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Illinois Free Printable Schedule 4255, Recapture of Investment Tax Credits for 2022 Illinois Recapture of Investment Tax Credits

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Recapture of Investment Tax Credits
Schedule 4255, Recapture of Investment Tax Credits

Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. *62312191W* Illinois Department of Revenue Schedule 4255 Recapture of Investment Tax Credits Attach to Form IL-1040, IL-1120, IL-1065, IL-1120-ST, IL-1041, or IL-990-T. IL Attachment No. 4 Enter your name as shown on your return. Enter your Social Security number (SSN) or federal employer identification number (FEIN). The property you are reporting on Steps 1 through 3 of this schedule was placed in service during the tax year ending: Step 1: Figure your Enterprise Zone or River Edge Redevelopment Zone Investment Credit recapture A B Date property placed Date property in service in Illinois became disqualified Month Year Month Year C D E F Month Year G H Description of Reason for Original basis Name of enterprise Credit Disqualified qualified property disqualification zone or river edge rate credit amount redevelopment zone (Col. E x Col. G) 1 a b c d e f 2 Add Column H, Lines 1a through 1f. Enter the Column H total on Line 9, Column A. 2 Step 2: Figure your High Impact Business Investment Credit recapture A B C D E F G H Date property placed Date property Description of Reason for Original basis Name of the Credit Disqualified in service in Illinois became disqualified qualified property disqualification foreign trade zone/ rate credit amount Month Year Month Year subzone (Col. E x Col. G) 3 a b c d e f 4 Add Column H, Lines 3a through 3f. Enter the Column H total on Line 9, Column B. .005 .005 .005 .005 .005 .005 4 Step 3: Figure your Replacement Tax Investment Credit recapture A B C D E F G Original basis Date property placed Date property Description of Reason for Credit Disqualified in service in Illinois became disqualified qualified property disqualification rate credit amount Month Year Month Year (Col. E x Col. F) 5 a b c d e f 6 Add Column G, Lines 5a through 5f. Enter the Column G total on Line 9, Column C. 6 Schedule 4255 Front (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. *62312192W* Step 4: Figure your total Enterprise Zone or River Edge Redevelopment Zone, High Impact Business, and Replacement Tax Investment Credit recapture amount A B C Enterprise Zone High Impact Replacement Tax or River Edge Business Investment Credit Redevelopment Zone Investment Credit recapture Investment Credit recapture recapture 7 Enter the total basis of all your property. See instructions. 8 Enter the amount of your original credit. See instructions. 9 10 11 12 13 14 7 8 9 10 11 Enter the total disqualified credit amounts from Steps 1, 2, and 3. Subtract Line 9 from Line 8. This is your adjusted credit. Enter your original tax amount. See instructions. Enter the lesser of Line 8 or Line 11. This is the amount of credit you previously used. 12 Subtract Line 10 from Line 12. If the result is negative, enter zero. 13 Enter the amount of recapture from any other Schedule 4255 filed this year. See instructions. 14 15 Distributive share of recapture from partnerships and S corporations from Schedule(s) K-1-P. 16 Add Lines 13, 14, and 15. 17 Partnerships and S corporations - Enter the amount from Line 16 that you passed through to your partners or shareholders. See instructions. 18 Total Enterprise Zone or River Edge Redevelopment Zone, High Impact Business, and Replacement Tax Investment Credit recapture. Subtract Line 17 from Line 16. See instructions. 15 16 17 18 If you attach multiple Schedules 4255, complete Step 5 only on the last succeeding Schedule 4255 you complete. If you do not have any Angel Investment Credit recapture amounts, do not complete Step 5. Step 5: Figure your total Angel Investment Credit recapture amount 19 Enter the amount of Angel Investment Credit recapture for any prior year. See instructions. 20 Enter the distributive share of Angel Investment Credit recapture from partnerships and S Corporations from 19 Schedule(s) K-1-P. 21 Total Angel Investment Credit recapture. Add Lines 19 and 20. See instructions. 20 21 Schedule 4255 Back (R-12/19 ) Printed by the authority of the State of Illinois - web only, 1 copy Reset Print
Extracted from PDF file 2021-illinois-schedule-4255.pdf, last modified September 2019

More about the Illinois Schedule 4255 Corporate Income Tax Tax Credit TY 2021

We last updated the Recapture of Investment Tax Credits in April 2022, so this is the latest version of Schedule 4255, fully updated for tax year 2021. You can download or print current or past-year PDFs of Schedule 4255 directly from TaxFormFinder. You can print other Illinois tax forms here.

Other Illinois Corporate 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-1120-V Payment Voucher for Corporation Income and Replacement Tax / Estimated Tax
Form IL-1120 Corporation Income and Replacement Tax Return
Form IL-1120-ST-V Payment Voucher for Small Business Corporation Replacement Tax
Form IL-1041-V Payment Voucher for Fiduciary Income and Replacement Tax
Form IL-1065-V Payment Voucher for Partnership Replacement Tax

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 Schedule 4255 from the Department of Revenue in April 2022.

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Schedule 4255 is an Illinois Corporate 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 Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Illinois Schedule 4255

We have a total of eight past-year versions of Schedule 4255 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2021 Schedule 4255

Schedule 4255, Recapture of Investment Tax Credits

2020 Schedule 4255

Schedule 4255, Recapture of Investment Tax Credits

2019 Schedule 4255

2019 Schedule 4255 Instructions

2018 Schedule 4255

Schedule 4255, Recapture of Investment Tax Credits

2017 Schedule 4255

2017 Schedule 4255, Recapture of Investment Tax Credits

2016 Schedule 4255

Schedule 4255, Recapture of Investment Tax Credits

Recapture of Investment Tax Credits 2015 Schedule 4255

Schedule 4255 - Recapture of Investment Tax Credits (2015)

2014 Schedule 4255 2014 Schedule 4255

2014 Schedule 4255 - Recapture of Investment Tax Credits


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