Illinois Small Business Corporation Replacement Tax Return (Includes Schedule B)

Small Business Corporation Replacement Tax Return (Includes Schedule B)
2023 Form IL-1120-ST, Small Business Corporation Replacement Tax Return
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Illinois Department of Revenue 	

		
	

		

*32712231W*

Small Business Corporation Replacement Tax Return	

		

	

2023 Form IL-1120-ST		

Due on or before the 15th day of the 3rd month following the close of the tax year.	

If this return is not for calendar year 2023, enter your fiscal tax year here.
Tax year beginning
20
, ending
20
month

day	

year	

month

day

Enter the amount you are paying.

year

This form is for tax years ending on or after December 31, 2023, and before December 31, 2024.
For all other situations, see instructions to determine the correct form to use.

$

N	 Enter your federal employer identification number 		

Step 1:	 Identify your small business corporation
	 A	 Enter your complete legal business name.
		 If you have a name change, check this box.	
	 	 Name:	

	

			

	

	 (FEIN).
	
	

O	
Check this box if you are a member of a 		
	 unitary business group and enter the FEIN of the 		
	B	
	 Enter your mailing address. 												
		 member who prepared the Schedule UB, Combined 	
	 Apportionment for Unitary Business Group.
				
	 Attach Schedule UB to this return.

C/O:	

			 Mailing address:
			 City:	
	

State:

		 	 First return	
		 	 Final return (Enter the date of termination.
			
		

	

ZIP:

	
	
P Enter your North American Industry Classification 		

C	 If this is the first or final return, check the applicable box(es).		

		

mm

dd

yyyy

)

	
	

System (NAICS) Code. See instructions.

Q	

your Illinois corporate file (charter) number 		
issued by the Secretary of State.

				
Enter

D	 If this is a final return because you sold this business, enter the date sold

		 (mm dd yyyy)
, and the new owner’s FEIN	
		
.
	E	 Apportionment Formulas. Check the appropriate box or boxes and see
		 the Apportionment Formula instructions.
	 	
Financial organizations 			
Transportation companies
		 	 Federally regulated exchanges	
Sales companies 	

	F	Check this box if you attached Form IL-4562.								
	G	 Check this box if you attached Illinois Schedule M (for businesses).		
	 H	 Check this box if you attached Schedule 80/20.						
	I	Check this box if you attached Schedule 1299-A.						
J		 Check this box if you attached the Subgroup Schedule.						
	 K	 Check this box if you are a 52/53 week filer.								
	 L	 Check this box if you elected to file and pay Pass-through
		 Entity Tax. See instructions.
										
	M	 If you are paying Pass-through Entity Tax and you annualized your 		
		 income on Form IL-2220, check this box and attach Form IL-2220.	
	

	

	
R	 Enter the city, state, and zip code where your 		
	
	
	
	

accounting records are kept. (Use the two-letter 		
postal abbreviation, e.g., IL, GA, etc.)	
City 					

		and attach the federal form(s) to this return.
					
	
Federal Form 8886
Federal Sch. M-3,
									
	
Part II, Line 10
U	 If you are making a discharge of indebtedness 			
	 adjustment on Schedule NLD or Form IL-1120-ST,
	 Line 48, check this box and attach federal
	 Form 982.				
			
Check this box if your business activity is 				
	 V		
		protected under Public Law 86-272.
	

Step 2: Figure your ordinary income or loss			

Attach your payment and Form IL-1120-ST-V here.

1	
2	
3	
4	
5	

(Whole dollars only)
00
00
00
00
00

6	
7	

00
00
00
00
00

8	
Expense deduction under IRC Section 179. 			
9	
Interest on investment indebtedness. 			
10	
All other items of expense that were not deducted in the computation of ordinary income or loss on			
Page 1 of U.S. Form 1120-S. See instructions. 	Identify: ______________________________	
11	
Add Lines 8 through 11. 				
12	
Subtract Line 12 from Line 7. This amount is your total unmodified base income or loss. 			
13	

IR
IL-1120-ST (R-12/23)

NS

DR

	

ZIP

S	 If you are making the business income election to 	
						
		treat all nonbusiness income as business income,	
		
		
check this box and enter zero on Lines 36 and 44.	
					
