Form Il-477 - Replacement Tax Investment Credits
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Illinois Department of Revenue
*131601110*
Year ending
IL-477
Replacement Tax
_____ _____
Investment Credits
Attach to Form IL-1120, IL-1065,
Month
Year
IL Attachment No. 18
IL-1120-ST, IL-1041, IL-990-T, or IL-1023-C.
Write your name as shown on your return.
Write your federal employer identification number (FEIN).
_______________________________________________________________
______ - _____________________________
Step 1:
Figure your Replacement Tax Investment Credit for qualified property placed
in service during the tax year
A
B
C
D
E
F
G
H
Date placed
New
Business
Column G x .5% (.005)
Description of
in service
Useful
or
activity
Location of use
Basis
qualified property
life
used*
(see inst.)
(city or county)
Month Year
1 a _________________ __ __/__ __ _____ _____ _____ __________________ ___________ 1a _________________
b _________________ __ __/__ __ _____ _____ _____ __________________ ___________ 1b _________________
c _________________ __ __/__ __ _____ _____ _____ __________________ ___________ 1c _________________
* If the property is used, write the abbreviation of the state in which the property was previously used.
2
2 ___________
_________________
Write the total of each Column G and H.
3
If your business is new to Illinois, write 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
3 _________________
for an additional credit based on increases in employment.
4
4 _________________
Write the distributive share of replacement tax investment credit from partnerships and S corporations.
5
Add Line 2, Column H, and Lines 3 and 4. This is your total replacement tax investment credit
5 _________________
from this year.
6
Multiply Line 5 by the percentage of total ownership in the partnership or S corporation attributable to
6 _________________
partners or shareholders subject to replacement tax. See instructions.
7
7 _________________
Subtract Line 6 from Line 5.
8
8 _________________
Write the amount of your credit carryforward from a previous year.
9
9 _________________
Add Lines 7 and 8. This is your total investment credit available to use this year.
10
10 _________________
Write your total replacement tax. See Instructions.
11
Write the lesser of Line 9 or Line 10 here and on your return.
See
instructions.
11 _________________
This is your replacement tax investment credit to use this year.
12
Subtract Line 11 from Line 9. If the amount is negative, write zero.
12 _________________
This is the amount of excess credit available to be carried forward five years.
Step 2: Figure your base employment calculation worksheet
Note: If your business is new to Illinois, check this box.
You automatically qualify for the additional credit. Do not
A
B
complete Lines 13 through 19. See instructions for Step 1, Line 3.
Month
Current year
Preceding year
13
Write 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
__________________
__________________
14
14 _________________
Write the total of each column.
__________________
15
Divide the amount on Line 14 by the number of months used in that column.
15 _________________
_________________
Round the result to six decimal places and write the amount here.
16
Subtract Line 15, Column B, from Line 15, Column A and write the result here.
If the amount is positive, continue to Line 17.
If the amount is zero or negative, stop here. Write “0” on Line 3,
16 _________________
and continue to Line 4. You do not qualify for the additional credit.
17
Divide Line 16 by Line 15, Column B. Round the result to six decimal places and write the amount here.
If the amount is .01 or larger, stop here and write the amount from Line 2, Column H,
17 _________________
on Line 3. If this amount is less than .01, continue to Line 18.
18
18 _________________
Multiply Line 17 by 50% (.50). Round to six decimal places and write here.
19
19 _________________
Multiply Line 2, Column G, by Line 18, and write the result here and on Line 3.
This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this
Page 1 of 4
IL-477 (R-12/11)
information is REQUIRED. Failure to provide information could result in a penalty.
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