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What is the Illinois High Impact Business Investment Credit?

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Question
What is the Illinois High Impact Business Investment Credit?

Answer

You may take this credit if

  1. your business has been designated as a high impact business, 
  2. you placed qualified property, as defined below, in service on or after the date the business was designated as a high impact business and on or before the last day of your tax year, and
  3. you continued to use the property on the last day of your tax year.

You may not take this credit

  1. if the property is eligible for the Enterprise Zone or River Edge Redevelopment Zone Investment Credit, or
  2. until the minimum investments in qualified property required under Section 5.5 of the Illinois Enterprise Zone Act have been satisfied.

You should take the credit applicable to the minimum investments in the tax year the minimum investments were completed. Credit for additional investments (beyond the minimum investments) is available only in the year the qualified property is placed in service.

For additional information or updates on this credit, please see the information listed on the Illinois website, http://www.revenue.state.il.us/.


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Article Details
Views: 1373 Created on: Jun 15, 2013
Date updated: Jan 11, 2019
Posted in: States, Illinois

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