Illinois Other Additions and Subtractions -for businesses
Extracted from PDF file 2016-illinois-schedule-m.pdf, last modified November 2016
Other Additions and Subtractions -for businessesUse your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. Illinois Department of Revenue Other Additions 2016 Schedule M Year ending and Subtractions (for businesses) Attach to your Form IL-1120, IL-1120-ST, IL-1065, or IL-1041 Month Year IL Attachment No. 15 Step 1: Provide the following information Enter your name as shown on your tax return. – Enter your Federal Employer Identification no. (FEIN) Step 2: Figure your additions Enter the amount of 1 Capital gain taxed under IRC Section 852(b)(3). 1 00 2 Notes, bonds, debentures, or obligations issued by the Governments of American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, or the Virgin Islands. 2 00 3 Lloyd’s plan of operation loss if reported on your behalf on Form IL-1065 and included in your federal taxable income. 3 00 4 Business expense recapture. 4 00 5 Any other state’s income tax deducted from federal taxable income (Form IL-1041 filers only). 5 00 6 Capital loss to be carried forward (Form IL-1041 filers only). 6 00 7 Credit taken on Schedule 1299-A or 1299-D for college savings plan contributions you made as an employer. 7 00 8 Dividends paid by a captive REIT. 8 00 9 00 10 00 11 Exempt interest dividends paid by regulated investment companies (IRC Section 852(b)(5)). 11 00 12 Notes, bonds, debentures, or obligations issued by the Governments of American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, or the Virgin Islands to the extent the amounts were required to be added back on Line 2. 12 00 13 Lloyd’s plan of operation income if reported on your behalf on Form IL-1065. 13 00 14 00 9 Other additions - Identify each item. 10 Total additions. Add Lines 1 through 9. Enter the amount here and on your Form IL-1120, Line 8, Form IL-1120-ST, Line 21, Form IL-1065, Line 22 or Form IL-1041, Line 10. Step 3: Figure your subtractions Enter the amount of 14 Income for which you claimed a credit under IRC Section 1341. 15 Expenses of federally tax-exempt income and federal credits. See instructions. Specify any amount relating to the following: a a Interest expenses relating to municipal income (IRC Section 291) 00 b Interest and other expenses related to federally tax-exempt b 00 c 00 d Expenses related to certain federal credits (IRC Section 280C) d 00 e Change in insurance company reserves (IRC Section 807 or 832) e 00 interest (IRC Section 265) c Bond premium amortization on federally tax-exempt bonds (IRC Section 171) f Reduction in depreciation related to railroad maintenance 00 credits (IRC Section 45G) f g Gross income resulting from alternative energy credits (IRC Section 87) g 17 Add Lines 11 through 14 and Line 16. Enter the amount here and on Line 18. 16 Add Lines 15a through 15g. Schedule M (R-12/16) *163380001* 00 16 00 17 00 Page 1 of 3 *163380002* Step 3: Continued 18 Enter the amount from Line 17. 18 00 19 Interest on the following obligations of Illinois state and local government, only if included in Illinois income (see instructions). Attach a copy of the statement that identifies the payer and the amount of interest for each obligation. a Illinois Housing Development Authority bonds and notes (except housing-related commercial facilities bonds and notes) b Illinois Development Finance Authority bonds, notes, and other obligations (venture fund and infrastructure bonds only) c Illinois Sports Facilities Authority bonds d Illinois Development Finance Authority bonds (only those issued under the Illinois Development Finance Authority Act, Sections 7.80 through 7.87) a 00 b 00 c 00 d 00 e Illinois Development Finance Authority bonds or Illinois Finance Authority bonds issued under the Asbestos Abatement Finance Act e 00 f Bonds issued by the Illinois Finance Authority under the Illinois 00 Finance Authority Act f 00 g Southwestern Illinois Development Authority bonds g h Illinois Power Agency bonds issued by the Illinois Finance Authority 00 under Other Powers Article in the Illinois Finance Authority Act h i Central Illinois Economic Development Authority bonds issued under 00 the Central Illinois Economic Development Authority Act i j Eastern Illinois Economic Development Authority bonds