Who must file?
Taxpayers who claimed an Enterprise Zone or River Edge Redevelopment Zone, High Impact Business, or Replacement Tax Investment Credit — You must file Schedule 4255, Recapture of Investment Credits, if you claimed an investment credit against your Illinois income or replacement tax liability in a previous year and any of the property considered in the computation of that investment credit becomes disqualified.
You must recapture any such investment credit in the year in which the property becomes disqualified (to the extent the credit was actually used in any previous year). Use this form to figure the amount of recaptured credit that you must add to this year’s tax liability. You must complete and file a separate Schedule 4255 for each tax year in which the now disqualified property was placed in service, beginning with the earliest year. Each Schedule 4255 should report only items placed in service during the same tax year you entered at the top of the form. You cannot amend a previous year’s return in order to exclude the disqualified property. Attach all completed Schedules 4255 to your return.