Illinois Recapture of Investment Tax Credits

Recapture of Investment Tax Credits
Schedule 4255, Recapture of Investment Tax Credits
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	 Illinois Department of Revenue				

Schedule 4255

	
	

Attach to Form IL-1040, IL-1120, IL-1065,
IL-1120-ST, IL-1041, or IL-990-T.

Recapture of Investment Tax Credits
IL Attachment No. 4

	

	

Enter your name as shown on your return.

Enter your Social Security number (SSN) or federal employer identification number (FEIN).

The property you are reporting on Steps 1 through 4 of this schedule was placed in service during the tax year ending:
			

Month	Year	

Step 1:	 Figure your Enterprise Zone or River Edge Redevelopment Zone
	
Investment Credit recapture
			

A	

B	

	 Date property placed	
Date property	
		 in service in Illinois	 became disqualified	
		Month 	 Year	
Month		 Year	

C		

D	

E	

F	

G			

H	

Description of	
Reason for	
Original basis	
Name of enterprise	
Credit 		
Disqualified
qualified property	
disqualification		
zone or river edge	
rate		
credit amount
redevelopment zone				 (Col. E x Col. G)
	 			

	 1	 a
		b
	 	c
		d
		
e
			
f

	
	
	
	
	
	

	2		
Add Column H, Lines 1a through 1f. Enter the Column H total on Line 11, Column A.			 2

	

Step 2: 		Figure your High Impact Business Investment Credit recapture
			
	
	

	

A	

B	

C	

D	

E	

F	

G	

H	

Date property placed	
Date property	
Description of	
Reason for	
Original basis	
Name of the	
Credit 	
Disqualified
in service in Illinois	 became disqualified	
qualified property	
disqualification		
foreign trade zone/	
rate	
credit amount
Month		 Year	
Month		 Year				 sub-zone		 (Col. E x Col. G)

	 3	a
		b
		c
		
d
		
e
		
f

	
	
	
	
	
	

			
	4		Add Column H, Lines 3a through 3f. Enter the Column H total on Line 11, Column B.	

	

.005
.005	
.005		
.005	
.005	
.005	

		
		
		
		
		
		

		4	

	

Step 3: Figure your REV Illinois Investment Credit recapture
			

A	

B	

	 Date property placed	
Date property	
		 in service in Illinois	 became disqualified	
		Month 	 Year	
Month		 Year	

C		

D	

E	

F	

G			

H	

Description of	
Reason for	
Original basis	
Location of REV	
Credit 		
Disqualified
qualified property	
disqualification		
Illinois Project	
rate		
credit amount
(Col. E x Col. G)
	 							

	 5	 a
		b
	 	c
		d
		
e
		
f

.005
.005
.005 	
.005 	
.005
.005 	

	
	
	
	
	
	

	6		
Add Column H, Lines 5a through 5f. Enter the Column H total on Line 11, Column C.				6

Schedule 4255 (R-12/22)

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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Step 4: Figure your Replacement Tax Investment Credit recapture
			

A	

B	

C	

D	

E	

F	

G	

Original basis	
	
	Date property placed	 Date property	
Description of	
Reason for	
Credit 	
Disqualified		
		 in service in Illinois	 became disqualified	
qualified property	
disqualification		
rate	
credit amount
			Month		 Year	
Month		 Year					
(Col. E x Col. F)

	 7	a
		
b
		c
		d
		e
		 f

	
	
		
		

	
	

										
	 8	 	Add Column G, Lines 7a through 7f. Enter the Column G total on Line 11, Column D.	
	
	8	

	

Step 5: F
	 igure your total Enterprise Zone Investment Credit, or River Edge
Redevelopment Zone Investment Credit, High 	Impact Business Investment
Credit, REV Illinois Investment Credit, and Replacement Tax Investment
Credit recapture amount	
A	 B	 C	D
						
						

Enterprise Zone	
High Impact	
REV Illinois 	
Replacement Tax
or River Edge	
Business	
Investment	
Investment
Redevelopment	 Investment Credit	
Credit	
Credit
Zone Investment 	
recapture	
recapture	
recapture
Credit recapture			

						
						
						
						

	 9	 Enter the total basis of all your property. See instructions.

9	

	10	 Enter the amount of your original credit. See instructions.	

10	

	

	

	

	11	 Enter the total disqualified credit amounts from
		 Steps 1, 2, 3, and 4.	

11 	

	

	

	

	12	 Subtract Line 11 from Line 10. This is your adjusted credit.	 12	

	

	

	

	13	 Enter your original tax amount. See instructions.	

13	

	

	

	

	14	 Enter the lesser of Line 10 or Line 13.		
		 This is the amount of credit you previously used.	
14 	

	

	

	

	15	 Subtract Line 12 from Line 14. If the result is
		 negative, enter zero.	

15	

	

	

	

	16	 Enter the amount of recapture from any other
		 Schedule 4255 filed this year. See instructions.	

16 	

	

	

	

	17	 Distributive share of recapture from partnerships
		 and S corporations from Schedule(s) K-1-P.	

17	

	

	18	 Add Lines 15, 16, and 17.	

18	

	

19	

	

	

	
	

	

	19	 Partnerships and S corporations - Enter the amount
		 from Line 18 that you passed through to your partners
		 or shareholders. See instructions. 	
	20	
		
		
		
		

Total Enterprise Zone Investment Credit or River Edge Redevelopment
Zone Investment Credit, High Impact Business Investment Credit,
REV Illinois Investment 	Credit, and Replacement Tax Investment
Credit recapture. Subtract Line 19 from Line 18.
See instructions.	
20 	

	

	

	

	

	

If you attach multiple Schedules 4255, complete Step 6 only on the last succeeding Schedule 4255 you complete. If you do not have any
additional income tax credit recapture amounts, do not complete Step 6.

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Printed by the authority of the state of Illinois - electronic only - one copy.

Schedule 4255 (R-12/22)

*62312223W*
Step 6: 	Figure your additional income tax credit recapture amount
21	 Enter the amount of Angel Investment Credit claimed for any prior year. See instructions.		

21	

22	 	Enter the amount of EDGE Credit claimed for any prior year. See instructions.			

22	

	 23	 	Enter the amount of New Construction EDGE Credit claimed for any prior year. See instructions.	

23	

24		
Enter the amount of Historic Preservation Credit claimed for any prior year. See instructions.		

24	

	25	 Enter the amount of New Markets Development Credit claimed for any prior year. See instructions. 		

25	

	26	 Enter the distributive share of additional income tax credit recapture from partnerships and S corporations
		 from Schedule(s) K-1-P.	

26	

	

	27	 Total income tax credit recapture. Add Lines 21, 22, 23, 24, 25, and 26. See instructions. 		

Schedule 4255 (R-12/22)

27	

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