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Title
Claims for Environmental Remediation Tax Credit (2003, March) [FY 2003-09]
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- FY 2003-09 Claims for Environmental Remediation Tax Credit (20070205183707_Fy200309.pdf)
The OCLC Open WorldCat number for the electronic document record is '183634289'.
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Description
Illinois Department of Revenue publication FY 2003-09 Claims for Environmental Remediation Tax Credit, Informational Bulletin, To: All taxpayers and tax professionals who are eligible to claim a credit carryforward or distribution of the Environmental Remediation Tax Credit. This bulletin serves to clarify the process of determining limits imposed on and the distribution and the carryforward of the Environmental Remediation Tax Credit.
Subject Classification
- Government finance and taxes: Government revenues: Taxes: Tax laws
- Laws and regulations: State statutes
- Laws and regulations: Tax laws
- State government: State agencies
Sample text from the file
.This bulletin serves to clarify the process of determining limits imposed on and the distribution and the carryforward of the Environmental Remediation Tax Credit. The Environmental Remediation Tax Credit is valid for tax years ending on or after January 1, 1998, through tax years ending on or before December 31, 2001. The allowable credit is limited to $40,000 and provides credit carryforward of any excess credit for up to years, which includes tax years ending after December 31, 2001. How does the $40,000 limitation apply to corporations and partnerships? The $40,000 limit is initially applied at the corporation or partnership level. The total amount that the corporation or partnership distributes to its partners or shareholders cannot exceed $40,000. Any excess credit at the corporation or partnership level may be carried forward and distributed to partners and shareholders for up to five years. For example: Partnership earns an Environmental Remediation Tax Credit in the amount o
Issuing Agency
Illinois
Dept. of Revenue
Related Materials: tax.illinois.gov
Contact
Organization: Illinois Department of Revenue
P.O. Box 19044
Springfield, IL 62794-9044
Phone: 800 732 8866
Document Descriptive Information
File Data
- MIME Type: application/pdf
- Language(s): EN-English
- Creation Date (from issuing agency): 03 28 2003
- File Modification Date On Web Server: Thu, 21 Jul 2005 22:54:46 GMT
- Document Modification Date (from issuing agency): 03 28 2003
- Date Accepted Into Depository: Wed, 28 Mar 2007 19:02:27 GMT
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- Web Address On Date Of Deposition: http://www.revenue.state.il.us/publications/bulletins/2003/Fy200309.pdf
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