issued under 00 the Eastern Illinois Economic Development Authority Act j k Southeastern Illinois Economic Development Authority bonds issued 00 under the Southeastern Illinois Economic Development Authority Act k l Southern Illinois Economic Development Authority bonds issued 00 under the Southern Illinois Economic Development Authority Act l m Illinois Urban Development Authority bonds issued under the Illinois 00 Urban Development Authority Act m n Downstate Illinois Sports Facilities Authority bonds issued under 00 the Downstate Illinois Sports Facilities Authority Act n o Western Illinois Economic Development Authority bonds issued under 00 the Western Illinois Economic Development Authority Bonds Act o p Upper Illinois River Valley Development Authority bonds issued under 00 the Upper Illinois River Valley Development Authority Act p q Will-Kankakee Regional Development Authority bonds issued under 00 the Will-Kankakee Regional Development Authority Law q r Tri-County River Valley Development Authority bonds issued under 00 the Tri-County River Valley Development Authority Law r s Quad Cities Regional Economic Development Authority bonds and 00 notes (if declared to be exempt from taxation by the Authority) s 00 t Quad Cities Interstate Metropolitan Authority bonds t 00 u Rural Bond Bank Act bonds and notes u 00 v Bonds issued under the Export Development Act of 1983 v w College savings bonds issued under the General Obligation 00 Bond Act in accordance with the Baccalaureate Savings Act w 20 Add Lines 19a through 19w. 20 00 21 Add Lines 18 and 20. 21 00 Page 2 of 3 Schedule M (R-12/16) Step 3: Continued *163380003* 22 Enter the amount from Line 21. 22 00 23 Federally taxed Illinois state refund from prior years 23 00 24 00 24 Dividends received, including IRC Section 78 Foreign Dividend Gross-up and subpart F income (Form IL-1120-ST filers only) 25 Contributions made to a job training project. See instructions. (Form IL-1120-ST and 00 Form IL-1065 filers only) 25 26 Reparations or other amounts received as a victim of persecution by Nazi Germany (Form IL-1041 filers only) 26 00 27 Income eligible for a deduction by an attorney-in-fact under IRC Section 835 27 00 28 Income from Illinois pre-need funeral, burial, and cemetery trusts 00 28 29 Income earned by nuclear decommissioning trusts established under the Public Utilities Act 29 00 30 Recovery of items previously deducted on Form U.S. 1040 Schedule A, filed by the decedent (including refunds of any state and local income taxes, other than Illinois) 00 (Form IL-1041, Estate filers only) 30 31 Refunds of state income taxes added back in a prior year on Schedule M, Line 5 00 (Form IL-1041 filers only) 31 32 IRC Section 965 dividend subtraction 32 33 Other eligible subtractions from Publication 101 that are not subtracted anywhere else. Identify each item. 33 00 00 34 Total subtractions. Add Lines 22 through 33. Enter the amount here and on Form IL-1120, Line 21, Form IL-1120-ST, Line 33, Form IL-1065, Line 33, or Form IL-1041, Line 24. Reset Schedule M (R-12/16) 34 00 Print 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. Page 3 of 3
2016 Schedule M, Other Additions and Subtractions (for businesses)
More about the Illinois Schedule M Corporate Income Tax
We last updated the Other Additions and Subtractions -for businesses in February 2017, and the latest form we have available is for tax year 2016. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Illinois Department of Revenue. You can print other Illinois tax forms here.
Other Illinois Corporate Income Tax Forms:
|Form Code||Form Name|
|Schedule K-1-P||Partner's or Shareholder's Share of Income, Deductions, Credits, and Recapture|
|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|
|Form IL-1120||Corporation Income and Replacement Tax Return|
Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Schedule M from the Department of Revenue in February 2017.
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 M
We have a total of three past-year versions of Schedule M in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2016 Schedule M, Other Additions and Subtractions (for businesses)
2015 Schedule M, Other Additions and Subtractions (for businesses)
While we do our best to keep our list of Illinois Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.