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This form is used by corporations, S corporations, partnerships, trusts, or exempt organizations in Illinois to calculate their replacement tax investment credits for qualified property placed in
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How to fill out il-477 replacement tax investment
How to fill out IL-477 Replacement Tax Investment Credits
01
Gather necessary documentation including investment details and project information.
02
Obtain the IL-477 form from the Illinois Department of Revenue website.
03
Fill in your identification information at the top of the form.
04
Complete Section I by providing details of your qualifying investments.
05
Calculate the amount of credit you are eligible for in Section II.
06
Attach any required supporting documentation to your IL-477 form.
07
Review the form for accuracy and completeness.
08
Submit the completed IL-477 form to the Illinois Department of Revenue by the due date.
Who needs IL-477 Replacement Tax Investment Credits?
01
Businesses that have made qualifying investments in Illinois.
02
Corporations subject to the replacement tax in Illinois seeking tax credits.
03
Investors looking to claim tax credits for investments in eligible projects.
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People Also Ask about
What is the Illinois replacement tax investment credit?
This credit includes 5 percent (. 005) of the basis of qualified property placed in service during your tax year, if your Illinois base employment increased over the preceding year, or if your business is new to Illinois.
What income is taxable in Illinois?
The Illinois Income Tax is imposed on every trust and estate earning or receiving income in Illinois or as a resident of Illinois. The Illinois Individual Income Tax is imposed on every individual earning or receiving income in Illinois.
What income is subject to IL replacement tax?
Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income. Public utilities pay a 0.8 percent tax on invested capital.
Who is liable for business income or replacement tax in Illinois?
Replacement tax is collected from corporations, subchapter S corporations, partnerships, and trusts by the State of Illinois and paid to local governments.
What purchases are subject to Illinois use tax?
What are the Illinois Use Tax rates? Illinois Use Tax rates are 6.25 percent of the purchase price of general merchandise and 1.00 percent of the purchase price of qualifying food, drugs, and medical appliances.
What is the partnership tax rate in Illinois?
Partnerships who elect to pay PTE tax are subject to this tax for the privilege of earning or receiving income in Illinois in an amount equal to 4.95 percent (.
What income is subject to Illinois replacement tax?
Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income. Public utilities pay a 0.8 percent tax on invested capital.
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What is IL-477 Replacement Tax Investment Credits?
The IL-477 Replacement Tax Investment Credits refer to a tax credit program in Illinois that allows businesses to receive credits against their replacement tax liability for certain qualified investments in tangible personal property.
Who is required to file IL-477 Replacement Tax Investment Credits?
Organizations and businesses that incur qualified investments in Illinois and are subject to the replacement tax are required to file the IL-477 form to claim these investment credits.
How to fill out IL-477 Replacement Tax Investment Credits?
To fill out the IL-477 form, taxpayers need to provide information about their business, details of the qualified investments made, and complete any required calculations on the form, following the provided instructions.
What is the purpose of IL-477 Replacement Tax Investment Credits?
The purpose of the IL-477 Replacement Tax Investment Credits is to encourage businesses to invest in property and contribute to economic development in Illinois by reducing their overall tax liability.
What information must be reported on IL-477 Replacement Tax Investment Credits?
Taxpayers must report details including the type of investment, the amount of the investment, the date of the investment, the business information, and any other pertinent details as specified in the form's instructions.
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