Illinois Replacement Tax Investment Credits

Replacement Tax Investment Credits
Form IL-477, Replacement Tax Investment Credits
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Illinois Department of Revenue 		

IL-477

	

Replacement Tax Investment Credits

*31612191W*

Attach to Form IL-1120, IL-1065, IL-1120-ST, IL-1041, or IL-990-T.	

	

___ ___
Month
Year
	

IL Attachment No. 18

__________________________________________________ 	
Enter your name as shown on your return.				

Step 1:
	

Year ending

___ ___ - ___ ___ ___ ___ ___ ___ ___
Enter your federal employer identification number (FEIN).

Figure your Replacement Tax Investment Credit for qualified property placed in service 	during 	
the tax year.
A	

		
Description of 	
	
qualified property	
	

B	

C	

Date placed 		
in service	
Useful	
Month Year	
life	

D	

E	

New	 Business	
or	
activity	
used*	 (see inst.)	

F	

G			

H

Location of use				
(city or county)	
Basis			
Column G x .5% (.005)

	 1	 a	
	
	
	
	
		
	1a	
	
	
	b
	
	
	
	
		
	1b	
	
		c	
	
	
	
	
		
	1c	
	
			 * If the property is used, enter the abbreviation of the state in which the property was previously used.			
	 2	 Enter the total of each Column G and H.		
				2
		
	 3	 If your business is new to Illinois, enter the amount from Line 2, Column H, here and check
		 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	
	4	Enter the distributive share of Replacement Tax Investment Credit from partnerships and S corporations.
		
Attach Schedule(s) K-1-P.							
4	
	5	 Add Line 2, Column H, and Lines 3 and 4. This is your total Replacement Tax Investment Credit from this year.	5	
	 6	 Partnerships or S corporations only. Multiply Line 5 by the percentage of total ownership in the partnership
		 or S corporation attributable to partners or shareholders subject to replacement tax. See instructions.	6	
	 7	 Subtract Line 6 from Line 5.						 	7	
	8	Enter the amount of your credit carryforward from a previous year. 			 	8	
	9	Add Lines 7 and 8. This is your total investment credit available to use this year.		 	9	
	10	 Enter your total replacement tax. See instructions.			
			
10	
	11	 Trusts only. Enter the amount of tax credit from Form IL-1041, Schedule CR, Line 60. See instructions.	11	
	12	 Subtract Line 11 from Line 10. If the amount is zero or negative, enter zero.			
12	
	13	 Enter the lesser of Line 9 or Line 12 here and on your return. See instructions. 							
		 This is your Replacement Tax Investment Credit to use this year.	 			
13	
	14	 Subtract Line 13 from Line 9. If the amount is negative, enter zero.
		 This is the amount of excess credit available to be carried forward five years.	
	 	14	

Step 2:

Figure your base employment calculation worksheet

Note: If your business is new to Illinois, check this box.
	
Do not complete Lines 15 through 22. See instructions for Step 1, Line 3.
B
A
You automatically qualify for the additional credit. 	 		
Month	
Current
year	
Preceding
year
	
15	 Enter as your “base employment” the number of covered workers	
1st 	
		 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	
	16	 Enter the total of each column.					16	
	17	 Enter the number of months in your taxable year for each column. See instructions.	 17	
	18	 For each column, divide the amount on Line 16 by the amount on Line 17.									
		 Round the result to six decimal places and enter the amount here.	
	 18
_____.___________
_____.___________
	19	 Subtract Line 18, Column B, from Line 18, Column A and enter the result here.
		 If the amount is positive, continue to Line 20.
		 If the amount is zero or negative, stop here, enter zero on Line 3, and continue to Line 4.				
		 You do not qualify for the additional credit.	 				
19	
	20	 Divide Line 19 by Line 18, Column B. Round the result to six decimal places and enter the amount here. 				
		 If the amount is .01 or larger, stop here and enter the amount from Line 2, Column H, 				
		 on Line 3. If this amount is less than .01, continue to Line 21.	
	20	
	21	 Multiply Line 20 by 50% (.50). Round to six decimal places and enter the result here. 	 	
21 _____.___________
	22	 Multiply Line 2, Column G, by Line 21, and enter the result here and on Line 3.		
		
22	
IL-477 (R-12/19)

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.

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