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March 20, 2023
Question

Before I can finish my IL state taxes, it keeps prompting me to enter a enterprise zone investment credit, which I don't have. How do I get past this screen?

  • March 20, 2023
  • 1 reply
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1 reply

March 20, 2023

The Illinois Income Tax Act 35 ILCS 5/201, as amended allows a .5 percent credit against the state income tax for investments in qualified property which is placed in service in an enterprise zone. Example of qualified property: buildings, structural components of buildings, elevators, materials tanks, boilers, and major computer installations.

Investment Tax Credit

The credit is claimed on Schedule 4255

 

If the credit does not apply,

  1. Open your return.
  2. Go to State Taxes 
  3. Clock Continue nxt to IL return.
  4. Continue until you get to the screen Take a look at Illinois credits and taxes
  5. Scroll down to Business and investment credits
  6. Select Start / update next to Enterprise zone investment
  7. On the following screen Enterprise zone investment credit Select No.
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