Schedule 1299-C- Income Tax Subtractions And Credits (For Individuals)
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1
2Illinois Department of Revenue
Income Tax Subtractions
Schedule 1299-C
/
and Credits
(for individuals)
Tax year ending
Attach to your Form IL-1040.
–
–
Write your name as shown on Form IL-1040
Write your Social Security number
Step 1: Figure your subtraction
Enterprise Zone or Foreign Trade Zone (or sub-zone) Dividend Subtraction
A
B
C
Corporation’s name
Name of zone
Dividend amount
1
a
a
b
b
c
c
2
2
Add Column C, Lines 1a through 1c. Write your dividend subtraction here and on your IL-1040, Line 9.
Step 2: Figure your credits
(which can be carried for 2 years)
TECH-PREP Youth Vocational Programs Credit
x
3
.20 =
3
Write direct payroll expenses and amount for personal services.
Dependent Care Assistance Program Credit
x
4
.05 =
4
Write the expenses for on-site dependent care.
5
5
Add Lines 3 and 4. Write this amount here and in Step 4, Line 40.
Step 3: Figure your credits
(which can be carried for 5 years)
Jobs Tax Credit
A
B
C
D
E
F
x
Name of zone
No. of employees
No. of employees
Col. B
Eligible employees
Column E
$500
—
this year
at end of base year
Col. C
included in Col.D
6
6
High Impact Business Investment Credit
A
B
C
D
E
F
G
Description of
Placed in service
ACRS
New/Used*
Name of zone
Basis
Column F x .5% (.005)
qualified property
in Illinois
class (See instructions)
7
a
a
/
b
/
b
c
c
/
8
8
Add Column G, Lines 7a through 7c. Write your High Impact Business Investment credit here.
Enterprise Zone Investment Credit
9
a
a
/
b
/
b
c
c
/
10
10
Write the distributive share of enterprise zone investment credit from partnerships and S corporations.
11
11
Add Column G, Lines 9a through 9c, and Line 10. Write your Enterprise Zone Investment Credit here.
Research and Development Credit
(Qualifying expenses must be from research activities conducted in Illinois.)
A
B
Base period avg. expenses
This year’s expenses
Write the following:
12
12
Illinois wages for qualified services (see instructions)
13
13
Illinois cost of supplies
14
14
Illinois rental or lease costs of computers
15
15
65% (.65) of Illinois contract expenses
Figure your credit:
16
16
Add Lines 12 through 15 of each column. Total Illinois qualifying expenses.
17
17
Subtract Column A, Line 16, from Column B, Line 16. If negative, write zero.
18
18
Multiply Line 17 by 6.5% (.065).
19
19
Write any distributive share of research and development credit from partnerships and S corporations.
20
20
Add Lines 18 and 19. Write your Research and Development Credit here.
21
21
Add Lines 6, 8, 11, and 20. This is your total credits from Page 1.Write here and on Page 2, Line 22.
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. This form has been approved by the Forms Management Center. IL-492-0094
Schedule 1299-C Front (R 01/03)
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