Screen ILCr2 - Illinois Investment Credit and Recapture (1065)

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Credit Carryover

Preceding Tax Year: 5th-1st - Generated / Prior Year Utilization
UltraTax CS decreases the sum of the Generated column by the sum of the Prior Year Utilization column. The result is entered on Form IL-477, Step 1, line 8. Due to the proration requirement, any carryforward data must be manually entered each year.

Investment Credit Recapture

Use this section to enter information from Schedule 4255. UltraTax CS does not automatically complete Schedule 4255 based upon amounts entered in this section. Schedule 4255 must be completed manually as it's a noncalculating schedule. The recapture credits to be passed through to the partners are based on the profit ratios unless
Ptr Alloc
is marked. Recapture from a pass-through should be entered on the ILK1-4 screen.

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