What is the Illinois High Impact Business Investment Credit?

High Impact Business Investment (Credit Code 5220) 35 ILCS 5/201(h) “Qualified property” is property that • is tangible; • is depreciable according to Internal Revenue Code (IRC) Section 167; • has a useful life of four or more years as of the date placed in service in Illinois; and • is acquired by purchase as defined in IRC Section 179(d). Qualified [...]

What is the Illinois Enterprise Zone or River Edge Redevelopment Zone Investment Credit?

You may take this credit if you: - Placed qualified property in service in an Illinois enterprise zone or river edge redevelopment zone within the tax year, - Placed the qualified property in service on or after the date the zone was officially designated as an enterprise zone or river edge redevelopment zone, and - Continued to use the qualified property on the last day of your tax year. [...]

Illinois Economic Development for a Growing Economy (EDGE) Tax Credit

The Economic Development for a Growing Economy (EDGE) Tax Credit has been extended to June 30, 2022. Economic Development for a Growing Economy withholding tax credit (EDGE) - The EDGE credit is applied to the first liability of the tax year following the Certificate of Verification year and is also considered before any Form IL-501 payments. This credit is not [...]

Do I Qualify for the Illinois Tax Credit for Affordable Housing Donations?

Affordable Housing Donations (Credit Code 5260) 35 ILCS 5/214 You may take this credit if • you have made a donation under Section 7.28 of the Illinois Housing Development Act for the development of affordable housing in Illinois, and • you made the donation in a tax year ending on or after December 31, 2001 through tax year ending on or before December 31, 2021. You also may [...]

How can I use my Illinois unused credit carry forward?

“Unused credit carryforward” is any credit amount that you earned in a previous year, less any credit that you applied to unpaid tax in following tax years, less any credit that has expired. For example, if you earned a Dependent Care Assistance Program Credit in 2019 the amount of $5,000, and you used $2,000 credit on your 2019 return, you had $3,000 left to carry forward for two [...]