Schedule 1299-C - Income Tax Subtractions And Credits (For Individuals) - 2003
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Illinois Department of Revenue
Income Tax Subtractions
2003
Schedule 1299-C
and Credits
(for individuals)
or fiscal year
Attach to your Form IL-1040, Individual Income Tax Return.
0
4
ending
/
–
–
Write your name as shown on Form IL-1040
Write your Social Security number
Read this information before completing this form:
Development Credit and the Training Expense Credit. If $1,000 was
from the Research and Development Credit and $1,500 was from the
What’s new for this year?
Training Expense Credit, you must subtract $2,500 from the total
For tax years ending on or after December 31, 2003, the following
$5,000 credit carryforward amount. You would have $2,500 credit
credits have been removed from Schedule 1299-C:
carryforward available to use in the current tax year. See the
Research and Development Credit
Schedule 1299-C instructions for more information.
Training Expense Credit
The Environmental Remediation Tax Credit has been returned to
You can no longer take the carryforward portion of these credits, even
Schedule 1299-C. You may take this credit only if you have available
if you earned the credit before December 31, 2003. When you figure
credit carryforward that you earned on or before December 31, 2001,
your available credit carryforward amounts in Step 4, you must
because the ability to earn the credit expired after that date. However,
subtract any unused credit amounts from prior years.
any available credit may be carried forward for 5 years, through
For example, if you had a total of $5,000 in unused credit
December 31, 2006.
carryforward* (see instructions) from your 2000 Schedule 1299-C, you
must figure the portion of the credit that is from the Research and
Step 1: Figure your subtractions
Enterprise Zone Dividend Subtraction
A
B
C
Corporation’s name
Name of zone
Dividend amount
1
a
a
b
b
c
c
2
2
Write any distributive share of enterprise zone subtractions from partnerships and S corporations.
3
3
Add Column C, Lines 1a through 1c and Line 2, and write the total here.
High Impact Business Dividend Subtraction (within a Foreign Trade Zone or sub-zone)
4 a
a
b
b
c
c
5
5
Write any distributive share of high impact business dividend subtractions from partnerships and S corporations.
6
6
Add Column C, Lines 4a through 4c and Line 5, and write the total here.
7
7
Add Lines 3 and 6. Write your total dividend subtraction here and on your IL-1040, Line 9.
Step 2: Figure your credits
(which may be carried for 2 years)
TECH-PREP Youth Vocational Programs Credit
x
8
.20 =
8
Write direct payroll expenses and amount for personal services.
Dependent Care Assistance Program Credit
x
9
.05 =
9
Write the expenses for on-site dependent care.
10
10
Add Lines 8 and 9. Write this amount here and in Step 4, Line 47.
Step 3: Figure your credits
(which may 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
11
11
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)
12
a
a
/
b
b
/
c
c
/
13
13
Add Column G, Lines 12a through 12c. Write your High Impact Business Investment credit here.
14
14
Add Lines 11 and 13. Write the total here and on Page 2, Line 15.
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 (R-12/03)
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