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Category: Illinois
38 Articles
Orange arrow How Do I Obtain My Illinois Property Index Number?

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  Property Index Number You must include your Property Index Number on Schedule ICR, Illinois Credits, if you are claiming a property tax credit. You may get this number from your property tax bill, your assessment notice, your mortgage lender (if your property taxes are escrowed), or from the count...
Posted in: STATES, Illinois

Orange arrow What Items are Illinois Additions on Schedule M?

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  Line 1 — Your child’s federally tax-exempt interest and dividend income Write the amount of any federally tax-exempt interest and dividends earned by your child if you elected to report your child’s interest and dividend income on U.S. Form 8814, Parents’ Election To Report...
Posted in: STATES, Illinois

Orange arrow Illinois Payment Options

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  You may pay by: Bank account debit. Use OLTPRO to set up an Electronic Funds Withdrawal for Illinois. WebPay - (An electronic payment taken from your checking or savings account) Credit Card - The credit card service provider will assess a convenience fee ACH Credit - Specially formatted (Tax...
Posted in: STATES, Illinois

Orange arrow Who can take the Illinois credit for K-12 education expenses?

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  You may figure a credit for qualified education expenses, in excess of $250, you paid during the tax year if you were the parent or legal guardian of a full-time student who was under the age of 21 at the close of the school year, you and your student were Illinois residents when you paid the e...
Posted in: STATES, Illinois

Orange arrow Who is eligible for the Illinois Property Tax Credit?

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  The Illinois Property Tax Credit is a credit on your individual income tax return equal to 5 percent of Illinois Property Tax (real estate tax) you paid on your principal residence. You must own your residence in order to take this credit. If you and your spouse each have a principal residence or...
Posted in: STATES, Illinois

Orange arrow How can I use my Illinois unused credit carry forward ? 

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  Section A Credits which may be carried forward for two years If there is any excess of these credits, you may carry it forward for two years. This will be figured in Step 5. You must use this excess credit in proportion to its share of the total excess two-year credit available for the year in whi...
Posted in: STATES, Illinois

Orange arrow What Categories Fall Under Illinois Other Subtractions?

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  Other Subtractions to Income Include: Line 12 — Contributions you made to "Bright Start" and "Bright Directions" College Savings Pools and "College Illinois" Prepaid Tuition Program Enter the amount of contributions you made during the tax year to the "Bright Start" and "Bright Directions" ...
Posted in: STATES, Illinois

Orange arrow What Are Some Examples of Retirement Income That is Not Taxable in Illinois?

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  Federally taxed Social Security benefits and certain retirement plans are not taxable to IL. You may subtract most retirement income if it is included in Form IL-1040, Line 1. This includes income from: qualified employee benefit plans (including railroad retirement and 401(K) plans) Ind...
Posted in: STATES, Illinois

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

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  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. You may also take this credit if ...
Posted in: STATES, Illinois

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

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  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 replacemen...
Posted in: STATES, Illinois

Orange arrow What is the Illinois High Impact Business Investment Credit?

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  High Impact Business Investment Credit — For tax years ending on or before December 31, 1996, property ceases to qualify if, within 48 months of placing it into service, you dispose of the property, convert it to personal use, or move it outside of Illinois. For tax years ending on or after...
Posted in: STATES, Illinois

Orange arrow What is the Illinois TECH-PREP Youth Vocational Programs Credit?

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  TECH-PREP Youth Vocational Programs Credit: You may take this credit if: • you are primarily engaged in manufacturing, and • you have direct payroll expenses for qualifying cooperative secondary school youth vocational programs in Illinois, or you pay for personal services performed ...
Posted in: STATES, Illinois

Orange arrow Who are qualified to claim Illinois dependent care assistance program tax credit ?

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  Dependent Care Assistance Program Tax Credit To qualify for this credit, you must be primarily engaged in manufacturing, and your on-site facility dependent care assistance program must be in Illinois and on the premises of your workplace. Schedule 1299 D...
Posted in: STATES, Illinois

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

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  Economic Development For a Growing Economy Tax Credit Program (EDGE) The EDGE program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of a competing location in another State. The program can provide ...
Posted in: STATES, Illinois

Orange arrow What is the Illinois High Impact Business Dividend Subtraction?

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  High Impact Business Dividend Subtraction (within a Foreign Trade Zone or sub-zone) You may claim a subtraction for dividends you received from a corporation that is designated by the Department of Commerce and Economic Opportunity (DCEO) as a “High Impact Business” and conducts busine...
Posted in: STATES, Illinois


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