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Illinois Free Printable IL-477 Replacement Tax Investment Credits for 2020 Illinois Replacement Tax Investment Credits

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Replacement Tax Investment Credits
IL-477 Replacement Tax Investment Credits

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 Replacement Tax Investment Credits *31612191W* Attach to Form IL-1120, IL-1065, IL-1120-ST, IL-1041, or IL-990-T. ___ ___ Month Year IL Attachment No. 18 __________________________________________________ Enter your name as shown on your return. Step 1: Year ending ___ ___ - ___ ___ ___ ___ ___ ___ ___ Enter your federal employer identification number (FEIN). Figure your Replacement Tax Investment Credit for qualified property placed in service during the tax year. A Description of qualified property B C Date placed in service Useful Month Year life D E New Business or activity used* (see inst.) F 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 based on increases in employment. 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 Note: If your business is new to Illinois, check this box. Do not complete Lines 15 through 22. See instructions for Step 1, Line 3. B A You automatically qualify for the additional credit. Month Current year Preceding year 15 Enter 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 16 Enter the total of each column. 16 17 Enter the number of months in your taxable year for each column. See instructions. 17 18 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 _____.___________ _____.___________ 19 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 20 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 21 Multiply Line 20 by 50% (.50). Round to six decimal places and enter the result here. 21 _____.___________ 22 Multiply Line 2, Column G, by Line 21, and enter the result here and on Line 3. 22 IL-477 (R-12/19) 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. Reset Print Printed by the authority of the State of Illinois - web only, 1 copy
Extracted from PDF file 2019-illinois-form-il-477.pdf, last modified July 2019

More about the Illinois Form IL-477 Individual Income Tax Tax Credit TY 2019

We last updated the Replacement Tax Investment Credits in March 2020, so this is the latest version of Form IL-477, fully updated for tax year 2019. 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
Schedule ICR Illinois Tax Credits
Form IL-1040 Individual Income Tax Return
Form IL-505-B Automatic Extension Payment
Form IL-1040-V Payment Voucher for Individual Income Tax
Form IL-1040-ES Estimated Income Tax Payments for Individuals

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 March 2020.

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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 nine 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:


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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