What is the IL 1299-C Income Tax Subtraction and Credits form?

[HopeS]

You can contact the state directly.

For General Information you can contact:

217-785-6169
CEO.EZHelp@illinois.gov

The River Edge Redevelopment Zone Program (RERZ) helps revive and redevelop environmentally challenged properties adjacent to rivers in Illinois.  The River Edge Redevelopment Zone Act authorizes the Illinois Department of Commerce to designate zones in five cities:  Aurora,   East St. Louis, Elgin, Peoria, and Rockford. RERZ provides several incentives authorized by State law. Two of these – sales tax exemption and property tax abatement (if offered in the zone) – are administered by the local zone administrators.  The others involve tax incentives that are claimed on your Illinois Income Tax filing forms.

For additional information please review the website  below:

DCEO Illinois

@maddockjim 

[zhangsx2]

How do you find the IL-1299 C form in Turbo tax for 2022? I can't locate it using the turbotax program for IL state? 

Thanks

[maddockjim]

One of two ways I think. 

Schedule 1299-C is for Income Tax Subtractions and Credits.  

First, under View>Forms, click on Open Forms.  Open 2022 Illinois, scroll down until you find Schedule 1299-C.  You can open directly there.

Alternatively, if you are using the Step-by-Step menu, under Credits and Taxes, there is a section called Business and Investment credits.  If you have any of those credits, after you fill in the information requested, it will populate Schedule 1299-C with the necessary information, if that is the appropriate schedule to use.  Then you should see Schedule 1299-C under View>Forms.

Hope that helps

[MonikaK1]

You would complete Schedule IL 1299-C if you are filing Form IL-1040, Individual Income Tax Return, and are entitled to any of the credits listed on Schedule 1299-I, or any of the following subtractions: 

• Dividends from river edge redevelopment zones 

• Dividends from foreign trade zones (or sub-zones

TurboTax would prepare the form for you if you have indicated in completing the State interview that you have any of the credits or dividends that are reported on that form for Illinois.

If you are using TurboTax Online and don't have Forms Mode, you can still preview your return before filing to view the forms that TurboTax has prepared from your entries and to find out how your taxes were calculated. See here for details. 

@zhangsx2

[vgvj]

Hello:

I don't see the "High Impact Business Dividend Credit" or "River Edge Redevelopment Zone Dividend Subtraction" as an option to select in my Turbotax Home & Business desktop application for Illinois return.  Please advise.

[maddockjim]

Under the State taxes tab and using the step-by-step instructions, click on edit for the Income section. Under Business,  you'll find River edge redevelopment zone dividend subtraction and you can enter dividends from companies that conduct substantially all of its business operations in a river edge zone, or is designated by the Illinois Department of Commerce and Community Affairs as a "High-Impact Business" and is located in an area federally designated as a foreign trade zone or subzone. You can deduct the dividends you receive and report in your federal taxable income.