Schedule 4255 - Recapture Of Investment Tax Credits Page 4

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Step 2
Line 15 — Columns A and C —
Write your distributive share of
recapture from partnerships and S corporations from Schedule K-1-P.
Column F —
Write the foreign trade zone/sub-zone in which
Line 16 —
the property was used when the investment credit was originally
Add Lines 13, 14, and 15.
computed. If your high impact business was designated after
Line 17 — Columns A and C — (Partnerships and
January 1, 1989, write “N/A.”
S corporations only)
Write the amount from Line 16 that you
Column G —
The correct rate is printed on the form.
passed through to your partners or shareholders.
Column H —
For each item of property that is now disqualified,
Line 18 —
Subtract Line 17 from Line 16. Carry this amount to any
multiply Column E by Column G, and write the result here.
succeeding Schedule 4255, Step 4, Line 14, to be completed for this
tax year. If you do not need to complete a succeeding Schedule 4255,
Step 3
carry this amount —
Column F —
Write the sum of .005 and the rate you used on your
from Column A to
original Schedule or Form IL-477 to claim an additional credit based on
• IL-1040, Line 14,
an increase of employment in Illinois.
• IL-1120, Line 46,
• If you did not claim an additional credit for an increase in
• IL-1041, Line 41,
employment on your original Form IL-477, write .005.
• IL-990-T, Line 20,
• If you reported an increase in employment on Form IL-477 of
• IL-1023-C, Line 5, or
one percent or more, or if you claimed the credit as a new business
• Schedule K-1-P, Line 53a.
in Illinois, write .01.
from Column B to
• If you reported an increase in employment of less than 1 percent,
• IL-1040, Line 14,
add .005 to the decimal shown on the original Form IL-477, Line
• IL-1120, Line 46,
18*.
• IL-1041, Line 41,
*
For tax years ending before December 31, 2003,
• IL-990-T, Line 20, or
refer to Form IL-477, Part 2, Line 6.
• IL-1023-C, Line 5.
Column G —
For each item of property that is now disqualified,
multiply Column E by Column F, and write the result here.
from Column C to
• IL-1120, Line 41,
Step 4 Specific Instructions
• IL-1041, Line 35,
Column A —
Complete this column if you are reporting the
• IL-1065, Line 55,
disqualification of property for which you previously claimed an
• IL-1120-ST, Line 53,
Enterprise Zone or River Edge Redevelopment Zone Investment
• IL-990-T, Line 14,
Credit.
• IL-1023-C, Line 11, or
Column B —
Complete this column if you are reporting the
• Schedule K-1-P, Line 53b.
disqualification of property for which you previously claimed a High
Impact Business Investment Credit.
Column C —
Complete this column if you are reporting the
disqualification of property for which you previously claimed a
Replacement Tax Investment Credit.
Line 7 —
Write the total basis of all property from the original
Schedule 1299-A, 1299-C, 1299-D or Form IL-477, for which you
computed a credit in the tax year that the now disqualified property
was originally placed in service.
Line 8
— Write the amount of your total credit as shown on the
original Schedule 1299-A, 1299-C, 1299-D or Form IL-477.
Line 9 —
Enter the following amounts:
Column A —
Write the amount from Line 2.
Column B —
Write the amount from Line 4.
Column C —
Write the amount from Line 6.
Line 11
Columns A and B —
Write the income tax shown on the return for
the tax year in which the credit was originally computed.
Column C —
Write the replacement tax shown on the return for the
tax year in which the credit was originally computed.
If an eligible credit was carried forward to the succeeding tax
year, you must also include the tax shown on the return for the tax year
to which the credit was carried.
Line 14 —
Write the recapture from any other Schedule 4255
(Step 4, Line 18) you completed to recapture any investment credit
originating in a tax year prior to the tax year that corresponds to the
date shown in Column A of Steps 1, 2, or 3.
Schedule 4255 (R-12/12)
Page 4 of 4
Schedule 4255 Instructions (R-12/12)

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