Fillable Printable 2016 Form Il-477, Replacement Tax Investment Credits
Fillable Printable 2016 Form Il-477, Replacement Tax Investment Credits
2016 Form Il-477, Replacement Tax Investment Credits
IL-477 (R-12/16)
Illinois Department of RevenueYear ending
IL-477
Attach to Form IL-1120, IL-1065,
Month Year
IL-1120-ST, IL-1041, or IL-990-T.
Enter your name as shown on your return.Enter your federal employer identification number (FEIN).
Step 1:Figure your Replacement Tax Investment Credit for qualified property placed
in service during the tax year
A B C D E F G H
Date placed New Business
Description of in service Useful or activity Location of use
qualified property Month Yearlife used* (see inst.) (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.
2Enter the total of each Column G and H.2
3If 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
4Enter the distributive share of replacement tax investment credit from partnerships and S corporations.
Attach Schedule(s) K-1-P.
4
5Add Line 2, Column H, and Lines 3 and 4.This is your total replacement tax investment credit from this year. 5
6Partnerships 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
7Subtract Line 6 from Line 5. 7
8Enter the amount of your credit carryforward from a previous year.8
9Add Lines 7 and 8.This is your total investment credit available to use this year. 9
10Enter your total replacement tax. See instructions.10
11Trusts only.Enter the amount of tax credit from Form IL-1041, Schedule CR, Line 60. See instructions. 11
12Subtract Line 11 from Line 10. If the amount is zero or negative, enter zero.12
13Enter 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
14Subtract 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.
You automatically qualify for the additional credit.Do notAB
complete Lines 15 through 22. See instructions for Step 1, Line 3.MonthCurrent year Preceding year
15Enter as your “base employment” the number ofcovered 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
16Enter the total of each column. 16
17Enter the number of months in your taxable year for each column. See instructions.17
18For 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
19Subtract 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 “0” on Line 3,
and continue to Line 4.You do not qualify for the additional credit.
19
20Divide 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, stophere and enter the amount from Line 2, Column H,
on Line 3. If this amount is less than .01, continue to Line 21.
20
21Multiply Line 20 by 50% (.50). Round to six decimal places and enter here.21
22 Multiply Line 2, Column G, by Line 21, and enter the result here and on Line 3.22
IL Attachment No. 18
*163160001*
Replacement Tax
Investment Credits
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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