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Illinois Income Tax Credits -for corporations and fiduciaries
Extracted from PDF file 2023-illinois-schedule-1299-d.pdf, last modified July 2023Income Tax Credits -for corporations and fiduciaries
Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. Illinois Department of Revenue Attach to your Form IL-1120, IL-1041, IL-990-T. For tax years ending on or after December 31, 2023. 2023 Schedule 1299-D Income Tax Credits (for corporations and fiduciaries) Enter your name as shown on your return. Year ending *64012231W* Month Year IL Attachment No. 3 – Enter your federal employer identification number (FEIN). Read this information before completing this form: Refer to Schedule 1299-I, Income Tax Credits Information and Worksheets, and Schedule 1299-D Instructions for information on how to complete this schedule. All figures should be rounded to whole dollars. If you have more credits than lines available, attach a separate schedule in the same format with all the required information and complete Step 3, Line 35, Column I, on this schedule only. Step 1: Worksheet (Complete this step only if you earned this credit during your current tax year.) Research and Development - Follow the instructions on this worksheet to calculate the Research and Development credit amount to enter in Step 3, Column F. A B Base period avg. expenses This year’s expenses 1 Enter the amounts from Schedule 1299-I, Line 6 of the Research and Development Worksheet. 1 _________________ 1 _________________ 2 Subtract Line 1, Column A from Line 1, Column B. If negative, enter zero. 2 _________________ 3 Multiply Line 2 by 6.5% (.065). Enter the result here and in Step 3, Column F on the line with Credit Code 5340 in Column B. 3 _________________ Step 2: Calculate your credit for the current year (Complete Step 3 before completing this Step.) 4 Enter the total amount of credit available to be carried into this tax year. See instructions. 5 Enter the amount from Step 3, Line 35, Column I here. 4 _________________ 6 Add Lines 4 and 5. Enter the total here. 7 Enter your income tax from Form IL-1120, Step 7, Line 47; Form IL-1041, Step 6, Line 44; or Form IL-990-T, Step 5, Line 21. 8 Enter your Credit for Income Tax Paid to Another State from Form IL-1041, Schedule CR, Step 5, Line 59 (Form IL-1041 filers only, all others enter zero). 9 Subtract Line 8 from Line 7. If the amount is zero or negative, enter zero. 10 Enter the lesser of Line 6 or Line 9. This is the amount of credit you may claim this year. Enter this amount here and on Form IL-1120, Step 7, Line 48; Form IL-1041, Step 6, Line 46; or Form IL-990-T, Step 5, Line 22. 6 _________________ Schedule 1299-D Front (R-12/23) Printed by the authority of the state of Illinois - electronic only - one copy. 5 _________________ 7 _________________ 8 _________________ 9 _________________ 10 _________________ 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. *64012232W* Step 3: Enter your Current Credits - Complete this Step before completing Step 2. Only credits earned or received in your current tax year should be listed here, even if they are not being used. Credit codes of the same type should be combined and reported on one line, except when they are earned by different members of a unitary group or are associated with different certificate numbers. You may use the worksheet in your Schedule 1299-D Instructions to determine your credit carryforward for next tax year. A B Expiration Credit Date Code YYYY-MM C D E Unitary Certificate Member Number FEIN F Credit Amount Earned G Distributive Share Credit from K-1-P H I Transferred Credit Amount Total Credits (F + G + H) ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ 28 ____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ 29 ____________ 30 ____________ 31 ____________ 32 ____________ 33 ____________ 34 ____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ ________ ____________ _____________________ _____________________ _____________ _____________ _____________ _____________ 11 ____________ 12 ____________ 13 ____________ 14 ____________ 15 ____________ 16 ____________ 17 ____________ 18 ____________ 19 ____________ 20 ____________ 21 ____________ 22 ____________ 23 ____________ 24 ____________ 25 ____________ 26 ____________ 27 ____________ Credit Earned YYYY-MM 35 Enter the sum of Step 3, Lines 11 - 34, Column I, here and on Step 2, Line 5. _____________ Schedule 1299-D Back (R-12/23) Reset Print
2023 Schedule 1299-D, Income Tax Credits (for corporations and fiduciaries)
More about the Illinois Schedule 1299-D Corporate Income Tax Tax Credit TY 2023
We last updated the Income Tax Credits -for corporations and fiduciaries in January 2024, so this is the latest version of Schedule 1299-D, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule 1299-D directly from TaxFormFinder. You can print other Illinois tax forms here.
Related Illinois Corporate Income Tax Forms:
TaxFormFinder has an additional 75 Illinois income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Illinois Schedule 1299-D.
| Form Code | Form Name |
|---|---|
| Schedule 1299-S | Enterprise Zones, Foreign Trade Zones, and Sub-Zones |
| Schedule 1299-A | Tax Subtractions and Credits -for partnerships and S corporations) |
| Schedule 1299-C | Income Tax Subtractions & Credits For Individuals |
| Form Schedule 1299-I | Income Tax Credits Information and Worksheets |
| Schedule 1299-B | River Edge Redevelopment Zone or Foreign Trade Zone -or sub-zone) Subtractions -for corporations and fiduciaries) |
View all 76 Illinois Income Tax Forms
Form Sources:
Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Schedule 1299-D from the Department of Revenue in January 2024.
Schedule 1299-D is an Illinois Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Illinois Schedule 1299-D
We have a total of nine past-year versions of Schedule 1299-D in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Schedule 1299-D
2023 Schedule 1299-D, Income Tax Credits (for corporations and fiduciaries)
2022 Schedule 1299-D
2022 Schedule 1299-D, Income Tax Credits (for corporations and fiduciaries)
2021 Schedule 1299-D
2021 Schedule 1299-D, Income Tax Credits (for corporations and fiduciaries)
2020 Schedule 1299-D
2020 Schedule 1299-D, Income Tax Credits (for corporations and fiduciaries)
2019 Schedule 1299-D
2019 Schedule 1299-D, Income Tax Credits (for corporations and fiduciaries)
2018 Schedule 1299-D
2016 Schedule 1299-D, Income Tax Credits (for corporations and fiduciaries)
2016 Schedule 1299-D
2016 Schedule 1299-D, Income Tax Credits (for corporations and fiduciaries)
2015 Schedule 1299-D
2015 Schedule 1299-D, Income Tax Credits (for corporations and fiduciaries)
2014 Schedule 1299-D
2014, Schedule 1299-D - Income Tax Credits
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