T	 If you have completed the following, check the box 	

	1	 Ordinary income or loss, or equivalent from federal Schedule K.			
	
2	 Net income or loss from all rental real estate activities. 			
	
3	 Net income or loss from other rental activities.			
	
4	 Portfolio income or loss.			
	
5	 Net IRC Section 1231 gain or loss.			
	
6	 All other items of income or loss that were not included in the computation of income or loss on
		 Page 1 of U.S. Form 1120-S. See instructions. Identify: ______________________________	
	
7	 Add Lines 1 through 6. This is your ordinary income or loss. 	
		
	
Step 3: Figure your unmodified base income or loss
		
8	 Charitable contributions. 			
	
9	
	 10	
	 11	
		
	 12	
	 13	

State	

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.

00
00
00
Page 1 of 5

*32712232W*
Step 4: Figure your income or loss	
	
	
	
	
	
	
	
	
	

14	
15	
16	
17	
18	
19	
20	
21	
22	

Enter the amount from Line 13. Unitary filers, enter the amount from Schedule UB, Step 2, Col E, Line 30.	14	

00

15	
16	
17	
18	
19	
20	
21	
22	

00

34	
35	

00

		

State, municipal, and other interest income excluded from Line 14.	

Illinois taxes and surcharge deducted in arriving at Line 14. See instructions. 			
Illinois Special Depreciation addition. Attach Form IL-4562.			
Related-Party Expenses addition. Attach Schedule 80/20.			
Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T.		 	
The amount of loss distributable to a shareholder subject to replacement tax. Attach Schedule B.	
Other additions. Attach Illinois Schedule M (for businesses).			
Add Lines 14 through 21. This amount is your income or loss. 			

00
00
00
00
00
00
00

Step 5: Figure your base income or loss
	

23	 Interest income from U.S. Treasury or other exempt federal obligations. 	

23	

00

24	
River Edge Redevelopment Zone Dividend subtraction. Attach Schedule 1299-A.	 25	
River Edge Redevelopment Zone Interest subtraction. Attach Schedule 1299-A.	 26	
High Impact Business Dividend subtraction. Attach Schedule 1299-A.	
27	
High Impact Business Interest subtraction. Attach Schedule 1299-A.	
28	
Contribution subtraction. Attach Schedule 1299-A.	
29	
Illinois Special Depreciation subtraction. Attach Form IL-4562.	
30	
Related-Party Expenses subtraction. Attach Schedule 80/20.	
31	
Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T.	
32	
Other subtractions. Attach Schedule M (for businesses).	
33	

00

	 24	 Share of income distributable to a shareholder subject to replacement
		tax. Attach Schedule B.	
	
	
	
	
	
	
	
	
	
	
	

25	
26	
27	
28	
29	
30	
31	
32	
33	
		
34	 Total subtractions. Add Lines 23 through 33.	
35	 Base income or loss. Subtract Line 34 from Line 22. 			

00
00
00
00
00
00
00
00
00
00

A 	If the amount on Line 35 is derived inside Illinois only, check this box and enter the amount from Step 5, Line 35
		on Step 7, Line 47. You may not complete Step 6. (You must leave Step 6, Lines 36 through 46 blank.)
	
If you are a unitary filer, do not check this box. Check the box on Line B and complete Step 6.
B 	If any portion of the amount on Line 35 is derived outside Illinois, or you are a unitary filer, check this box and 		
complete all lines of Step 6. (Do not leave Lines 40 through 42 blank.) See instructions.

Step 6: Figure your income allocable to Illinois (Complete only if you checked the box on Line B, above.)
36	 Nonbusiness income or loss. Attach Schedule NB.			
37		
Business income or loss included in Line 35 from non-unitary partnerships, partnerships included on a
		 Schedule UB, S corporations, trusts, or estates. See instructions.			
	 38	 Add Lines 36 and 37.			
	 39 	 Business income or loss. Subtract Line 38 from Line 35. 			
	 40	 Total sales everywhere. This amount cannot be negative.	
40	
	 41	 Total sales inside Illinois. This amount cannot be negative.	
41	
	 42	 Apportionment factor. Divide Line 41 by Line 40. Round to six decimal places.	
42	
	 43	 Business income or loss apportionable to Illinois. Multiply Line 39 by Line 42.			
	 44	 Nonbusiness income or loss allocable to Illinois. Attach Schedule NB.	
		
	 45	 Business income or loss apportionable to Illinois from non-unitary partnerships, partnerships included
	
	

		 on a Schedule UB, S corporations, trusts, or estates. See instructions.			

