Understanding Illinois Investment Credit Recapture
Disclaimer: This content is provided for informational purposes only and does not intend to substitute financial, educational, health, nutritional, medical, legal, etc advice provided by a professional.
What is Form 4255: Recapture of Investment Credit?
When is a tax credit not a tax credit? When the IRS takes it back. If you're in the situation where you have to file IRS Form 4255, you might have to pay back a tax credit you've earned in prior years. This process, known as recapture, occurs if you claim a credit—in this case, a credit for a specific type of business investment—and then no longer qualify for that credit.
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Ill. Admin. Code tit. 86, § 100.2101 - Replacement Tax Investment Credit (IITA 201(e))
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State Regulations Toolbox
Individual Illinois Shareholder Credits Recapture and Payments in Lacerte
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Impact Investing in Illinois for state and federal tax credits
Applicable against the Illinois corporate income tax and individual income tax. May offset 100% of taxpayer’s liability. Excess credits carryforward for 5 years.
Illinois Low Income Housing Tax Credit Summary
Illinois Historic Rehabilitation Tax Credit Summary
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About Form 4255, Recapture of Investment Credit
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Ill. Admin. Code tit. 86, § 100.2110 - Investment Credit; Enterprise Zone and River Edge Redevelopment Zone (IITA Section 201(f))
Notes
State Regulations Toolbox
Disclaimer: This content is provided for informational purposes only and does not intend to substitute financial, educational, health, nutritional, medical, legal, etc advice provided by a professional.
