Investor Presentaiton
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Claiming the Investor Tax Credit
The tax credit can be applied toward the investor's Illinois income tax liability for the taxable year in which the investment was made.
The credit may not exceed the taxpayer's Illinois income tax liability for the taxable year.
If the amount of the credit exceeds the Illinois income tax liability for the year, the excess may be carried forward and applied to the tax
liability of the 5 taxable years following the excess credit year.
The credit shall be applied to the earliest year for which there is a tax liability.
If there are credits from more than one tax year that are available to offset a liability, the earlier credit shall be applied first.
In the case of a partnership or Subchapter S Corporation, the credit is allowed to the partners or shareholders in accordance with the
determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code.
A claimant may not sell or otherwise transfer a credit award for this program to another person or entity.View entire presentation