	

46	 Base income or loss allocable to Illinois. Add Lines 43 through 45.			

IL-1120-ST (R-12/23)

36	

00

37	
38	
39	

00
00
00

		

43	
44	

00

45	
46	

00

00

00

Page 2 of 5

*32712233W*
Step 7: Figure your net income
47	
48	
49	
50	

Base income or net loss from Step 5, Line 35, or Step 6, Line 46.	
				
Discharge of indebtedness adjustment. Attach federal Form 982. See instructions.			
	
Adjusted base income or net loss. Add Lines 47 and 48.					
	
Illinois net loss deduction. If Line 49 is zero or a negative amount, enter zero. Attach Schedule NLD. 	
		
Check this box and attach a detailed statement if you have merged losses.
	 51	 Net income. Subtract Line 50 from Line 49. 		 			
	
	

47	
48	
49		 	
50		 	

00
00
00
00

51		 	

00

	

Step 8: Figure the taxes, surcharges, pass-through withholding, and penalty you owe
	
	
	
	
	
	

	
	

52	
53	
54	
55	
56	
57	
58	
59	

		
	 60	
	 61	

	

62	

		
	 63	

	

64	

Replacement tax. Multiply Line 51 by 1.5% (.015). 	
Recapture of investment credits. Attach Schedule 4255.	
Replacement tax before investment credits. Add Lines 52 and 53. 	
Investment credits. Attach Form IL-477. 	
Net replacement tax. Subtract Line 55 from Line 54. If the amount is negative, enter zero. 	
Compassionate Use of Medical Cannabis Program Act surcharge. See instructions.	
Sale of assets by gaming licensee surcharge. See instructions.	
Pass-through withholding you owe on behalf of your members. Enter the amount from
Schedule B, Section A, Line 5. See instructions. Attach Schedule B.	
00
Pass-through entity income. See instructions.
60
Pass-through entity tax. Multiply Line 60 by 4.95% (.0495).	
Total net replacement tax, surcharges, pass-through withholding, and pass-through entity tax
you owe. Add Lines 56, 57, 58, 59, and 61.	
Underpayment of estimated tax penalty from Form IL-2220. See instructions.	
Total taxes, surcharges, pass-through withholding, and penalty. Add Lines 62 and 63. 	

52	
53	
54	
55	
56	
57	
58	

00
00
00
00
00
00
00

59	

00

61	

00

62	
63 	
64	

00
00
00

Step 9: Figure your refund or balance due
	 65	 Payments. See instructions.
		a 	 Credit from previous overpayments.	
		b	 Total payments made before the date this return is filed.	
		 c 	 Pass-through withholding reported to you.

65a	
65b	

00
00

			 Attach Schedule(s) K-1-P or K-1-T.	
65c 	
		d	 Illinois income tax withholding. Attach Form(s) W-2G.	
65d 	
	 66	 Total payments. Add Lines 65a through 65d.					
	67	
Overpayment. If Line 66 is greater than Line 64, subtract Line 64 from Line 66. 				
	 68	 Amount to be credited forward. See instructions.
		
Check this box and attach a detailed statement if this carryforward is going to a different FEIN.
	 69	 Refund. Subtract Line 68 from Line 67. This is the amount to be refunded.					
	 70	 Complete to direct deposit your refund

00
00

66	
67	
	 68	

00
00
00

69	

00

71	 Tax Due. If Line 64 is greater than Line 66 subtract Line 66 from Line 64. This is the amount you owe.	 71	

00

		
Routing Number

Checking or

	

Savings	

		 Account Number
	

Enter the amount of your payment on the top of Page 1 in the space provided.

Step 10: Sign below - Under penalties of perjury, I state that I have examined this return and, to the best of my knowledge, it is true, correct, and complete.
Sign
Here

(
Signature of authorized officer

Paid
Preparer
Use Only

Date (mm/dd/yyyy)

Print/Type paid preparer’s name

Title

Paid preparer’s signature

Check if the Department
may discuss this return with the
paid preparer shown in this step.

)

Phone
Date (mm/dd/yyyy)

Check if 	
	self-employed Paid Preparer’s PTIN

Firm’s name

Firm’s FEIN

Firm’s address

Firm’s phone

(

)

	 If a payment is enclosed, mail your Form IL-1120-ST to: 		
If a payment is not enclosed, mail your Form IL-1120-ST to:
		 Illinois Department of Revenue						
Illinois Department of Revenue
		 P.O. Box 19053									P.O. Box 19032
		 Springfield, IL 62794-9053 							Springfield, IL 62794-9032
IL-1120-ST (R-12/23)

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

Page 3 of 5

	
	

Illinois Department of Revenue

2023 Schedule B

Year ending

*30812231W*

Partners’ or Shareholders’ Information

Month

Attach to your Form IL-1065 or Form IL-1120-ST.

