Get Il 477

Filling out the IL 477 form online may seem challenging, but with the right guidance, you can complete it with confidence. This guide provides step-by-step instructions to help you navigate each section of the form and ensure that your submission is accurate.

Follow the steps to successfully complete your IL 477 form.

1. Click 'Get Form' button to obtain the form and open it in your online editor.
2. Record the year ending by filling in the appropriate month and year at the top of the form.
3. Enter your name exactly as it appears on your return in the designated field.
4. Provide your federal employer identification number (FEIN) in the specified format.
5. In Step 1, list each piece of qualified property placed in service during the tax year. Fill in the description, date placed in service, useful life, whether the property is new or used, primary business activity, location of use, basis, and calculate the amount using the provided formula.
6. Add all entries in columns G and H to complete Line 2 of the form.
7. If your business is new to Illinois, write the amount from Line 2, Column H in Line 3, and check the appropriate box. If not, follow the additional steps for employment calculation.
8. For established businesses, provide the distributive share of the replacement tax investment credit from partnerships and S corporations on Line 4.
9. Calculate and write your total replacement tax on Line 9.
10. On Line 10, write the lesser amount between your total replacement tax or your calculated credit investment, indicating the credit you will use this year.
11. Finally, review all information entered, then save your changes, download, print, or share the completed form as necessary.

Complete your IL 477 form online today and ensure a smooth filing experience.