Screen ILCr477 - Illinois Replacement Tax Investment Credits (1120)

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Qualified Property

Qualified property placed in service
Enter the qualified property information in the statement attached to these fields. The application limits the current-year credit to the lesser of the total credit available or the total replacement tax. The type code options are listed in the dropdown lists.

Base Employee Calculation

Business is new to Illinois
If the business is new to the State of Illinois, enter
X
and don’t complete the fields in the
Current Year
or
Preceding Year
columns.
Current Year / Preceding Year
In the fields in these columns, enter the number of covered workers employed for each month for the current year and the preceding year.

Credit Carryover

Generated
In the fields in the
Generated
column, enter as a positive number the number of credits disallowed due to the replacement tax limitation for each of the prior five taxable years. The application uses this information to complete Form IL-477 and the IL Carryover Worksheet.
Prior Year Utilization
The positive amounts entered in the fields in this column are subtracted from the amounts reflected in the
Generated
column to determine the amounts available for a credit carryforward.

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