Enter your name as shown on your Form IL-1065 or Form IL-1120-ST.

Year

IL Attachment No. 1

Enter your federal employer identification number (FEIN).

Read this information first
•	

You must read the Schedule B instructions and complete Schedule(s) K-1-P and Schedule(s) K-1-P(3) before completing this
schedule.

•	

You must complete Section B of Schedule B and provide all the required information for your partners or shareholders before
completing Section A of Schedule B.
	 Failure to follow these instructions may delay the processing of your return or result in you receiving further correspondence from
the Illinois Department of Revenue. You may also be required to submit further information to support your filing.

Section A: Total members’ information (from Schedule(s) K-1-P and Schedule B, Section B)
Before completing this section you must first complete Schedule(s) K-1-P, Schedule(s) K-1-P(3) and Schedule B, Section B. You
will use the amounts from those schedules when completing this section.

Totals for resident and nonresident partners or shareholders (from Schedule(s) K-1-P and Schedule B, Section B)
1	 Enter the total of all nonbusiness income or loss you reported on Schedule(s) K-1-P for your members.
	

1

See instructions.	

2	 Enter the total of all income and replacement tax credits you reported on Schedule(s) K-1-P for your
	

2

members. See instructions.	

3	 Add the amounts shown on Schedule B, Section B, Line E for all partners or shareholders on all
	
	

pages for which you have checked the box indicating the entity is subject to Illinois replacement tax
or an ESOP. Enter the total here. See instructions.	

3

Totals for nonresident partners or shareholders only (from Schedule B, Section B)
4	 Enter the total pass-through withholding you reported on all pages of your Schedule B, Section B, Line J for your	
	

	 a.
	
	 b.
	
	c.
	
	 d.
	
	 e.

nonresident individual members. See instructions.	

4a

nonresident estate members. See instructions.	

4b

partnership and S corporation members. See instructions.	

4c

nonresident trust members. See instructions.	

4d

C corporation members. See instructions.	

4e

5 	 Add Line 4a through Line 4e. This is the total pass-through withholding you owe on behalf of all your
	
	
	
	

nonresident partners or shareholders. This amount should match the total amount from Schedule B,
Section B, Line J for all nonresident partners or shareholders on all pages. Enter the total here and
on Form IL-1065 (Form IL-1065-X), Line 59, or Form IL-1120-ST (Form IL-1120-ST-X), Line 59.
See instructions.	

6	 Enter the total pass-through entity tax credit paid on all pages of Schedule B, Section B, Line K. 	

5	
6	

7	 Enter the total pass-through entity tax credit received and distributed on all pages of Schedule B,
	

7	

Section B, Line L. 	

Attach all pages of Schedule B, Section B behind this page.

Schedule B (R-12/23)

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.

Page 4 of 5

	

Illinois Department of Revenue	
	

			
		

	

2023 Schedule

B		

*30812232W*

		

Enter your name as shown on your Form IL-1065 or Form IL-1120-ST.	

							

Enter your federal employer identification number (FEIN).

Section B: Members’ information (See instructions before completing.)
			

Member 1		

Member 2		

A 	Name 		

	

	

C/O		

	

	

Address 1 		

	

	

Address 2		

	

	

City 		

	

	

State, ZIP		

	

B	 Partner or
	 Shareholder 		

Member 3	

		

		

C 	SSN/FEIN		

	

	

D 	Subject to Illinois
	
	

replacement tax
or an ESOP 		

		

		

	

E	 Member’s distributable
	
	

amount of base
income or loss 	

	

F 	 Excluded from

	pass-through
	withholding 		

		

		

	

G	 Share of Illinois

	 income subject to
	pass-through
	withholding 	

	

	

	withholding
	 before credits		

	

H	 Pass-through

I	 Distributable
	

share of credits 	

	

	

	

	

	 paid to
	members 		

	

J	 Pass-through
	withholding
	amount 	

K	 PTE tax credit

L 	 PTE tax credit
	 received and
	 distributed to
	members 	

			

									
Schedule B (R-12/23)

	

	
If you have more members than space provided, attach additional copies of this page as necessary.
Printed by the authority of the state of Illinois - electronic only - one copy.

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