has an additional 75 Illinois income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IL-1040-PTR ​Property Tax Rebate Form
Form IL-1040 Individual Income Tax Return
Schedule ICR Illinois Tax Credits
Form IL-1040-V Payment Voucher for Individual Income Tax
Form IL-W-4 Employee's Illinois Withholding Allowance Certificate

Download all IL tax forms View all 76 Illinois Income Tax Forms


Form Sources:

Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Form IL-477 from the Department of Revenue in February 2023.

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Form IL-477 is an Illinois Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Illinois Form IL-477

We have a total of twelve past-year versions of Form IL-477 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2021 Form IL-477

IL-477 Replacement Tax Investment Credits

2020 Form IL-477

IL-477 Replacement Tax Investment Credits

2019 Form IL-477

IL-477 Replacement Tax Investment Credits

2018 Form IL-477

2016 Form IL-477, Replacement Tax Investment Credits

2017 Form IL-477

2017 Form IL-477, Replacement Tax Investment Credits

2016 Form IL-477

2016 Form IL-477, Replacement Tax Investment Credits

Replacement Tax Investment Credits 2015 Form IL-477

(2015) IL-477, Replacement Tax Investment Credits

IL-477 Replacement Tax Investment Credits 2014 Form IL-477

2014 IL-477 - Replacement Tax Investment Credits


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