Article: 50382
Overview
This screen is used to report specific Illinois tax credits administered through the Department of Commerce and Economic Opportunity (DCEO) or the Department of Human Services (DHS). Most of these credits can be carried forward for up to five years, while some cannot be carried forward or transferred.
Credits that can be carried for 5 years:
- Enterprise Zone Construction Jobs (Code 5120)
- High Impact Business Construction Jobs (Code 5160)
- New Construction EDGE (Code 5320)
- River Edge Construction Jobs (Code 5560)
For each of these, enter the amount available from the tax credit certificate issued by DCEO.
Reimagining Electric Vehicles (REV) Illinois Investment Credit (Code 5230):
If you received this credit, enter details about each qualifying property:
- Property description
- Whether it is new or used
- Service date and location
- ACRS class and property basis amount
Credit that cannot be carried forward or transferred:
- Recovery and Mental Health Credit (Code 0180)
Enter the amount listed on your certificate from DHS. This credit must be used in the year it is issued and cannot be carried forward.
How to Add This Screen
- Click on the State Taxes section on the left-hand side of the screen.
- Click the link “I’d like to see the forms I’ve filled out or search for a form.”
- Use the drop list to select Illinois.
- Under the Credits tab, select IL – Schedule 1299-I: Income Tax Credit Worksheet 3.
- Complete the screen.
- Click Save.
Further Information
For details on Illinois business and investment-related tax credits, visit:
Illinois Department of Revenue – Individuals: https://tax.illinois.gov/individuals.html