(855) Marcum1 | FOLLOW US           
Marcum LLP
  • EVENTS
  • OFFICES
  • CAREERS
  • SUBSCRIBE  
  • 中文
Marcum LLP
Tax & Business

Tax Credits & Incentives - Illinois

Watch and Money
2016 YEAR-END TAX GUIDE

The Marcum 2016 Year-End Tax Guide continues our tradition of providing timely tax guidance for the upcoming year.

 

Investment Tax Credit

This credit provides for a 0.5% credit against the State income tax for investments made in qualified property that is placed in a River Edge Redevelopment Zone (RERZ). The credit is only available in the taxable year in which the property is placed into service in the appropriate zone.

Read More

Film Production Services Credit

This credit allows taxpayers to claim a film production services credit. The amount of the tax credit is equal to:
(A) 30% of the Illinois production spending for the taxable year; plus
(B) 15% of the Illinois labor expenditures for employees who earn more than $1,000 on the production and live in areas of high poverty.
The state requires an application process and may require the hiring of Illinois college students as part of the program.

Read More

Live Theater Production Tax Credit

Similar to the film production credit, taxpayers are able to claim a live theater production credit against income tax. The amount of the tax credit is equal to:
(A) 20% of the Illinois labor expenditure for the year; plus
(B) 20% of the Illinois production spending for each tax year; plus
(C) 15% of the Illinois labor expenditures for employees of high-poverty geographic areas.

Read More

Student Assistance Contribution Credit

Expiring on December 30, 2020, this program allows a credit equal to 25% of matching contributions towards an individual Illinois College Savings Pool Account or Illinois Prepaid Tuition Trust Fund account. The credit cannot exceed $500 per contributing employee per taxable year.

Economic Development for a Growing Economy (EDGE) Tax Credit

Provides an income tax credit to businesses creating new jobs and making capital investments. The amount of the credit varies and is agreed upon between the taxpayer and the Department of Commerce. To qualify, a company must show that there is competition with another state and agree to make an investment of at least $5 million in capital improvements. The company must also create a minimum of 25 new full-time jobs in Illinois. If the company employs fewer than 100 people,  the threshold for the credit is lowered to an investment of $1 million and the creation of five new full-time jobs in the state.

Read More

High Impact Business

This credit is designed to encourage large-scale economic growth and development activities by providing tax credits to companies that make substantial capital investments and create jobs. The credits that a company can be eligible for include: investment tax credits and a state sales tax exemption on business material, purchases of personal property used in the operation, and utilities.
To be eligible, the project must involve a minimum $12 million investment causing the creation of 500 full-time jobs, or an investment of $30 million with the retention of 1500 full-time jobs.
Additionally, a retailer who sells building materials to a company that will be become a High Impact Business can deduct receipts from the corresponding sales when calculating SALT.

Read More

Illinois Affordable Housing Tax Credit

Expiring in December 2016, a taxpayer who makes a donation under the Illinois Housing Development Act for affordable housing development is eligible for an income tax credit. The credit amounts to 50% of the donation.

Read More

River Edge Redevelopment Zone site Remediation Tax Credit

This credit applies to income for certain amounts paid for unreimbursed remediation costs. These costs must be approved by the IEPA and be paid for remediation within a River Edge Redevelopment Zone. The credit is not available if the taxpayer or any related party caused or contributed to a release of any substance in the site. The credit is equal to 25% of the unreimbursed eligible remediation in excess of $100,000 per site.

Read More

Property Tax Credit

This is a credit on the taxpayer's individual tax return equal to 5% of the Illinois Property Tax paid on a principal residence. The taxpayer must own the residence to take this credit.

Read More

 

 

Newsletter

Beyond the Numbers

Roundup of business and tax planning ideas

  READ THE LATEST EDITION
 
 
Related Tax Credits & Incentives News


Tax Benefits of Hiring Veterans

 

Our nation's veterans can provide businesses with various benefits, from leadership skills to work ethic and attention to detail. However, hiring veterans can also provide businesses ....


IRS Announces Guidance on Refundable Payroll Taxes of Research and Development Tax Credit Claims

 

The IRS recently announced guidance regarding filing, claiming and reporting requirements related to the refundable Payroll Tax Credit provisions of the Research and Development (R&D) tax ....


Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns

 

In December 2015, the Protecting Americans from Tax Hikes Act of 2015 ("Tax Extenders Bill") was signed into Law. The law includes an expansion of ....

Tax Credits & Incentives Brochure

DOWNLOAD
 
 

Contacts

Select the region to view contacts.

Gary Rose

Partner-in-Charge
Tax Services - Chicago
Tax & Business
Deerfield, IL
 
HAVE A QUESTION? ASK MARCUM
 
 
STAY IN TOUCH.

SIGN UP TODAY FOR MARCUM'S NEWSLETTERS.

ABOUT MARCUM LLP

Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China and Ireland.

Learn More

CONNECT WITH US
               
OFFICES

Headquarters
750 3rd Avenue, 11th Floor
New York, NY 10017

Find an Office

(855) MARCUM1
info@marcumllp.com

FOUNDATION

Marcum Foundation

AFFILIATIONS

Leading Edge Alliance

DOWNLOAD THE MARCUM ON THE GO APP

© 2016 Marcum LLP. All Rights Reserved.
Privacy | Legal | Sitemap