What is a Schedule 4255 in Illinois?

You must file Schedule 4255 if you claimed an additional income tax credit (i.e., Angel Investment Credit, Economic Development for a Growing Economy (EDGE) Credit, New Construction EDGE Credit, New Markets Development, or Historic Preservation Credit) against your Illinois income tax liability in a previous year and ...

What is Form 4255 recapture of investment credit?

Use Form 4255 to figure the increase in tax for the recapture of investment credit claimed. Credit Recapture Requirements and Special. Rules. Generally, you must refigure the investment credit and may have to recapture all or part of it if any of the following apply.

What is the recapture period for ITC?

Recapture Risk The full value of the ITC is earned once a project is placed in service. Then, for a five-year compliance period, the tax credit is subject to recapture if (1) the property ceases to be a qualified energy facility, or (2) a change in ownership occurs.

What is the recapture of investment tax credit?

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.

What is Form 4255 recapture of investment credit?

Use Form 4255 to figure the increase in tax for the recapture of investment credit claimed. Credit Recapture Requirements and Special. Rules. Generally, you must refigure the investment credit and may have to recapture all or part of it if any of the following apply.

How does the investment tax credit work?

Investment tax credits are basically a federal tax incentive for business investment. They let individuals or businesses deduct a certain percentage of investment costs from their taxes. These credits are in addition to normal allowances for depreciation.

What are the rules for ITC recapture?

IRC Section 50(a)(1) generally allows for the recapture of some amount of the ITC claimed if, during any tax year, investment credit property is disposed of or otherwise ceases to be investment credit property with respect to the taxpayer before the close of the recapture period.

Are investment tax credits refundable?

31 Individuals and for-profit corporations eligible for the ITC and PTC may only use them against federal taxes owed in a given year and therefore the credits are not refundable (though they may be rolled forward).

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Form 4255 (rev. April 1997). Recapture Of Investment Credit

Get Form 4255 (rev. April 1997). Recapture Of Investment Credit

Q: What is the recapture of investment tax credit?

If you&#039;re in the situation where you have to file IRS Form 4255, you might have to pay back a tax credit you&#039;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.

On return Properties OMB No. 1545-0166 65 Identifying number Type of property State whether rehabilitation, energy, reforestation, or transition property. (See the Instructions for Form 3468 for the year the investment credit property was placed in service for definitions.) If rehabilitation property, also show type of building. If energy property, show type. A B C D Original Investment Credit 1 2 3 4 5 6 Computation Steps: (see Specific Instructions) Original rate of credit Cost or o.

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