Form Il-477 - Replacement Tax Investment Credits
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1*331601110*
Illinois Department of Revenue
Year ending
Replacement Tax
IL-477
Investment Credits
Attach to Form IL-1120, IL-1065,
Month
Year
IL-1120-ST, IL-1041, IL-990-T, or IL-1023-C.
IL Attachment No. 18
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
Description of
in service
Useful
or
activity
Location of use
Basis
Column G x .5% (.005)
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.
Write the total of each Column G and H.
2
2
If your business is new to Illinois, write the amount from Line 2, Column H, here and check
3
the box in Step 2. If your business is not new to Illinois, complete Step 2 to see if you qualify
for an additional credit based on increases in employment.
3
Write the distributive share of replacement tax investment credit from partnerships and S corporations.
4
Attach Schedule(s) K-1-P.
4
Add Line 2, Column H, and Lines 3 and 4. This is your total replacement tax investment credit
5
from this year.
5
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.
6
Subtract Line 6 from Line 5.
7
7
Write the amount of your credit carryforward from a previous year.
8
8
Add Lines 7 and 8. This is your total investment credit available to use this year.
9
9
Write your total replacement tax. See Instructions.
10
10
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.
11
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.
12
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.
Current year
Preceding year
Month
Write as your “base employment” the number of covered workers
1st
13
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
Write the total of each column.
14
14
Write the number of months in your taxable year for each column. See instructions.
14a
14a
For each column,
divide the amount on Line 14 by the amount on Line 14a.
15
Round the result to six decimal places and write the amount here.
15
Subtract Line 15, Column B, from Line 15, Column A and write the result here.
16
If the amount is positive, continue to Line 17.
If the amount is zero or negative, stop here. Write “0” on Line 3,
and continue to Line 4. You do not qualify for the additional credit.
16
Divide Line 16 by Line 15, Column B. Round the result to six decimal places and write the amount here.
17
If the amount is .01 or larger, stop here and write the amount from Line 2, Column H,
on Line 3. If this amount is less than .01, continue to Line 18.
17
Multiply Line 17 by 50% (.50). Round to six decimal places and write here.
18
18
Multiply Line 2, Column G, by Line 18, and write the result here and on Line 3.
19
19
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.
IL-477 (R-12/13)
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